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Highlights:
- Tern Plc raises £221,154 through placing of new shares.
- The funds will support investment in Sure Valley Ventures Fund (SVV2).
- Tern holds a 6.1% stake in SVV2 with an unaudited valuation of £750,000.
Tern Plc (AIM:TERN), an investment company specializing in disruptive Internet of Things (IoT) technology businesses, has raised £221,154 before expenses via a placing of 19,230,769 new ordinary shares. The placing, which was executed at a price of 1.15 pence per share, is conditional on the Placing Shares being admitted to trading on the AIM market.
The issue price represents a discount of approximately 9.80% to the latest closing price of 1.275 pence per share, as recorded on February 20, 2025. The newly issued shares will represent around 3.53% of Tern's enlarged issued share capital once the placing is completed. The company intends to use the net proceeds from the placing to support its ongoing investments and operations. Specifically, the funds will contribute to Tern’s commitment to invest in Sure Valley Ventures Enterprise Capital Fund (SVV2), further support its portfolio companies, and meet general corporate needs such as operating and legal expenses.
SVV2 is a venture capital fund focused on investing in UK-based software companies with a particular focus on emerging technologies, including augmented reality, virtual reality, artificial intelligence, and security. Tern has committed to investing up to £5 million in SVV2 over the course of the fund's 10-year life. As of February 21, 2025, Tern holds a 6.1% stake in the fund, with an unaudited valuation of approximately £750,000.
The placing was managed by Shard Capital Partners LLP, which acted as the company’s sole placing agent. Tern's investment in SVV2 is in line with its strategy of supporting high-growth, early-stage businesses within the IoT and tech sectors, particularly those with potential for market disruption.
With these new funds, Tern aims to bolster its position in the rapidly evolving tech landscape and continue supporting the growth of its portfolio while enhancing its stake in cutting-edge sectors such as immersive technology and AI.
