(the "Company" or "Tern")
Exercise of warrants
Tern, the investment company specialising in the cloud and mobile sectors, announces that it has issued and allotted 198,151 Ordinary Shares of 0.02 pence each ("Ordinary Shares") pursuant to the exercise of a share warrant exercisable at 2 pence per share.
Application has been made for the 198,151 new ordinary shares to be admitted to trading on AIM and it is expected that admission will take place on or around 8:00 a.m. on 8 September 2016 ("Admission").
The warrant was issued to Jon Penney as part of the consideration for the purchase of Cryptosoft Limited (now known as Device Authority Ltd) in September 2014. On admission, Mr Penney will own 2,120,217 Ordinary Shares representing approximately 2.69 per cent of the enlarged Ordinary Shares in issue. Jon Penney, who recently left Device Authority Ltd to work on a new venture ,said "I enjoyed my time with the Company which has been transformed and is in a very exciting growth stage. I could not be leaving Device Authority in better hands."
Angus Forrest commented "We would like to thank Jon for his contribution and wish him well for the future."
In accordance with the Disclosure Guidance and Transparency Rules (DTR 5.6.1R) the Company hereby notifies the market that immediately following Admission its issued share capital will consist of 78,682,886 ordinary shares of 0.02 pence each. The Company does not hold any shares in treasury. Shareholders may use these figures as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
|Tern plc||Tel: 07973 561 232|
|WH Ireland NOMAD and Broker||Tel: 0117 945 3471|
|Peterhouse Corporate Finance (Joint broker)||Tel. 020 7469 0936|
|Lucy Williams/Duncan Vasey|
Tern Plc acquires and invests in privately owned companies with self-owned IP, established products and customer bases. Its investment strategy is focused on taking an active role in its investee companies in order to improve the business model, accelerate growth, expand the business globally, and identify exit opportunities.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Tern Plc via Globenewswire