Tern Plc (AIM:TERN), the investment company specialising in the IoT (“Internet of Things”), announces it has been informed of the following share purchases of, and transactions in, the ordinary shares of the Company (“Ordinary Shares”) by certain directors.
Ian Ritchie, Chairman, via his SIPP, purchased 577,000 ordinary shares at an average price of 3.65 pence per Ordinary Share.
Albert Sisto, CEO, purchased 400,000 shares at 2.8438 pence per share.
Additionally, Bruce Leith, Business Development Director, acquired Al Sisto’s remaining convertible loan stock totalling £36,250, and subsequently converted the loan stock into 2,900,000 new Ordinary Shares at a conversion price of 1.25 pence per share. Following this transaction, the Board no longer holds any convertible loan notes in the Company.
Following the above transactions, Albert Sisto is interested in 9,583,333 Ordinary Shares representing 5.9 per cent. of the Company’s issued share capital. Bruce Leith is interested in 8,857,233 Ordinary Shares representing 5.5 per cent. of the Company’s issued share capital and Ian Ritchie is interested in 577,000 Ordinary Shares representing 0.4 per cent. of the Company’s issued share capital.
Application will be made for the 2,900,000 new Ordinary Shares to be admitted to AIM and it is expected that admission will take place and trading in the new Ordinary Shares will commence on 18 January 2018 (“Admission”).
Following Admission the enlarged issued share capital will be 161,901,140 Ordinary Shares of 0.02 pence each. The Company does not hold any shares in Treasury. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure, Guidance and Transparency Rules.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
The information below, set out in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on shares acquired.
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