REG - Tern PLC - Further re. Wyld Networks Warrant Exercise Process

TernAnnouncement

03/05/2024 07:45

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RNS Number : 1557N  Tern PLC  03 May 2024

3 May 2024

 

Tern Plc

("Tern" or the "Company")

 

Further re. Wyld Networks Warrant Exercise Process

Tern Plc (AIM:TERN), the investment company specialising in supporting high
growth, early-stage, disruptive Internet of Things ("IoT") technology
businesses, announces that, following the Company's announcement on 25 April
2024, Wyld Networks AB ("Wyld Networks") has announced that the subscription
period for its TO4 warrants has completed.

Approximately 91% of Wyld Networks' outstanding TO4 Warrants were exercised,
providing approximately SEK6.4 million (approximately £0.5 million) before
costs, to Wyld Networks.

As previously announced, Tern has exercised 245,699 TO4 warrants to subscribe
for 245,699 shares in Wyld Networks at SEK 1.83 per share, for a total cost of
SEK 449,629 (approximately £33,400).

Prior to the completion of the TO4 warrant exercise, Tern held 22.5%* of Wyld
Networks' issued share capital.  Following Tern's exercise of TO4 warrants,
Tern holds a total of 4,106,666* shares in Wyld Networks, which represents
approximately 19.9%* of Wyld Networks' enlarged issued share capital.

* Pursuant to Tern's funding facility announced on 12 June 2023, under which
£307,692 is currently drawn down, Tern is required to maintain in escrow
shares in Wyld at a value of not less than 1.5 times the value of outstanding
amounts drawn down and accrued interest, as security for the Facility.

 

Enquiries

 

 Tern Plc                                                       via IFC Advisory

 Ian Ritchie (Chairman)

 Allenby Capital Limited                                        Tel: 0203 328 5656

 (Nominated Adviser and Broker)

 Alex Brearley / Dan Dearden-Williams (Corporate Finance)

 Kelly Gardiner / Guy McDougall (Sales and Corporate Broking)

 IFC Advisory                                                   Tel: 0203 934 6630

 (Financial PR and IR)

 Tim Metcalfe / Florence Chandler

 

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