LONDON (Alliance News) – Tern PLC on Friday said it raised GBP300,000 in a share placing to fund its investment in Chesterfield based internet-of-things firm InVMA Ltd.
Tern has raised the funds through the issue of 4.5 million shares at a price of 6.6 pence, including a subscription organised by Whitman Howard, in conjunction with a fully underwritten offer via the PrimaryBid.com platform.
Shares in Tern closed down 5.9% at 8 pence Friday.
InVMA designs, makes and supports products for internet-of-things enabling. Tern noted that the company is a “key strategic partner” for Device Authority Ltd, and it expects bringing InVMA into its portfolio will be beneficial to its relationship with Device Authority.
Tern expects to complete this investment in August, and said negotiations are at an “advanced stage”. However, it cautioned there can be no certainty the investment will complete, nor its final terms.
Tern plans to use the proceeds of the fundraising for the investment, but said that should this not go ahead, it will use those for other transactions consistent with its investment strategy.
By Hana Stewart-Smith; email@example.com; @HanaSSAllNews
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