Tern launches a fully underwritten £509,368 open offer at 0.90p

Tern announced an open offer on 7 September 2026, targeting approximately £509,368 before expenses.

Main terms

The offer comprises 56,596,480 shares at 0.90p, on the basis of one new share for every 16 existing shares held by qualifying shareholders at the record date.

The price is 25% below the 1.20p closing middle-market price on 4 September. CMC Markets UK underwrites the offer in full and will subscribe for shares left untaken.

Timetable and dilution

Acceptance closes on 22 September, with admission expected 24 September. The stated remaining condition is admission to AIM.

A holder who does not participate would own a smaller percentage of the enlarged company. Underwriting supports the fundraising's execution but does not remove dilution or establish the value of the underlying portfolio.

The circular contains eligibility, timetable and risk details. The important follow-ups are completion, net proceeds after costs and the company's capital allocation. The offer price is a transaction term, rather than a valuation conclusion or a recommendation to subscribe.

Source: Company announcement, 7 September 2026.