TERN PLC Tern announces that the repayment dates of the £15,000 unconverted element of the
£200,000 Convertible Loan Notes issued on 16 August 2013, which was due for repayment by the Company on 1 January 2016 if not previously converted at 2.016p; the
£41,500 unconverted element of the £100,000 Convertible Loan Notes issued on 30 July 2014, which was due for repayment by the Company on 1 January 2016 if not previously converted at 1.25p and the £55,500 unconverted element of the £200,000 Convertible Loan Notes issued on 17 September 2014, which was due for repayment by the Company on 1 January 2016 if not converted at 1.25p have each, by agreement between the parties, been extended to 1 January 2017.
As the owners of the Convertible Loan Notes are Angus Forrest, Chairman and Al Sisto, Director, the transaction is classified under the AIM rules as between related parties. The directors (apart from Angus Forrest and Al Sisto) have consulted with WH Ireland and concluded that the extension of the period under which the outstanding balance is required to be repaid unless previously converted is fair and reasonable insofar as the interests of the shareholders are concerned.
Angus Forrest
About Tern:
Tern Plc aacquires 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.
Tern plc issued this content on 28 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 January 2016 16:18:16 UTC
Original Document: http://www.ternplc.com/s/RNS-Related-party-transaction-28-Jan-16.pdf
