TERN PLC

AGM Information • May 4, 2021

National Storage Mechanism | Additional information

RNS Number : 5202X

Tern PLC

04 May 2021

4 May 2021

Tern Plc

("Tern" or the "Company")

Result of AGM

Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things ("IoT"), announces that at the Company's Annual General Meeting ("AGM") held earlier today resolutions 1 to 4 and resolution 7 were voted on by a poll and were passed.  Details of the votes cast are set out in the table below.

Although a majority of the votes received were in favour of resolutions 5 and 6 in relation to the authority of the Directors to issue new Ordinary Shares and disapply pre-emption rights, the Chairman of the AGM, Ian Ritchie, after consultation with the Board, decided to withdraw these resolutions from being voted on at the AGM due to the low number of shareholder votes received and given that, on the basis of the proxy votes cast, resolution 6 (to grant the Directors the authority to issue shares for cash) would not have achieved the requisite number of votes to be passed.

In total, votes in respect of approximately 13.3% of the Company's issued share capital were received, which included approximately 6.4% of the issued share capital held by the Directors.  In light of votes being received from so few shareholders and the differing views of shareholders on the matters included in resolutions 5 and 6, the Board intends to further consult with shareholders and its advisers before submitting proposals on these matters to be voted on by shareholders at a General Meeting to be convened in due course.  Following the withdrawing of resolutions 5 and 6, the Directors do not currently have the authority to issue new ordinary shares for cash or generally.  The Company will also explore options to encourage wider shareholder participation in future voting.

The total number of Ordinary Shares of the Company in issue, each with one voting right, is 330,338,101 and the votes cast in respect of resolutions 1 to 4 and 7 were as follows:

Resolution	For		Against		Total votes cast	Votes withheld	% of share capital voting
Total votes	%	Total votes	%
1. To approve the Company's 2020 annual accounts	39,925,850	91.13%	3,886,940	8.87%	43,812,790	200,000	13.26%
2. To re-appoint Nexia Smith & Williamson as the Company's auditors	39,928,328	91.13%	3,884,462	8.87%	43,812,790	200,000	13.26%
3. To reappoint Ian Ritchie as a director	39,435,500	90.16%	4,306,290	9.84%	43,741,790	271,000	13.24%
4. To reappoint Bruce Leith as a director	39,435,500	90.05%	4,356,290	9.95%	43,791,790	221,000	13.26%
7. Authorisation to make market purchases of the Company's shares	34,775,458	80.04%	8,674,263	19.96%	43,449,721	563,069	13.15%

Enquiries

Tern Plc Al Sisto (CEO) Sarah Payne (CFO)	via IFC Advisory
Allenby Capital Limited (Nominated Adviser and Broker) David Worlidge / Alex Brearley (Corporate Finance) Matt Butlin / Kelly Gardiner (Sales and Corporate Broking)	Tel: 0203 328 5656
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring Florence Chandler	Tel: 0203 934 6630 tern@investor-focus.co.uk

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

RAGUSOVRAOUVRAR