Three directors of tech-focused investment firm Tern (LON:TERN) have converted unsecured loan stock into Tern shares.
Angus Forrest, Bruce Leith and Albert Sisto, who provided convertible unsecured loan stock (CULS) in September 2014, are converting a total of £85,500 CULS into 6.84mln new ordinary shares at 1.25 pence per share.
Following the conversion the three directors will own £112,000 unconverted CULS.
All three directors own around 6.2mln shares in Tern following the conversion. In total, Tern has 62.76mln shares in issue, so each director's stake is around 9.8%.