Published on: March 9, 2020

Fundraise for flexibility

Tern has raised £0.8m at a price of 6p, a c.20% discount to the previous price.  That the group has managed to raise capital at all in the current climate is impressive, and management have shown a good level of involvement with some £113k of the total.  The group continues to value its asset base very conservatively (always at most-recent third-party market valuation) so new investments take time to drive NAV growth, but Tern’s whole rationale is to invest capital and expand – and today’s news should assist with both over time. 

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