Tern has successfully raised £1.6m gross proceeds through an issue of 17.3m subscription shares and 4m retail shares at 7.5p per share, a 14.3% discount to the closing price on 4 October. In line with management’s commitment to its overall shareholder base, retail and other investors were able to participate via PrimaryBid. The net proceeds are intended to bolster Tern’s commercial position by supporting further growth and strategic investment in its current portfolio companies. In the most recent funding rounds, Tern’s investment proportion has been relatively small as the businesses becomes attractive to third-party investors. In order to protect shareholder value already created, it is imperative that Tern has the ability to negotiate from a position of strength when competing with private equity providers that often have far greater resources. We see this fundraise as a logical step as the group continues to mature its position and offering.