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.