High flying investment company Tern (LON:TERN) has raised £720,000 through a placing of 6mln shares at 12p a pop.
Shares in the company, which focuses on the Cloud and mobile sectors, have risen by almost two-thirds in the year to date, and closed on Friday at 15.54p.
Funds from the share placing will provide the investment company with more firepower to target new investments, and will also provide additional finance for the development of the existing portfolio.
The company also revealed that Bruce Leith and Al Sisto are both converting £18,750 of convertible unsecured loan stock into 1.5mln ordinary shares, thereby increasing the number of Tern shares in issue by 3mln.
After the loan stock conversion and share placing, the number of shares in issue totals 54.44mln.
Late on Friday it was revealed that investment management firm Hargreave Hale had reduced its holding in Tern from 5.95mln shares to 5.1mln, representing 11.22% of Tern’s issued share capital, as at Friday’s close.