Tern (LON:TERN), the investment company specialising in the cloud and mobile sectors, is to raise £1.1mln through a placing of shares at 12p each.
In all, 9.17mln shares will be issued, and chairman Angus Forrest plus directors Al Sisto and Bruce Leith will each be taking £10,000 worth.
The placing will raise the number of Tern shares in issue to 71.9mln.
Tern’s share closed at 13.26p last night.