Tern Plc*

Tern has announced a small placing, a new investment and the intention to raise new funds for Device Authority. Given uncertainty around this we are putting our recommendation and price target under review. Clearly a successful fund raise for DA at a $36m would see an increase the NAV. Once this deal is closed we will have a clearer view of any upside. Tern has announced a fundraising of c£600k by the issue of c9.1 million new ordinary shares at an issue price of 6.6p. This is a 30% discount t...