In its interims to 30 June 2026 out today Tern (TERN) announced a loss of £382,000 and a 10% decline in net asset value per share to 0.9 pence. That is only half the (horror) story.
Yesterday, the latest fund raise, an open offer, closed with less than complete take up. Luckily it was underwritten but it will be a costly £500,000 raised. Let’s call it £450,000 net. At best. But why would anyone invest in Tern (TERN)?
AIM-listed jam-tomorrow, maybe, never investment company
Tern plc (TERN) announced yet another discounted placing this morning – its fifth
this year! Priced at 0.9p per share and structured as an underwritten Open
Offer (with CMC Markets footing the bill – so we all know any shares not subscribed
for will just hit the market, further depressing the share price) the
announcement let slip a few worrying matters….
AIM-listed investment company Tern (TERN) announced this
morning it had shoved a further £117,195 into clearly loss-making Talking
Medicines, presumably to keep its lights on. Tern tells us that the new funds
come from its recent placing – which raised (gross) £450,000. With last-reported
admin and other expenses of £1,101,000 for last year, there are no prizes for
guessing where the rest of the wonga from that placing is going for cash-strapped
Tern. So how do you dress up having to wave goodbye to more cash into a sinking
portfolio? Simple: offer shareholders a pipe-dream!
In its year end accounts to 31 December 2025, Tern (TERN) stated that its net asset value was 1.0 pence share based on net assets of £6,880,995 divided by 672 million shares which was down from 2.0 pence per share at the previous year end.
There are a few certainties in life: death, taxes…..and another deeply discounted placing from AIM-listed dog Tern plc (TERN). The latest, at 0.9p a pop, a whopping 31% discount (its fourth fundraise this calendar year!), to “an investment management group” which dares not speak its name, brings in just £450,000 even before expenses, in order to “provide additional support” to its portfolio of dogs……and “applied towards general corporate purposes”. In other words, to keep the lights on.
Today, sub scale investment in rubbish AIM dog Tern (TERN) published its results for the year to 31 December 2025 which showed a loss of £5,089,148 and net assets per share halved from 2.0 pence per share to 1.0 pence per share. It is hard to know where to start with such a dog’s dinner
Sub scale investment company basket case Tern (TERN), one of the Jonathan” kiss of death” Swann stable of hounds, issued the notice for its AGM on 8 June which included following statements:
Today Tern (TERN) announced that it had invested a further approximately £48,000 of cash into Talking Medicines and by cancelling existing loan notes of approximately £87,000 now has been granted £270,000 of new unsecured convertible loan notes. The RNS describes the terms of the new notes as follows:
Today’s RNS from Tern (TERN) announcing that it is subscribing for $280,000 (approximately £209,000) into convertible loan notes in Device Authority Limited using the recent placing of £222,000 raises a number of observations.
On 12 May Tern (TERN) issued an RNS announcing “Device Authority Strategic Partnership with Xalient.” That was the pump.
I am sure that Tern (TERN) failed to disclose a material liability in its recent Open Offer but no doubt, no sniggering at the back, the Oxymorons at AIM Regulation are all over it.
This company has had more discounted fund raises than I have had inappropriate thoughts about Cheryl Cole. Well okay not quite that many but an awful lot. Today Tern (TERN) announced “an Open Offer to raise up to £643,609 (before expenses) through the issue of up to 107,268,195 Open Offer Shares at an Issue Price of 0.60 pence per share.”
Tern (TERN) shares have performed well in recent months from a low of 0.4 pence to a bid of 0.7 pence on Friday valuing the company at £6 million albeit this remains a well-deserved discount to its last published net asset value of £10.2 million.
Tern (TERN) today announced that the repayment date of the loan facility agreement originally announced on 12 June 2023 has been extended from next week to 11 September 2026. But that does not mean that it is not still toast as it will run out of cash well before September. This is merely plate spinning, smoke and mirrors.
