Tern - After Yesterday’s Calamitous 25% Fall, Is This More Disingenuousness?

Yesterday AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) announced that principal investee Device Authority (DA) had completed a fundraise involving Tern (for $1.25 million), Tern’s partners in DA, Alsop Louie and the Samenuk Trust for $0.41 million, and a new investor in the form of Venafi which had ponied up a further $1.25 million. Tom Winnifrith covered the maths on why this was a disaster for the BBMs who think Tern should be valued at a multiple of NAV but it seems to me that yesterday’s RNS was disingenuous toboot.

DO THE EFFING MATHS MORONS: Tern - why its shares should more than halve even AFTER today’s circa 20% fall

AIM listed investment dog run by charlatans, Tern (TERN) has dashed the hopes of the Bulletin Board Morons when it issued the Device Authority funding update RNS which revealed that Device was not worth billions or even hundreds of millions but less than $40 million for 100% of the company based on latest funding round which included a new third-party technology investor (which presumably would have been granted access to the latest accounts, budgets and been able to assess the technology). Let us pray for those morons too stupid to listen to our countless warnings and thank heavens that the Salvation Army will be there to assist them this Christmas.

Tern – Device Authority Loan Notes Rolled Over Yet Again & a clear failon basic maths

AIM-listed jam-tomorrow IoT Investment company Tern (TERN) has announced yet another roll-over with regard to the loan notes from principal investee Device Authority. This is a repeating pattern: every six months the maturity is pushed back another six months and the latest is that they have been pushed back to the end of March 2022. One might gently wonder if Device Authority will ever be able to pay them off or whether the conversion terms will be invoked due to lack of cash.

#TERN – convertible loan notes provided to Device Authority extended to 31st March. I wonder why!

Tern – Wyld Networks 3rd quarter results and they are utterly appalling!

Today saw Tern (TERN) investee Wyld Networks publishes its 3^rd quarter results and there was an English version available as well.  For some reason Tern managed to not issue an RNS to refer to the results. I can’t think why.

Tern – Another (almost) Numberless Update. Still a SELL.

AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) has released a portfolio update this morning. Naturally the BBMs are pleased as punch but I fear that, once again, the company has borrowed the Adam Reynolds (who, for the avoidance of doubt, has nothing to do with Tern) keyboard, for there are no meaningful numbers to be found - and the few included are pitiful.

EXPOSE: Tern – I am Wrong About Device Authority. Really? Look at the hard numbers

A correspondent writes that I am wrong to suggest that AIM-listed Tern’s (TERN) jewel-in-the-crown investment, Device Authority (DA) which on its own is apparently worth over half of Tern’s NAV, is in grave financial difficulty. Let’s look at what we do know – and, perhaps more importantly, what we don’t.

Expose for accounting geeks: Tern – what on earth is going on with regard to the valuation of the convertible loan note in Device Authority?

Device Authority Limited states that it has filed abbreviated accounts because it qualifies as a small company which it is why it only files a balance sheet and selected notes. However, even based on the limited information provided we can see that AIM listed bag of puff Tern (TERN) is providing approximately 2/3rds of the current funding to Device Authority in terms of cumulative advances and accrued interest as shown below:

BREAKING: Tern – oopsadaisie: Just How Bust is Bust at Device Authority?

Oh dear oh dear. AIM-listed jam-tomorrow IoT investment company Tern (TERN) principal investee Device Authority has just posted amended FY20 accounts at Companies House. Given that the original accounts were signed off back in January but not posted until 21 September 2021, that looks like carelessness – as do the missing Notes to the Accounts. And then there is an increased £4.6 million liability, apparently owed to nobody!

BOMBSHELL LITANY OF LIES: Tern – Shocking, Shocking, Shocking. Lucian Miers is Bang on Correct: Sell, Sell, Sell

AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) has a history of not keeping its own investors abreast of what is going on going almost all the way back to when Tern was formed out of the wreckage that was Silvermere Energy back in 2013. An eight year history of deceiving investors?

Tern stinks, AIM Regulation must act NOW!

I have identified Tern (TERN) previously as a compelling short as nothing it says makes sense, the stated NAV is about 9p at best and the shares are 19.25p. But that NAV is bogus! The main component of NAV ,just over 50% is a holding in Device Authority but there is a bombshell out there Tern is not telling folks about. Device looks to be insolvent.

Tern – Ramparoonie RNS!

AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) has announced a contract for investee Wyld Networks AB (listed on the Nasdaq First Growth market in Stockholm). Woopiedoo! Or is it?

Tern – Interims and yet more Jam Tomorrow as Another Placing Comes into View

AIM-listed jam-tomorrow internet of things investment company Tern plc (TERN) announced its interims to June this morning. Tern’s motley bunch of fanatics will of course be celebrating the claimed 75% period-on-period increase in turnover amongst its cash-guzzling portfolio, but for all that, NAV per share slipped from 7.3p to 7.1p and the company burned through another mountain of cash.

#TERN – argues “significant progress” but end-H1 cash down to £0.45m before July fundraise

Tern – It’s a Wyld, Wyld World

AIM-listed jam-tomorrow investment company Tern plc (TERN) has announced that its one listed investee (on the tin-pot Nasdaq First North market in Stockholm) Wyld Networks AB (WYLD) has raised SEK 12 million (approx. £1 million) in the form of a loan from Formue Nord Fokus A/S. That’s all very well, but…..

#TERN – third party approx. £1m loan for portfolio company Wyld Networks

Tern – More Cash Rolled Into Jam-Tomorrow Portfolio

AIM-listed jam-tomorrow investment company Tern plc (TERN) has announced a portfolio update…..and that it has piled another £630,000 into its portfolio. But that seems to be about the only number offered.

Thoughts on Tern – Part 2

Bulls and bears in tech investment company Tern plc (TERN) can at least agree on one thing: the key to the investment case is its holding in Device Authority Ltd (DA Ltd), a provider of security solutions for IOT products. Tern holds 56.8% of DA Ltd’s equity and has to date lent it £3.1 million in convertible loan stock. The stake is carried at £12.8 million on the balance sheet (valuing the whole company at £22.5 million), representing 58% of the value of the portfolio. It is DA Ltd’s perceived potential that has seen Tern’s shares trade at multiples of its book value and been the hook upon which it has hung the majority of its 16 placings to date.

Thoughts on Tern - Part 1

As I predicted it would in my last piece, Tern plc (TERN) came back to the trough last week with yet another placing (its 16th since it emerged from the ruins of Silvermere Energy in 2014) and the shares predictably sold off, causing a few rumblings of discontent among its shareholders, 100% of whom (bar management) are retail. But before I lay into the company and its management, let me present you with a fun fact regarding dilution, a dirty word for most equity investors.

Tern – rewards for failure

After yesterday’s latest tin rattle by Tern (TERN) to raise up to £4 million gross at 18.8 pence per share, a discount of 16% to its grossly over inflated share price, I have had a look at its performance over the last four years.