AIM-listed jam-tomorrow investment company Tern plc (TERN) released its results for calendar 2024 this morning and the numbers, as ever, were dire. The stated NAV per share (illusory) was 2.0p, down by 1.2p on 2023; the loss was £3.8 million to bring net assets down to £10.7 million and the company ended the year with net current liabilities. In other words, it was technically insolvent.
The statutory accounts for Device Authority for the year to 31 December 2024 have been filed at Companies House. As Device continues to file accounts as a small company there is no profit and loss account nor are the results of its US subsidiary consolidated, just the investment in subsidiaries at cost of £6,386,629, so you can’t get a full understanding of Device’s performance. BUT...
AIM-listed jam tomorrow, maybe never stock Tern plc (TERN) today announced that its Open Offer to shareholders at just 1p a pop had been a success as it was oversubscribed. The company noted 114% acceptances and therefore applications for excess shares would be scaled back. Well I suppose that’s good news, apart from the fact that yet more money is going to get swallowed up by this lifestyle company. But what’s this?
A slight mix up saw both Nigel and myself prepare pieces on Tern (TERN) after its latest bailout placing yesterday. We are both vindicated bears and we both agree on what happens next. Nigel's article is HERE. Now its my tern (geddit?)
AIM-listed jam-tomorrow POS lifestyle company Tern plc (TERN) has announced yet another tiny fundraise, this time for £340,140 at 1p per share – an eye-watering 31% discount. But this time it is in the form of an underwritten open offer – and the underwriter is getting 7% so in fact even before legal fees, PR fluffies and so on, the company will only get 0.93p per share – an even more eye-watering 36% discount. And it is perfectly clear it will have to rattle the tin again…..if allowed to by its bedraggled shareholder register as this latest fundraise uses up fully the shares the board is currently allowed to issue.
Of course, the Bulletin Board savants insist that this website and my good self do not matter and that nobody pays a blind bit of attenti8on to what I say or write whereas the world hangs on their every bon mot. But a letter today from the Financial Reporting Council, my good pals at the FRC, indicates otherwise.
AIM-listed lifestyle company Tern plc (TERN) announced this morning a placing to raise just £221,154 at 1.15p per share. The announcement was accompanied by a load of waffle about the Sure Valley fund it is invested in, but around two hundred grand won’t make any difference.
Tern (TERN) raised £400,000 gross of expenses on 16 December 2024 at a discount of 16% to the then latest available share price. After paying 5% or 6% for costs of the placing the effective discount was more than 20%. Then on 2 January 2025 Tern announced that it had spent £175,000 of that cash investing into Sure Ventures Plc placing at the mid market price.
On 23 December, Tern (TERN) announced that the 2nd tranche of the fund raise announced on 27 December 2023 of $3.3 million had been completed. In a previous RNS on 30 September 2024, Tern had indicated that this fund raise had been deferred due to strong performance by Device Authority and hoped that it may not be required but ultimately it was still required.
Every single company in the Tern (TERN) portfolio is losing money and guzzling cash and at a PLC level Tern is doing exactly the same. And thus just a day and two months after raising £650,000 at 1.25p it is passing the hat around again, raising £400,000 (gross) at 1.3p. Do not think that this represents progress.
Last week saw further desperate news for AIM-listed jam-tomorrow investment vehicle Tern plc (TERN). As noted by Tom Winnifrith recently, when Tern’s holding in Wyld Networks was worth the princely sum of around £23,000, Tern already had the indignity of being 99% down on its investment on the joke Nasdaq-of-the-North joke exchange player. But the shares collapsed yet again….
The Wyld right issue shares have now been admitted to the market and Wyld now has 496,954,449 million shares in issue which gives it a market capitalisation of SEK 49,148,795 or £3,519,668.
AIM-listed and much troubled Tern plc (TERN) has announced board changes: two of the three have walked, leaving Chairman Ian Ritchie with new appointees as NEDs Ian Ross and Jane McCracken. I can’t help sensing the rats are deserting the sinking ship.
AIM-listed jam tomorrow investment company Tern plc (TERN) announced on Friday that it believes the recent rescue rights issue by investee Wyld Networks, which trades on the joke “Nasdaq-of-the-North” exchange in Stockholm, was not in shareholders’ best interests and that it was taking advice…..and then admitted it had been selling the stock. Having just raised £0.6 million, is it going to line its lawyer’s pockets?
