#TERN – £0.625m bailout placing at just 1.25p per share
- 2024-10-15 06:56:38
UK 11:14 Wednesday, 7 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Tern (TERN) had some rare good news the other day when it announced that Device Authority had deferred a share issue that was due on 30 September 2024 because the business had performed better than expected and didn’t require additional cash at that time. As such Tern’s stake remained at 30% with the last valuation being $5.4 million. Tern still disclosed no financial information about Device Authority, so it’s impossible to get any insight to how well Device Authority is actually performing.
Tern (TERN) as Nigel’s earlier article highlighted is in deep trouble. It’s facing a liquidity crisis at plc level and a funding crisis at investee Wyld Networks.
Oh Dear, oh dear, oh dear. Oh dearie me. What a total fiasco AIM-listed Tern plc (TERN) is…..told y’all. Even as recently as five days ago I suggested that Tern was in trouble as the latest attempt to hawk cash would fail. Well, it has: Tern has days to go before it runs out of cash, Bruce Leith (a former director until just over a year ago and still a PMDR) seems to me to have been selling shares unannounced and the auditors, having signed this POS off as a Going Concern only in May…..they should be shot: what happened to professional scepticism; what happened to making sure the numbers (you only had one job…!) added up?
AIM-listed Tern plc (TERN) faces shareholders on Monday in an attempt to get approval for an Open Offer as its coffers are again running dry. But investee Wyld Networks, on the joke “Nasdaq-of-the-North” exchange in Stockholm also faces shareholders shortly in the hope of gaining approval for a massive rescue rights issue. But it has got debts and I sense it is not Wyld which is in trouble here, it is the lender.
AIM-listed Tern plc (TERN) has a General Meeting on Monday with shareholders being asked to approve an Open Offer at 1.25p per share to keep the Company afloat for a few more weeks, its coffers currently as bare as bare can be. But there is a snag…..
Oh Dear, oh dear, oh dear. AIM-listed Tern plc (TERN) has announced truly dire interims, has a cash-crisis and another of its portfolio has crumbled and risks a one-way trip to the corporate executioners. More Ouzo, sir?
AIM-listed jam tomorrow Tern plc (TERN) shares are off by 16% this morning. Shareholders might have wondered why, as was no announcement from Tern. But over in Sweden, on the “Nasdaq-of-the-North” joke exchange, the reason is well known as investee Wyld has announced a massively dilutive rescue rights issue and its shares have collapsed. Belatedly Tern has 'fessed.
With interim results due soon (last year’s interims were published on 16 August 2023) I have reviewed Tern’s (TERN) track record and set out my views on the likely interim results. They will be grim.
The good news is that Tern (TERN) has another couple of months of bloated corporate costs now funded. The bad news is that this has been achieved by eating another piece of its own tail.
Device Authority’s year end accounts for the year to 31 December 2023 have just been filed at Companies House. This is Tern’s (TERN) biggest investment and the news is bad.
There is no saving some folks. At the Tern (TERN) AGM today shareholders voted 68.5% to 31.5% in favour of special resolution 5. But it needed 75% to pass and the failure to secure that support is a body blow.
I have written once again to my good friends at the FRC, this time regarding Tern (TERN) and its calendar 2023 accounts out on May 30th.They are misleading and auditor Mark Bishop of auditors CLA Evelyn has failed to show the requisite professional scepticism, not least with regard to a lack of a material uncertainty warning. My letter is below.
Good companies do not break rules. They tell the truth in an RNS, they file all documents on time as they have nothing to hide. But bad companies, ones that are insolvent or frauds do not follow the rules.
AIM-listed crock Tern plc (TERN) surely must make a statement over its investee Wyld, which has this morning delivered up disastrous Q1 results. Tern has a loan secured on its Wyld holding, but it surely must be the case that by now that loan is in breach as the Wyld holding is no longer sufficient to support the loan and thus an urgent statement is needed under AIM Rule 11.
AIM-listed jam-next-century investment firm Tern plc (TERN) released its FY23 numbers this morning. In my view all concerned should be ashamed – not only because the stated NAV per share has been hammered by over 50% over the year, but because even the stated ner assets per share figure of 3.2p is grossly misleading – my back of a fag-packet suggests it should be 2.7p (and I don’t even believe that).
