This morning I noted that AIM-listed jam-next-century investor Tern plc (TERN) looked to be in trouble with regard to its holding in the joke Nasdaq-of-the-North listed vehicle Wyld. Wyld delayed its annual report by two weeks and finally posted it at 8pm local time last night – in Swedish only. It promised an English translation of the Auditors’ report, but that has yet to materialise. And the annual report came with a Going Concern warning.
If the saga of Talking Medicines is not market abuse by Tern (TERN), nothing is. the FACTS are clear. Tern legged over investors with a spoof announcement and three days later, with the shares raging, got a placing away. I have written to the Oxymorons at AIM Regulation.
The accounts are terrible and show that Talking Medicines, a 12 year old Scottish dog, is technically insolvent. Natch the directors see no material uncertainty and thus in these, unaudited, accounts for calendar 2023 declare that Talking is a going concern. In which case I am a banana. As for Tern’s (TERN) directors, they should be in jail and here’s why.
Wyld Networks, AIM-listed Tern’s (TERN) investee on the joke Nasdaq-of-the-North exchange in Stockholm, had postponed its annual report to yesterday. It did not appear until 8pm local time (7pm UK) – truly no-one-is-watching o’clock. To makes matters worse, the report only appeared in Swedish (all previous financial reports had been in both Swedish and English). As they say, good news travels fast, bad news is delayed……what was it hiding?
On Thursday I noted to Tom Winnifrith that AIM-listed jam next century internet of things investor Tern plc (TERN) was in trouble over its secured borrowing facility pursuant to which it borrowed cash (last noted at £307,692) and hawked its shares in Wyld Networks, which trades on the joke Nasdaq-of-the-North exchange in Stockholm. The issue is that the value of the Wyld shares – which have collapsed – had to be at least 150% of the borrowing.
A brief message from the Montana log cabin asks a question that begs a statement from cash strapped Tern (TERN). Comrade Nigel Somerville writes:
If sub-scale investor in useless companies Tern (TERN) stated that 2+2 =4 I’d ask for that claim to be independently verified such is the way that over the years it has played fast and loose with the truth. On April12 it raised £420,000 gross in a deeply discounted post ramp placing at 2.4p and stated:
Today, joke company Wyld issued a Press release announcing, “that major shareholders in the Company, and members of the board of directors and management that hold warrants, have informed the Company that they intend to exercise all their warrants of series TO4.”
AIM-listed jam-tomorrow investment company Tern plc (TERN) this morning announced a placing to raise just £420,000 (and that, before expenses) at just 2.4p – a cavernous (over) 30% discount. It was quite obvious to seasoned Tern-ologists that this was coming: it was yet again running on fumes and, of course, there was that preposterous pump the other day regarding its (natch…) cash-guzzling investee Talking Medicines and a previous conference-call. The gerbils lapped it up, pushing the shares northwards by well over 50% and this morning the inevitable dump came.
Quite clearly, as per my earlier article, Tern (TERN) has rapidly dwindling cash balances and a stack of hungry mouths, the investee companies, to feed. If it does not do yet another placing - which will be deeply discounted – within the next couple of months, I am a banana and it will be toast. And with that in mind there is a ramptastic RNS.
Tern (TERN) shares have risen strongly in recent days following an investor presentation and and a, paid for, report prepared by Progressive which highlighted the potential jam tomorrow of its 4 largest holdings being Device Authority, Talking Medicines, Fundamental VR and Wyld Networks. Konetiko of course having being placed into administration.
Natch, these days Tern (TERN) does not flag up results from investee company Wyld Networks via an RNS or RNS reach as it did in the good old days before everything was imploding. So maybe folks do not realise just how awful just released Q4 interim and year end results were.
As shares in AIM-listed jam-tomorrow (or never, more likely) investment company Tern plc (TERN) dive to yet more new lows – now just 1.7p – I see it has announced an online investor presentation. Hmm……I wonder why!
AIM-listed jam-tomorrow (except tomorrow never comes….) investment company Tern (TERN) is having a predictably tough time of things at the moment. I say predictable: Tom Winnifrith and I have warned and warned and the shares continue to slump. Tern has already seen one investment go to the wall (Konektio), the value of its investment in Device Authority has been halved and Tern has had to do a massively discounted but very small placing to keep the lights on. As that money runs out, there is another problem…
Over the years Tern (TERN) has invested a well into seven figures sum in InVMA Limited, which trades as KonektioTM. But before Christmas, facing its own cash crisis, Tern passed on the most recent round of bailout refinancing and thus saw its shareholding diluted from 35% to just 8.8% with a written down book value of £222,624. With hindsight that was the first, and indeed only, good call Tern made on Konektio.
Mangold a Swedish Investment bank published a commissioned report on Wyld Networks HERE. Mangold was the bank that helped in the last Wyld fundraise so you'd have to take its price targets with more than a pinch of salt..
Beleaguered shareholders in AIM-listed dog-with-fleas Tern plc (TERN) are already suffering after a recent period which has seen its portfolio of cash-guzzling dogs heavily diminished. But there appears to be more bad news.
