It is more ouzo-on-cornflakes this morning as AIM-listed Tern plc (TERN) has called a General Meeting to try once again to get its shareholders to approve the issue of more shares. This time, the company has placed a gun to the head of its (over-) loyal shareholders, and whilst it is clear that the company does indeed have to raise money pronto to avoid a gig with the Fat Lady, the implications are clear. But it is simply not enough….
I noted at the weekend the cash-crisis at AIM-listed Tern plc (TERN) as its portfolio of cash-guzzlers are running out of cash at the same time as Tern is also struggling. Yesterday at 3pm local time the first bomb dropped….
AIM-listed jam-tomorrow Internet of Things investment company Tern plc (TERN) is in real trouble. It is short of cash, can’t issue shares, its investees continue to burn cash meaning cash-calls imminently and Tern’s “up to….” £3 million lending facility is also in trouble due to the company’s inability to issue shares. It is a perfect storm which is set to get worse. Here, in detail, are the reasons this bulletin board darling is a slam-dunk sell as it struggles with four major financing issues.
Tern (TERN) investee company Wyld Networks AB wholly owned UK subsidiary Wyld Networks Limited prepares its accounts under FRS 102. FRS 102 requires at least a 12 month forward looking statement to be made about the ability of a company to continue as a going concern.
In his article yesterday about Tern (TERN) Nigel highlighted Wyld’s weasel words that “the company expects to have sufficient funds to meet its obligations throughout 2023”. If Wyld’s accounts were prepared under IFRS accounting standards or if Wyld were listed on a “Recognised” Swedish stock exchange which would require the use of IFRS, it would not be able to get away with such weasel words but Wyld uses “Swedish Accounting Standards Board’s general guidelines BFNAR 2012:1 Annual Accounts and Consolidated Financial Statements”.
As promised, AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) investee, Wyld Networks of the joke Nasdaq-of-the-North exchange in Stockholm delivered its Interim results early this morning. Given the excitement that Wyld is apparently talking to Elon Musk, it is perhaps a little surprising not to see a corresponding announcement from Tern. I wonder why…..
AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) released its interim results to June 30 this morning and they are truly shocking. The shares are already off by 12.5% but there is much more to come as investors realise the scale of the incoming cash-crisis and what that might entail.
AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) has announced board and management changes to save around 40% of its central costs next year (2024) in comparison to FY22. The boardroom is having a clear-out, with the departure of Matthew Scherba and Bruce Leith joining former board member Al Sisto who was given the boot by shareholders at the last AGM, and the CFO is to step down…..but remains on the board. So it is all change…..or is it?
AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) is facing a big problem at its supposed jewel in its crown, Device Authority (DA) – whose FY2022 numbers have been filed at Companies House. It is clear that more funding is required and the clock is ticking.
This morning shares in AIM-listed Tern (TERN) rose dramatically – at one point by over 100%. There was no news. So what’s going on I wondered?
The last we heard from AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) – apart from a predictable extension on its convertible loan to supposedly jewel-in-the-crown investee Device Authority – was the result of its AGM, when CEO Al Sisto was unceremoniously given the boot by shareholders and the Board was deprived of the right to issue more confetti. But that was a couple of weeks ago and…er…Tern is staring empty coffers in the face, as usual. Surely the Board has discussed what it is going to do about this by now? But all we have had is silence.
AIM-listed jam-tomorrow investment company Tern plc (TERN) announced the result of its AGM yesterday: CEO Al Sisto was given the boot and the company can’t issue shares. So the company announced that Mr Sisto remains an employee as it stuck two fingers up at its own shareholders.
Following yesterday's Death Spiral deal announcement I've been chewing over a bit of a difficulty that AIM-listed jam-tomorrow (if ever) Tern plc (TERN) now faces. The issue is that the fundng facility is secured on its shares in Wyld.
AIM-listed jam-tomorrow (or never) IoT investor Tern plc (TERN) has announced a loan facility with “an investor”. The market may have been spoofed as the shares are (at least for now) up by 10.5% but there is no doubt in my mind – the deal is a death spiral – and a jolly expensive one.
AIM-listed jam-tomorrow (if ever) investment company Tern plc (TERN) announced its calendar 2022 results this morning and they are a dog’s breakfast. The NAV per share fell sharply from 9.2p to 6.4p despite placings of £1.5 million at 10p in December, £1.6 million at 7.5p in October and £200,000 at 9.9p in August. But for these, the drop in NAV per share would have been even more extreme. Worse still, I suggest that the company is itself running on fumes and with the shares now trading at just 3.75p (well below the historic stated NAV per share), shareholders are soon to be heavily diluted in a discounted bailout placing.
On Wednesday, my sell tip of the year, AIM-listed jam-tomorrow (or not!) IoT investment company Tern (TERN) says it is going to release its results for FY22. We know already it is running on vapours, has been eating its own tail and has warned that its niche area is suffering from a lack of investor enthusiasm (ie its assets are sh***). At the half year, it claimed its NAV per share was 8.5p – down from the December 2021 audited valuation of 9.2p. But what will the NAV per share be in the FY22 results?
