By Nigel Somerville, the Deputy Sheriff of AIM | Wednesday 24 January 2018
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Having warned back on 7th November that AIM-listed Tern (TERN) was heading into the perfect storm, I note that the shares are now just 2.75p as against 4.375p then. We are just 3/8 of the way through converting the company’s death spiral facility whose identity is not disclosed, its principal investee hasn’t raised a bean via US Capital Partners, Tern has had to pony up more cash to it (having given a clear signal of cashflow the other way). And now we learn that Device Authority has seen 2017 revenues impacted by delays in both customer implementation schedules and customer restructuring. It never rains when it pours….
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