UK 18:36 Wednesday, 7 October 2026
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Disclosure: The author has a short position in one or more of the shares mentioned. 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.
Bulls and bears in tech investment company Tern plc (TERN) can at least agree on one thing: the key to the investment case is its holding in Device Authority Ltd (DA Ltd), a provider of security solutions for IOT products. Tern holds 56.8% of DA Ltd’s equity and has to date lent it £3.1 million in convertible loan stock. The stake is carried at £12.8 million on the balance sheet (valuing the whole company at £22.5 million), representing 58% of the value of the portfolio. It is DA Ltd’s perceived potential that has seen Tern’s shares trade at multiples of its book value and been the hook upon which it has hung the majority of its 16 placings to date.
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