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Tern – Disastrous Results: The Chickens Are Coming Home To Roost

By Nigel Somerville, the Deputy Sheriff of AIM | Wednesday 31 May 2023

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.

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.
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