By Nigel Somerville, The Deputy Sheriff of AIM | Tuesday 17 February 2015
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.
In my last piece HERE I argued why I thought that Tern plc has a NAV per share of 1.87p as opposed to the stated figure of 2.09p in the 2014 Annual Report. I see nothing illegal with the figures given; I just don’t agree with how the figures are arrived at. What about fully diluted NAV per share? There are stacks of shares in a queue to be issued at prices well below the current share price – with the majority set to be issued at below the stated NAV per share. The annual report conveniently didn’t do that maths. So I have.
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