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Tern – “Issue of Equity” RNS = founder of Cryptosoft (now Device Authority) walks

By Nigel Somerville, the Deputy Sheriff of AIM | Monday 5 September 2016


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.


This morning AIM-listed jam-tomorrow investment company Tern plc (TERN) released an RNS bearing the title “Issue of Equity”, with the text starting with the subtitle “Exercise of Warrants”. All rather routine you would think (well, usually) and one might think that there was little to get excited about from an RNS announcing the exercise of 198,151 warrants at 2p a pop. I suppose that if I owned those warrants, I’d probably be fairly excited about getting around £20,000 of stock for around £4,000 but in the context of approx. 79 million shares in issue it’s not a hill of beans for the company. Oh, er, hang on….what’s this:

 Jon Penney, who recently left Device Authority Ltd to work on a new venture…..

Er, that’ll be the founder of Cryptosoft (now Device Authority), the jewel in Tern’s crown.

Now I’m sure that Device Authority will be just fine without him, but with all this pipeline of opportunities we keep hearing about it seems a bit of an odd time to go.

Still, at least it is on good terms, with Mr Penney quoted as saying that he enjoyed his time with the Company which has been transformed and is at a very exciting growth stage, and that he could not be leaving Device Authority in better hands. And Tern Chairman Angus Forrest is quoted as thanking Jon for his contribution and wish[ing] him well for the future.

Well that’s all very friendly, then. Mind you, with over 2 million Tern shares in my pocket I’d be keen to tell everyone what good hands the company is in too.

But it is lovely to see everyone so happy with each other.

I’m sure that investors in Tern who are so mad keen on the prospects of Device Authority will be reassured that Mr Penney is so pleased to be off, albeit that the announcement was just a tad buried.


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