UK 06:53 Monday, 21 September 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
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.
I am horrified! Take careful note, anyone invested in Angus Forrest’s Tern plc (TERN) You see, reading through the bulletin boards for Tern on ADVFN and elsewhere, much ado has been made of an apparent valuation by an American outfit called Signal Hill, which published its “Q3 2014 Security & Risk Market Snapshot” pre Christmas. In that document, Cryptosoft was described as having an Enterprise Value of $75 million. Did that make Tern the most massively undervalued stock in history? No!!
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Comments
Abdiel
Simply scandalous. Thing I don’t get though is why they put out that first RNS on the 22nd? Did they have to? Why provide your own rope for the hanging?
I assume it was because they wanted to keep the flippers happy and thought “they’d get away with it”
Keep up the good work Sheriffs
sherlock
Note the directors buys and sells today. Is there a legit reason for doing that ?
nigel somerville
Abdiel – yes it is. Why provide the rope…..because the FCA and AIM are so damned useless that it is an open invitation to come and rip people off time and time and time again.
Sherlock: if you’ll pardon the obvious: no shit! Look who’s been selling. Some comment to follow….
sherlock
Director buys and sells were identical in size and value though – on the surface it appears to be a zero-sum. But as we know the surface is what they want us to see. Are there genuine reasons for doing this that mean the zero-sum assumption is correct ?
Tom Winnifrith
Sherlock
It is tax. The fellow sells 300k shares for ( say £42,000). On that he might face a Capital gain of say £30k. His first 10k is CGT exempt so he pays 28% on 20k – ie £5600.
However he then deposits all 42k in his pension and as a higher rate taxpayer gets a full 40% tax refund to gross the total amount up to 70k. That will be 14k paid into his pension in a few weeks time and 14k he can offset against his income tax return for the year ended 5/4/15.
As such his holding in TERN is unch but he has managed to claw back 28k of tax he was due to pay while only doling out £5.6k in CGT. Shimples
t