AIM-listed jam-tomorrow (if ever) IoT investment Company Tern plc (TERN) has followed up yesterday’s ramparoonie over Wyld (listed on the joke Nasdaq-of-the-north exchange in Stockholm) with a big announcement of a new contract for jewel-in-the-crown Device Authority worth $1.2 million…….over five years.
In its RNS yesterday Tern (TERN) provided various extracts from Wyld’s 3rd quarter results for the period ended 30 September 2022. The extracts focus heavily on positives such as the purchase orders now being received by Wyld. If you look at the actuals published Wyld results it becomes apparent that it may take some time for these revenues to be reflected in the income statement as the following note to the accounts shows:
My five slam-dunk sells for 2022, Tern plc (TERN), Barkby (BARK), Trafalgar Property (TRAF) and URU Metals (URU) of the AIM Casino, and sub-Standard-Listed AIQ (AIQ), were heading nicely towards a clean sweep, with four winners out of five at the end of September. As Tern heads for a desperate cash crisis within weeks, how are the scores-on-the-doors this month?
Sub scale investment company Tern (TERN) has announced that it has invested a fresh $303,000 in loan notes issued by Device Authority, its largest single investment where it has a stake of 53.8%, Two matters of grave concern should leap out at you.
I think we have firmly established that AIM-listed jam-tomorrow investment company Tern plc (TERN) needs yet another placing some time before Q2 2023 despite its recent fundraising efforts. But that is just to keep the lights on. What about its portfolio of cash-hungry mutts? When will the next call on Tern’s (lack of) cash be? Wyld, with its warrant call mid-December? Or might there be a call for funding from another of Tern’s portfolio first?
It has been a difficult week for the AIM-listed Tern plc (TERN) BBMs: the jam-tomorrow bubble has finally popped, the company faces a major cash-crisis in between 3-6 months' time and the share price has been hammered by a not-very-successful placing, down to just 7.45p from over 10p about two weeks ago. And the shares now trade at a discount to NAV, and it is clear another cash-call is on the way. In the midst of this nonsense, investee FVRVS’s accounts for FY21 came out on Companies House. Oooh - that looks like fun…..
I am still nursing an ouzo-inflicted headache following Wednesday’s bailout placing at just 7.5p by AIM-listed Tern plc (TERN). Tom Winnifrith has covered this here and here already, but there are still more reasons to sell.