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.
AIM-listed Barkby has released a trading and strategy update. It reads quite well, but I wonder if beneath the surface there might be a nasty shock for shareholders on the way.
AIM-listed Bowleven (BLVN) released its full year results to June 2022 this morning and the news was not great. TW note, be honest it was piss poor. The cash is running low – noted in a material uncertainty warning regarding Going Concern and progress on the Etinde gas project off Cameroon – its one part-owned asset – has ground to a halt. Things are set to change, but there are plenty of problems.
AIM-listed Scancell (SCLP) was a company that I tipped – very unsuccessfully – in the past, on hopes of making pots of cash out of its medical technology. I sold, and needless to say, the shares then shot higher amid the Covid pandemic. But more recently, the ski-slope (downwards) reasserted. Until this morning.
Shares in AIM-listed Shanta Gold (SHG) shot higher yesterday after the company announced that it had received approaches regarding the potential takeover of the company. Could this be the start of a bidding frenzy in the bombed out Gold mining sector?
AIM-listed Advanced Oncotherapy (AVO) has announced yet another fundraise – this time for £6 million (before expenses) for the issue of another 24 million bits of confetti and associated warrants at 25p – the par price of the shares (below which it is not permitted to issue stock). The grateful recipient of the latest round of paper? Step forward clients of Odey Asset Management as Crispin Odey’s outfit doubles down yet again.
AIM-listed online ladies fashionwear purveyor Sosandar (SOS) served up a half-year (to September) trading update this morning. The highlights were appealing: revenues up 72% year-on-year and a profit before tax of £0.1 million made good reading. But as Tom Winnifrith oft opines, sales is vanity and profit is a matter of opinion: what really matters is cash.
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.
