Keyword results: TERN

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Five Slam-Dunk Sells For 2022 – April Update As Barkby Clocks Up £2m...only £10m to go!

We have reached the end of month 4 – how are my five slam-dunk sells of AIM-listed Barkby Group (BARK), Tern plc (TERN), Trafalgar Property (TRAF), URU Metals (URU and Standard-listed AIQ (AIQ)  doing?

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Tern – ShareProphets RNS Translation Service Decodes AGM Statement As Tom Winnifrith Waits By The Phone For That Call

AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) today provided an update in the form of its AGM statement. As ever, it is full of hyperbole but offers few hard numbers. The ShareProphets RNS Translation Service explains all…..

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Tern – Wyld Warrants Converted But Placing Still Needed: Still A Sell

OK, we got it wrong over AIM-listed Tern (TERN) and the cost of converting its first round of warrants in Wyld with regard to needing an urgent placing. But the maths still suggests an imminent placing is needed to keep the lights on so whilst we have goofed on the specifics the general point was correct.

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Bear
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Five Slam-Dunk Sells For 2022 – March Update

It seems my slam-dunk sells for 2022 – AIM-listed Tern plc (TERN), Catenae Innovation (CTEA), Trafalgar Property (TRAF) and URU Metals (URU) along with sub-Standard listed AIQ (AIQ) is set for a very interesting few days ahead which could see disaster strike for at least two of these companies.

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Tick-tock, tick-tock As The Tern Timebomb Counts Down Towards Zero

AIM-listed jam tomorrow IoT investment company Tern plc (TERN) badly needs to get a fundraise away as the closing date for cashing in its first round of warrants at Wyld, listed on the Nasdaq First North joke market in Stockholm approaches. I reckon it has got at best a couple of weeks and probably only one week before disaster strikes. The only question for me is whether the disaster will be the collapse of Wyld or just a massively discounted bucket shop placing-induced collapse in Tern’s share price.

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Tern Plc – net asset value growth more than 80% down to serial mugging of its own investors

Today Tern (TERN) published its results for the year ended 31 December 2021 and they showed a profit before tax of £4,578,321 which was a good result.  Net asset value increased by 26% per share from 7.3 pence to 9.2 pence per share.  Again good. But how does Tern manage to increase its NAV?

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Tern – A Second RNS Reach In One Day….You Can Just Smell Discounted Bucket Shop Placing Coming This Way

Tom Winnifrith pointed to yesterday morning’s RNS Reach from AIM-listed jam-tomorrow IoT investment company Tern plc (TERN), noting that in effect the investment made was worth around a grand. So even if it was a rampant success it would never make a jot of difference. But not satisfied with that Tern issued another RNS Reach intra-day detailing an internet of things standards project with reference to its biggest investee Device Authority. So was this any more significant?

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Bearcast
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Tom Winnifrith Bearcast: Peace in our Time? And 3 Brains is wrong!

I discuss the latest developments in Ukraine. Then I move on to Fevertree (FEVR), Tern (TERN), Braveheart (BRH), Iofina (IOF)  and the fraud Chill Brands (CHLL) and the bucket shop based maths based on liquidity, or rather the lack of it. 

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Updated: Tern – spooooooooooooooooooooooooooof – doing maths the Belfast way

As explained HERE, sub scale investor in crap companies Tern (TERN) needs to get a placing away by April Fool’s day or it is in deep merde.  Hence a desperate attempt to ramp the shares ahead of a visit to the bucket shops for the discounted bailout. Even Tern could not bring itself to make today’s release an RNS. It is an RNS Reach meaning that it is financially immaterial. You will be amazed just how immaterial it is. As such this is a major red flag that a discounted placing is imminent so if you are buying shares in the market today you better lube up.

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Tern and the Wyld cash & warrant crisis, Nigel Somerville is far too charitable

That is Nigel’s problem. He is just too much of a nice guy as he showed with his piece earlier on the Tern/Wyld cash crisis. I am not so charitable.  I am not a nice guy. The crisis is far worse than even Nigel suggests.

Tern – Will The 10p Watershed Give Way As Perfect Storm Hits Fundraising Plans

For most of the last year, AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) has survived because its supporters were truly sold on Tern’s portfolio being worth a multiple of the official NAV per share which allowed Tern to issue more and more shares like there is no tomorrow at a huge premium to NAV per share, even if at massive discounts to the prevailing share price. Until now.

Bearcast
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Tom Winnifrith Bearcast: Lucian's top 4 shorts & my 10 shares to collapse by Christmas reviews and an oil price warning

The gardening photos from the Welsh hovel will appear later on my own site. Before then I review the  4 retail stocks of the Lucian Miers apocalypse: Versarien (VRS), Supply@ME Capital (SYME), Eurasia (EUR) and Chill Brands (CHLL) and then my 10 stocks to collapse by Christmas. One has fallen so far it is probably not a short now though I would not buy it while three look set to go to zero, possibly as soon as next week in one case. My 10 are Supply, Chill Brands, Versarien, Avacta (AVCT), Wildcat Petroleum (WCAT), Amigo (AMGO), Cineworld (CINE), Argo Blockchain (ARB), Verditek (VDTK) and Tern (TERN). I also look at the oil price and consider whether those sitting on gains might bank a few profits. 

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Tern – New Venture With Money It Hasn’t Got As Clock Ticks Down To Bailout Placing

AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) announced yesterday that it is to participate in the Sure Valley Ventures UK Software Technology Fund, to the tune of an initial £90,000 and a total of £5 million over the next ten years. So where is the money coming from as the deadline for converting Tern’s first round of warrants in Wyld (due at the end of the month) ticks down to an inevitable discounted bucket-shop placing?

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Tern – Wyld results feel the cash burn, cash crisis within weeks

Tern (TERN) is always happy to use the Adam Reynolds keyboard to publicise details of new deals for its investee companies but is much shyer about revealing any financial details.  Wyld Networks recently published its results for the year ended 31 December 2021, HERE, and unsurprisingly Tern didn’t bother to highlight them probably because financially they were piss poor..

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Bear
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Five Slam-Dunk Sells For 2022 – End of February Update as Tern has 31 days to avoid disaster

We are (almost) at the end of February and the world appears to have changed very much for the worse. So how are my five slam-dunk sells of Tern plc (TERN), Trafalgar Property (TRAF), URU Metals (URU), Barkby Group (BARK) – all on the AIM Casino – and AIQ (AIQ) of the sub-Standard List doing?

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Bearcast
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Tom Winnifrith Bearcast: My top 10 UK stocks to crash by Christmas and why

In a long podcast I explain why the climate has changed so making it a year for the bears and then explain the common thread and individual reasons for my top ten shorts for Christmas 2022.  The terrible ten are Supply@ME Capital (SYME), Tern (TERN), Avacta (AVCT), Versarien (VRS), Chill Brands (FRAUD), Amigo (AMGO),Cineworld (CINE), Argo Blockchain (ARB), Verditek (VDTK) and Wildcat Petroleum (WCAT

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Bearcast
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Tom Winnifrith Bearcast: WW3, Inflation and Tern vs Omega, similar deceit in the portfolio of death

I comment on a kind post one of you made on the LSE Asylum. In today’s Poirot on Channel 10 he had tired of fighting crime in the City and retired to tend his garden. I know how he feels. I discuss events in Ukraine, inflation and how it those who dismiss the damage it causes, Comrade Stacey, are wrong. Then I look at a BB portfolio of death, something for tomorrow’s bearcast. Two stocks which were both in it are Omega (ODX) and Tern (TERN). After last week’s collapse Omega may now be out – though I certainly would not buy. I discuss the common trait of how both mislead investors. I discuss how all folks should own some oil, a point I have made before, naming the 2 oil stocks I own.

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Tern – Another Portfolio Update With Still No Numbers

How do you keep an AIM-listed Tern plc (TERN) shareholder in suspense? Why, of course, issue a Portfolio Update with no numbers attached! And that is what we had yesterday morning, from a company desperate to get a big bucket-shop funding round away as it faces a hefty bill to stand its corner at Wyld, which has a round of warrants due to expire at the start of April and not enough cash to pay for full conversion. But perhaps the biggest Red Flag of all was the excuses offered with regard to principal investee Device Authority.

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Bear
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Five Slam-Dunk Sells For 2022 – Off To A Good Start?

We are just over a month into the year: how are my Slam-Dunk Sells for 2022 doing? My portfolio of disaster for this year was Tern plc (TERN), Trafalgar Property (TRAF), URU Metals (URU) and Barkby Group (BARK) of the world’s most successful growth market and, from the sub-Standard List, AIQ (AIQ).

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Tern – Fundraise For Talking Medicines: Good News?

AIM-listed jam-tomorrow investment company Tern plc (TERN) announced yesterday that investee Talking Medicines had raised £1.59 million from a fundraise – including £400,000 from Tern. The company trumpeted that the value of its investment had therefore headed north from £0.86 million to £1.79 million. Is it time for the TERNers to crack open the Ouzo?

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Tern – The stalled US OTC Listing -over to the SEC

I asked on Friday whether AIM-listed jam-tomorrow internet of things investment company Tern plc (TERN) had run into some problems with its proposed listing on the US OTCQB market. A trip to the SEC website asks more questions than it answers.

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Oi Tern – How’s That US OTC Markets Float Going?

It is now just three days short of seven months since AIM-listed jam-tomorrow investment company (which is a tad short of cash) Tern plc (TERN) announced plans to join the OTCQB market on the other side of the pond. Of course, even by the standards of the world’s most successful growth market OTCQB is a demonstrably tin-pot exercise, but Tern was clearly very excited about it.

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UK companies with a US Over the Counter Markets listing – what dubious bunch of spoofers

An issue I have raised frequently concerns poor quality companies listed on London Markets that cite listing on the US Over the Counter Markets as being a key event for their investors.  Some of the Bulletin Board Morons buy into this myth.  For instance if you look at the Tern (TERN) Bulletin Board on London South East website you can see some of the morons complain that the CEO Al Sisto hasn’t manged to list Tern implying that this failure might be depressing the share price as US investors can’t invest into Tern.

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Tern – Wyld News, But It Is An RNS Reach: Sell The Spoof!

We all know that AIM-listed jam-tomorrow investment company Tern plc  (TERN) needs to rattle the tin yet again and sharpish in order to hold its corner as the first round of Wyld warrants comes up for exercise. We also know that Tern’s share price has collapsed (not by enough) in the wake of bad news from its portfolio of cash-hungry investees. And that brings me to today’s flag-waving RNS.

Bearcast
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Tom Winnifrith Bearcast – hoping for another bombshell dossier via Winnileaks on a UK Oil company this weekend

Fingers crossed. If it is what I have been promised it is curtains for one CEO.  In the rest of the bearcast I discuss travails with brickies, M&C Saatchi (SAA) and the saintly Vin Murria, Bluebird Merchant Ventures (BMV),Cellular Goods (CBX),Tern (TERN),ADM Energy (ADME), Supply@ME Capital (FRAUD), Tiger Resources (TIR),UK Oil & Gas (UKOG), Argo Blockchain (ARB) and the changing appetite for bailout placings.

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Reader Poll: What price the next Tern Bailout placing needed before April Fool’s Day

As I demonstrated HERE, April Fool’s Day is too late for AIM listed, sub scale, investment company Tern (TERN)- it needs a placing before then or it will be crash landing in tits up alley. No institution will touch this POS with a bargepole so it is an inevitable trip to the bucket shops for a discounted raise. The shares are now 11.75p. The NAV is not going to be anymore than 8p and is falling so what price to you think the placing will be at?

Bear
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5 Slam-Dunk Sells For 2022

2021 was not a good year for bears. Markets were in a rip-roaring bull phase and in my view all common sense went out of the window, so even the most ridiculous speculative plays went up. But my strong view is that 2022 will be different: QE is being tapered away, interest rates are rising, inflation is soaring and government helicopter money is no longer there (at least for now). In 2021, bears had to hide behind the sofa and short positions could be attacked by an army of pitch-fork armed private investors. That is not the case now and I expect some hefty declines as a result.

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Bear
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5 Slam-Dunk Sells For 2021 – The Final Result

My slam-dunk sells for 2021 were, at one point, looking like a barometer for how mad the market was as complete rubbish was bid up and up on the back of just hot air. But as the year drew to a close, this madness started to abate.

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Bearcast
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Tom Winnifrith Bearcast - now you see it now you dont, the melting Tern NAV

In today’s podcast, I reflect on yesterday’s family meal in Shipston, then look at Central Copper Resources and Red Rock Resources (RRR), folks may believe in Santa but do they still believe in Andrew Bell? Then I consider Tern (TERN), PCF Group (PCF) and the fraud Supply@ME Capital (SYME) and I urge you to enter Nigel’s sweepstake HERE before midnight. Finally I have along look at Vast Resources (VAST).

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Tern – As The Wheels Come Off This Remains A Stonking Sell

AIM-listed jam-tomorrow internet of things investment company Tern plc (TERN) has announced a fundraise at investee INVMA resulting is an upwards revaluation of its investment. Two other investors have stepped up to the plate in the form of Foresight and Mercia, stumping up £1.925 million between them (presumably of other people’s money) to add to a further investment from Tern of just £0.2 million. Good news for INVMA, as it now has cash – and good news for Tern as at least one hungry mouth to feed has been satiated for the time being.

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Bearcast
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Tom Winnifrith Bearcast: my daughter gets sick and another reason to hate lazy and greedy GPs and the fecking NHS

I start with my personal experience of the NHS today and how much I’d like to see all GPs lined up againat a wall and shot. I am so bloody angry.  Then it is onto Union Jack Oil (UJO), Chill Brands (CHLL), Tern (TERN), the fraud Supply@ME Capital (FRAUD) and Hurricane Energy (HUR)

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Tern – good news travels fast, bad news is delayed

Tern (TERN) is reluctant to disclose financial information about the portfolio of Tern’s investments citing commercial confidentiality.  All of its portfolio investees file abbreviated accounts excluding profit and loss account and cashflow statement as they are permitted to do and Tern rarely publishes any financial information about the investee companies. 

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Tern news on InVMA compounds compelling sell case

Today’s news from Tern (TERN) is welcome because it has reduced its future cash flow burn by finding new partners to fund InVMA or Konektio.  The downside is that Tern has diluted its stake from 50% to 36.8% just as the company is experiencing significant sales growth, according to the RNS:

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Tern – Call Me A Pedant, But……

I have been watching Companies House with interest recently, regarding AIM-listed jam-tomorrow internet of things investment company Tern plc (TERN) and its principal investee Device Authority (DA). Following news of the bailout investment of yet more cash into DA, I have a few questions. Call be a pedant, but……

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Bear
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5 Slam-Dunk Sells For 2021 – A Turnaround!

Having posted my five slam-dunk sells for 2021 at the start of the year and watched in amazement as the market bid up complete rubbish, it is time to take stock as the year draws to a close. My sells were Tern (TERN), Catenae Innovation (CTEA), URU Metals (URU) and Yu Group (YU.) – all roll-overs from 2020 – and Trafalgar Property (TRAF), which came in as a replacement for the defunct ShareProphets AIM-China Filthy Forty play Walcom (WALG).

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Bearcast
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Tom Winnifrith Bearcast: angry rant

The olive harvest is almost done, bearcast listener and harvester B and I finished today as the heavens opened. So I am a bit wet but it is done. More details on my own site tomorrow when I shall have a full day at my desk. Today I talk about the Government’s mad new covid laws then about how shareholders in Red Rock Resources (RRR), Union Jack Oil (UJO) and, increasingly, Tern (TERN) and Versarien (VRS) should be careful what they wish for.

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Bearcast
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Tom Winnifrith Bearcast - Union Jack is now the most toxic stock on AIM

I comment on day three of the Greek Hovel olive harvest, a good day but a long one. But I start with Peter Brailey’s piece on Union Jack Oil (UJO) and explain why the company is now possibly the most toxic on AIM. I then look, en passant, at Amala Foods (DISH) and in detail at Tern (TERN) and Argo Blockchain (ARB).

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Tern – when is the next placing, massive cash crisis by Easter

Having raised £4 million gross at 18.8 pence per share on 13 July 2021, the Bulletin Board Morons, although feeling somewhat sore given that the Tern (TERN) share price was 12.5 pence bid price at the close of business yesterday, might be consoling themselves thinking that, at least, the jam tomorrow specialists, won’t be asking for any more cash for some time.  Sadly, that isn’t the case and I demonstrate below why they will very shortly be asked to stump yet more cash to feed the greedy board and its portfolio of loss making and cash guzzling investments.

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Another great chance to 'kick a man when he is down' – Tern

Evil Knievil: “the best time to kick a man is when he is down.” The great bear raider is correct, especially in these crazy times when so many frauds or near bankrupts seem able to defy gravity as the believers still belief and continue to BOTFD, so providing share price support. But in some cases even the believers are starting to smell the coffee.

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Tern - After Yesterday’s Calamitous 25% Fall, Is This More Disingenuousness?

Yesterday AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) announced that principal investee Device Authority (DA) had completed a fundraise involving Tern (for $1.25 million), Tern’s partners in DA, Alsop Louie and the Samenuk Trust for $0.41 million, and a new investor in the form of Venafi which had ponied up a further $1.25 million. Tom Winnifrith covered the maths on why this was a disaster for the BBMs who think Tern should be valued at a multiple of NAV but it seems to me that yesterday’s RNS was disingenuous toboot.

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DO THE EFFING MATHS MORONS: Tern - why its shares should more than halve even AFTER today’s circa 20% fall

AIM listed investment dog run by charlatans, Tern (TERN) has dashed the hopes of the Bulletin Board Morons when it issued the Device Authority funding update RNS which revealed that Device was not worth billions or even hundreds of millions but less than $40 million for 100% of the company based on latest funding round which included a new third-party technology investor (which presumably would have been granted access to the latest accounts, budgets and been able to assess the technology). Let us pray for those morons too stupid to listen to our countless warnings and thank heavens that the Salvation Army will be there to assist them this Christmas.

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Tern – Device Authority Loan Notes Rolled Over Yet Again & a clear failon basic maths

AIM-listed jam-tomorrow IoT Investment company Tern (TERN) has announced yet another roll-over with regard to the loan notes from principal investee Device Authority. This is a repeating pattern: every six months the maturity is pushed back another six months and the latest is that they have been pushed back to the end of March 2022. One might gently wonder if Device Authority will ever be able to pay them off or whether the conversion terms will be invoked due to lack of cash.

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Tern – Wyld Networks 3rd quarter results and they are utterly appalling!

Today saw Tern (TERN) investee Wyld Networks publishes its 3rd quarter results and there was an English version available as well.  For some reason Tern managed to not issue an RNS to refer to the results. I can’t think why.

EUA
EUA
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Jam Tomorrow from the Brit, the Yank and the Irishman

I am all for patience when it comes to investing, but the forbearance of small retail investors when it comes to continual promises made and broken by small and disreputable companies never ceases to amaze. Amazon and Apple are two examples, often cited by dreamers, of plucky minnows which struggled for years before exploding into being behemoths. If they can do it, the thinking seems to be, why not anyone? Give them more time and money.

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Tern – Another (almost) Numberless Update. Still a SELL.

AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) has released a portfolio update this morning. Naturally the BBMs are pleased as punch but I fear that, once again, the company has borrowed the Adam Reynolds (who, for the avoidance of doubt, has nothing to do with Tern) keyboard, for there are no meaningful numbers to be found – and the few included are pitiful.

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EXPOSE: Tern – I am Wrong About Device Authority. Really? Look at the hard numbers

A correspondent writes that I am wrong to suggest that AIM-listed Tern’s (TERN) jewel-in-the-crown investment, Device Authority (DA) which on its own is apparently worth over half of Tern’s NAV, is in grave financial difficulty. Let’s look at what we do know – and, perhaps more importantly, what we don’t.

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Expose for accounting geeks: Tern – what on earth is going on with regard to the valuation of the convertible loan note in Device Authority?

Device Authority Limited states that it has filed abbreviated accounts because it qualifies as a small company which it is why it only files a balance sheet and selected notes. However, even based on the limited information provided we can see that AIM listed bag of puff Tern (TERN) is providing approximately 2/3rds of the current funding to Device Authority in terms of cumulative advances and accrued interest as shown below:

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BREAKING: Tern – oopsadaisie: Just How Bust is Bust at Device Authority?

Oh dear oh dear. AIM-listed jam-tomorrow IoT investment company Tern (TERN) principal investee Device Authority has just posted amended FY20 accounts at Companies House. Given that the original accounts were signed off back in January but not posted until 21 September 2021, that looks like carelessness – as do the missing Notes to the Accounts. And then there is an increased £4.6 million liability, apparently owed to nobody!

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BOMBSHELL LITANY OF LIES: Tern – Shocking, Shocking, Shocking. Lucian Miers is Bang on Correct: Sell, Sell, Sell

AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) has a history of not keeping its own investors abreast of what is going on going almost all the way back to when Tern was formed out of the wreckage that was Silvermere Energy back in 2013. An eight year history of deceiving investors?

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Bearcast
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Tom Winnifrith Bearcast - taking another covid test this morning

I discuss the Mrs and I both taking tests this morning as we both feel a bit under the weather. Then I look in detail at Chill Brands (CHLL) where the risk-reward of holding until next Thursday is surely terribly unattractive and at Tern (TERN) accounting for Geeks, what is being hidden and why that makes this such a sell and also at Argo Blockchain (ARB).

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Bearcast
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Tom Winnifrith Bearcast: Is it because they think I'm English I asked as Wrexham Council came visiting?

I put them straight that I was of Irish descent but my local village council are having a go at me again and so sent in two officers of Wrexham Council. To be fair, they agreed with me and think the villagers are, again, acting like total poltroons in harassing me whereas the previous owners were allowed to dump asbestos and whatever they wanted. I explain all in the podcast but suffice to say I am angry. Then I look in detail at Tern (TERN) and go far further than Lucian did earlier HERE. Then onto Union Jack (UJO) where nothing now makes sense. I also look at the crazy world of Wildcat Petroleum (WCAT) once more and add my tuppence worth on the scandal that is Seraphine (BUMP).

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Tern stinks, AIM Regulation must act NOW!

I have identified Tern (TERN) previously as a compelling short as nothing it says makes sense, the stated NAV is about 9p at best and the shares are 19.25p. But that NAV is bogus! The main component of NAV ,just over 50% is a holding in Device Authority but there is a bombshell out there Tern is not telling folks about. Device looks to be insolvent.

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Bearcast
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Tom Winnifrith Bonus Bearcast: can anyone interpret my new nightmare, a Saint (Vin) and a sinner (Lucian) and his toxic 4

I am up early thanks to a new nightmare. Can anyone interpret it? Are you out there Joseph? I then look at saint Vin Murria and Summerway Capital (SWC). Then I discuss Lucian Miers big Joe Retail toxic four (Chill Brands, Supply@ME Capital, Tern and Eurasia), why things are going his way, which will crack first and why and what the fallout will be. A regular bearcast will follow later.

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Tern – Ramparoonie RNS!

AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) has announced a contract for investee Wyld Networks AB (listed on the Nasdaq First Growth market in Stockholm). Woopiedoo! Or is it?

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Tern – Interims and yet more Jam Tomorrow as Another Placing Comes into View

AIM-listed jam-tomorrow internet of things investment company Tern plc (TERN) announced its interims to June this morning. Tern’s motley bunch of fanatics will of course be celebrating the claimed 75% period-on-period increase in turnover amongst its cash-guzzling portfolio, but for all that, NAV per share slipped from 7.3p to 7.1p and the company burned through another mountain of cash.

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Bearcast
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Tom Winnifrith Bonus Bearcast - Probing Lucian, as he prepares to do porridge, on the big five UK shorts - what triggers the end game?

Yesterday I was reviewing Lucian Miers’ big 5 small cap shorts with the great bear over breakfast. Breakfast BTW was porridge with homemade stewed apples (from the Welsh Hovel) in cinnamon. In the podcast, I discuss last night’s culinary fare but then probe Lucian on what he sees as critical mid and end points for each of his 5 UK small cap big shorts: Tern (TERN), Versarien (VRS), Chill Brands (CHLL), Supply@ME Capital (SYME) and Eurasia Mining (EUA).

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Clown
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Five Slam-Dunk Sells for 2021 – Or, Rather, My Market Madness Index: August Bank Holiday Update

The markets are utterly bonkers. They have been all year. And that brings me to my 5 slam-dunk sells for this year, which I have previously suggested the performance of which underlines my feelings that the market is completely unhinged.

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Tern – It’s a Wyld, Wyld World

AIM-listed jam-tomorrow investment company Tern plc (TERN) has announced that its one listed investee (on the tin-pot Nasdaq First North market in Stockholm) Wyld Networks AB (WYLD) has raised SEK 12 million (approx. £1 million) in the form of a loan from Formue Nord Fokus A/S. That’s all very well, but…..

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Tern – More Cash Rolled Into Jam-Tomorrow Portfolio

AIM-listed jam-tomorrow investment company Tern plc (TERN) has announced a portfolio update…..and that it has piled another £630,000 into its portfolio. But that seems to be about the only number offered.

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PREMIUM CONTENT

Thoughts on Tern – Part 2

Bulls and bears in tech investment company Tern plc (TERN) can at least agree on one thing: the key to the investment case is its holding in Device Authority Ltd (DA Ltd), a provider of security solutions for IOT products. Tern holds 56.8% of DA Ltd’s equity and has to date lent it £3.1 million in convertible loan stock. The stake is carried at £12.8 million on the balance sheet (valuing the whole company at £22.5 million), representing 58% of the value of the portfolio. It is DA Ltd’s perceived potential that has seen Tern’s shares trade at multiples of its book value and been the hook upon which it has hung the majority of its 16 placings to date.

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PREMIUM CONTENT

Thoughts on Tern - Part 1

As I predicted it would in my last piece, Tern plc (TERN) came back to the trough last week with yet another placing (its 16th since it emerged from the ruins of Silvermere Energy in 2014) and the shares predictably sold off, causing a few rumblings of discontent among its shareholders, 100% of whom (bar management) are retail. But before I lay into the company and its management, let me present you with a fun fact regarding dilution, a dirty word for most equity investors.

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Top-10

Notes from Underground – Most read articles for the week ending July 17

The top non-Tom article this week is QUIZ plc – trading update, how creditable is “consistent with the board’s expectations”?… by Steve Moore at number four or number ten if you include the Bearcast and Tom’s new shareshow.  The funniest article this week is  ShareProphets “Good Day to Bury Bad News” Competition Result – how many companies put out dodgy RNSs the morning after the Euros in the expectation that they will be overlooked. Nine.

PREMIUM CONTENT

Tern – rewards for failure

After yesterday’s latest tin rattle by Tern (TERN) to raise up to £4 million gross at 18.8 pence per share, a discount of 16% to its grossly over inflated share price, I have had a look at its performance over the last four years.

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Price-Vs-Value

ShareProphets readers tips for 2021 competition – end June update

Having asked for readers tips for 2021 for the prize of 1/2 litre of Tom Winnifrith’s Greek Hovel olive oil (2021 harvest) HERE, the following is an update on performance as at the end of June (to be eligible needed to have selected, on a once per username basis, a buy & sell pick from the LSE or AIM casino and the stocks not to have been suspended at the commencement of 2021)…

PREMIUM CONTENT

Tern – Big Crunch Looms as Market Reality Drives Coach and Horses Through Aggressive Valuations

What is AIM-listed jam-tomorrow investment company Tern plc (TERN) really worth? At the close of play on Friday the shares were down 11% at 24.5p, valuing the company at £81 million. But its last-stated NAV per share was just 7.3p, which would value the company at a far more modest £24 million. The problem is that Tern’s stated NAV per share has been shown to be (if you’ll pardon the pun) Wyldly optimistic. I believe the last stated NAV should be more like £17.4 million – and that is being generous.

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Top-10

Notes from Underground – Most read articles for the week ending July 3

The first non-Tom article on the leaderboard is 5 Slam-Dunk Sells for 2021 – June Update as the Madness Continues by Nigel Somerville, at number seven or number 13 if you include the Bearcast and Tom’s new shareshow. Which one is the best of the week? Tell me in the comments.

PREMIUM CONTENT

Tern Plc – Wyldy unimpressive results for Wyld AB - if only BB Morons crunched the real numbers they'd panic

As Nigel revealed in his article on Friday, the IPO onto Swedish Nasdaq First North market for Wyld didn’t exactly wow with the shares falling 30% below its IPO price closing at Swedish Krona (“SEK”) 7.60 compared to the IPO price of SEK 11.00.

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PREMIUM CONTENT

Tern – Wyld Coyote runs off the edge of the cliff as joke IPO flops. Is it time for another Ouzo?

So the truth is out. AIM-listed jam-tomorrow investment company Tern plc (TERN) teased the market with plans to list investee Wyld Networks in Stockholm on the Swedish Nasdaq First North market. The BBMs went (ahem..) wyld with excitement, marking Tern’s shares up as high as 29p against a last-stated NAV per share of just 7.3p as the IPO approached. Tern was going to the moon…….until today.

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Bear
PREMIUM CONTENT

Sell Tern, but Kier a buy...

Misguided excitement over the imminent IPO of investee company Wyld Networks has propelled the shares of Tern plc (TERN) to 27.5p, giving it a market value of £88 million and providing, in my opinion, a decent entry point for a short position.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: Supply@ME, Hurricane & Tern - 3 joke valuations

I start with an update on life at the Greek Hovel. I am contemplating a long road trip for myself and Joshua to the far North this week. More on that later. Pro tem a few thoughts on Supply@Me Capital (SYME), Hurricane Energy (HUR) and Tern (TERN).

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Bear
PREMIUM CONTENT

5 Slam-Dunk Sells for 2021 – June Update as the Madness Continues

My five AIM anti-tips for the year continue to defy gravity. I suggested in my last column on this that perhaps it should perhaps be renamed the Market Madness Index. Anyway, for what it is worth, here is how things stand.

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PREMIUM CONTENT

Tern – on the rampage once more. Placing looming?

I continue to believe – despite the company’s protestations otherwise – that there is a placing on the way at AIM-listed jam-tomorrow investment company Tern plc (TERN). The only question for me is how badly burned shareholders will be. Today the shares are up 19% to 26.25p (last seen), having recently been as high as over 30p last month and down at 16p since. The “big” news is that its shares are apparently set to trade on the US OTCQB (bully for it, but hardly the Nasdaq!) and investee Wyld Networks is set to join the Nasdaq “First North Growth Market”. Tern may make a few quid on that IPO, but it is peanuts compared to Tern’s current market capitalisation of £83 million.

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PREMIUM CONTENT

Detailed Analysis: Tern – Wyldly overvalued, ignore hype look at the numbers!

The Bulletin Board Morons have worked themselves into a complete frenzy over Tern (TERN).  At Friday’s closing mid-price of 24.75 pence per share, Tern is valued at £82 million versus Tern’s net assets as at 31 December 2020 of £24 million.  In simple terms, Tern is valued at 3.4 times net assets.  Tern’s net assets at that date basically comprised investments which are already recorded at fair value of £21.9 million and cash of £2.1 million. 

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcasts - the basic Economics that Martin Green taught me applied to face nappies

Tonight a new treat for Joshua and myself as we can celebrate wins on Kefi Gold & Copper (KEFI) and Remote Monitored Systems (RMS). I also discuss Plutus Powergen (PPG) and Tern (TERN).

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PREMIUM CONTENT

Tern is a slam dunk short and there is borrow!

Even in these crazy times when shares in insolvent frauds go up, some things just have to be a slam dunk short. The good news with this one is that there is borrow. Lucian Miers is already short so I suggest you join him in taking free money off morons who are buying Tern (TERN).

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: Oi Thirsty! Why don't you act like less of a prick

It seems that Britain’s thirstiest share blogger Paul Scott has had another go at me with a post at 25 minutes after midnight. I trust Paul had enjoyed a good night. Anyhow, I put him straight with a few facts. I then look at Argo Blockchain (ARB) and its trading statement and valuation, Plutus Powergen (PPG), Tern (TERN), Supply@ME Capital (SYME) and Cineworld (CINE).

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Tern – BBM Turkeys vote for Christmas as GM Resolution passes

AIM-listed jam-tomorrow Iot Investment company Tern plc (TERN) held its General Meeting yesterday in a second attempt for the board to gain authorisation to roll out the confetti-printing press. It got through this time, and the announcement came at 11.23am yesterday morning.

PREMIUM CONTENT

Tern – as shares collapse, what is in prospect?

Less than two weeks ago AIM-listed jam-tomorrow (but never delivered) Internet of Things investment company Tern plc (TERN) saw its shares trading at 30p – a monstrous overvaluation when compared to its last stated NAV per share of just 7.3p. Now, just a few days later, the stock is down to just 15.75p (last seen) – which is, of course, still a monstrous overvaluation. But there is plenty more pain to come for shareholders.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: We Oxford men are all good fellows but...

I start with a few notes on work at the rain soaked Welsh Hovel and end with thanks to you all as the Rogue Bloggers for Woodlarks total is almost at £29,000. If you are yet to chip in, how about you get us close to or past £29,000 tonight HERE. Then I discuss Simec Atlantic Energy (SAE), whether fund managers are always right and why they are sometimes out of their depth, Tern (TERN), Kefi (KEFI) and First Derivatives (FDP).

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PREMIUM CONTENT

Tern – the joke ratchets up a level: the share price is falling but still insane!

Shares in Tern (TERN) are this morning tumbling as the company announced it was calling a GM to allow it to issue yet more confetti after the last GM failed to approve a motion for confetti issuance. But the share price is still insane as is anyone long of the stock as Nigel Somerville pointed out at the weekend. Just a reminder of the facts.

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PREMIUM CONTENT

Tern at 30p? If that is not a sign of total market madness then I’m a Banana

With apologies to Ian Hislop, seeing shares in AIM-listed jam-tomorrow (but never delivers) IoT Investment Company Tern plc (TERN) riding high suggests that either the market is now fully set for a big tumble or I am a banana. Tom Winnifrith was struck in yesterday’s Bearcast with the stock at 25p. But by market close they were sitting at an amazing 30.25p (mid) – an incredible 44% rise in one day for a company with last stated net assets (cash plus a portfolio of illiquid unlisted cash-hungry investments) of just 7.3p!

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: More bull market madness and smoke and mirrors

It’s a personally difficult day as I explain. But at least we have great news on the Rogue Bloggers for Woodlarks front as you can see HERE. Then I discuss shares, ref Tern (TERN), Quindell (QPP) and the fraud Supply@ME Capital (SYME).

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PREMIUM CONTENT

NEW EXPOSE: Tern - Talking Medicines, and talking distributable reserves…..

The FY20 Accounts for the latest investee of AIM-listed jam-tomorrow investment company Tern (TERN) were released by Companies House at the end of April: Talking Medicines carried on sending cash to the great central bank in the sky at an alarming rate and retained profits – or, rather, retained losses, ballooned further……which might raise an interesting question with regard to a share buy-back conducted by the company!

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PREMIUM CONTENT

Tern – AGM Result bodes badly, however the board polishes the looming cash crisis turd

AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) held its AGM yesterday and posted a bullish update – obviously containing no figures -  and the BBMs went mad pushing the shares up. But for me the real news was the result of the AGM.

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PREMIUM CONTENT

EXPOSE: Tern – Snouts in the Trough!

I mentioned en passant in yesterday’s expose of an accounting Red Flag at AIM-listed Tern plc (TERN) that one of the surprises in the FY20 Annual Report of Tern concerned boardroom pay. For FY19 the total cost of the directors came in at £409,300. So what happened to the directors’ costs as Covid struck?

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PREMIUM CONTENT

SHOCKING EXPOSE Tern – Taking a walk on the Wyld side as annual report is released - massive accounting red flag

AIM-listed jam-tomorrow investment company Tern plc (TERN) has released its Annual Report for FY20, which contains a few surprises (not least of which Boardroom pay) but the shocker is the FY20 accounts which investee Wyld Networks – which Tern claimed a £2 million uplift on – has filed at Companies House. I’m no accountant, but I wonder what Tern’s Auditor, Smith & Williamson, was smoking.

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Bear
PREMIUM CONTENT

5 Slam-Dunk Sells for 2021 – Easter Update as Mr Market relives the dot.com bubble

Perhaps I should rename this column the Market Madness Index! My five anti-tips from the AIM Casino for this year are going up but the fundamentals are as weak as ever. I may look stupid now, but I think it should be taken as a warning to all. This won’t end well.

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PREMIUM CONTENT

Tern – FY Numbers and DA Convertible Loan Extension: Shares Slide. Has Mr Market finally woken up to this POS?

There may be no limit to the stupidity of the lunatic fans of AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) but the market’s early reaction to this morning’s FY20 results – a drop of 18% – suggests that you can’t fool all of the market all of the time. In short, the numbers are a calamity.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: Interrupted by the North Wales Police

As you may imagine, I have spent a bit of time today chatting with the Police.  In a bearcast with a brief interruption for this reason, I discuss Bluebird Merchant Ventures (BMV), Tern (TERN), Block Commodities (BLCC) which exposes the moral bankruptcy of those who would shut us down – Versarien (VRS) and Eurasia Mining (EUA).

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PREMIUM CONTENT

Woodfordesque Smoke and Mirrors from Tern

Following my prod on Wednesday, AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) appears to have encouraged investee Wyld Networks (two out of three of whose directors are the Chairman and CEO of Tern) to finally file a SH01 regarding the share issue and debt conversion announced by Tern at Wyld on 28 January – only about a month late. Naturally I’m pleased to help. But is all as it seems?

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PREMIUM CONTENT

Are TERN bulls going to be disappointed as Fido fails to bark? Yes - Statement needed NOW

Shares in AIM-listed jam-tomorrow investment company Tern plc (TERN) are still riding high at 10p. The spark for the latest rise was to do with principal investee Device Authority and the FIDO Alliance which involves no less than Intel. So Tern will make a fortune, right? Not so fast!

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Tern – a Wyld puzzle

Shares in AIM-listed jam tomorrow IoT investment company Tern plc (TERN) are heading higher today, following a bit of a drop yesterday. I’m not sure what the latest ramp is, but it seems again to involve Device Authority and “FIDO” – which I thought, perhaps aptly, was a name for a dog. But I wonder what is going on at another Tern investee – Wyld Networks?

PREMIUM CONTENT

The Madness of the TERN crowd – more signs of the top of the market. Will history repeat with yet another placing?

Here we go again! Do the BBMs never learn? Shares in AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) took off again last week on more unfounded rumours on the bulletin boards that something is about to happen at principal investee Device Authority. Last weekend the shares were marooned at 7.7p. This week the shares shot higher to peak at 12.95p and closed the week at 10.75p in the middle. But there was no news, and we have seen this all before so many times……

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Tern – Vacuous Update

AIM-listed jam-tomorrow investment company Tern plc (TERN) has offered yet another portfolio update – this time entitled Portfolio News – the fourth such effort so far this year. If at first you don’t succeed (in ramping your shares), try, try and try again! But with nothing of substance to report (Moi? A cynic?) today’s ramparoonie is merely and RNS Reach.

Bear

Five slam-dunk sells for 2021 – February Update: the market is stark raving bonkers

It seems to me that the less substance there is to an investment on AIM or the sub-Standard List the better it is doing. If you have no cash and no revenue your shares will soar! It is so 1999-2000. All we need is for Alan Greenspan Jerome Powell to warn of irrational exuberance and we will be all set for another big crash.

PREMIUM CONTENT

Tern – Is this an elephant in the room?

We have had effectively three portfolio updates already this year from AIM-listed jam-tomorrow investment company Tern plc (TERN) – on January 12th, Feb 4th and Feb 8th. Last year in the same period there was just one – on January 28th – and reading it through again now, there does seem to be a rather large elephant in the room.

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Tern – yet another portfolio update!

I noted the old adage last week of if you don’t succeed, try and try again. Last week AIM-listed jam-tomorrow investment company Tern plc (TERN) offered up its second portfolio update of the year. This morning we were treated to a third: so is it jam-today, then? Or doth the lady protest too much?

PREMIUM CONTENT

Tern – a Curate’s Egg. Well, an Egg anyway!

If at first you don’t succeed, try and try again. An old rule which it seems that AIM-listed jam-tomorrow investment company Tern plc (TERN) is adhering to. Last month it offered up a Portfolio Update which seemed to me to be meaningless drivel. Now, less than a month later, we have another.

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PREMIUM CONTENT

Tern – Wyld Networks upward revaluation on new money: more spoofs for tea vicar?

AIM-listed jam-tomorrow investment company Tern plc (TERN) has announced a new injection of capital into investee Wyld Networks offered up by Tern and a third party investor which previously made loans of £400,000 to Wyld. In addition, the two investors have converted loans into equity which cleans up the balance sheet but the big point Tern trumpets is that its previous investment which carried a valuation of £1.2 million is now worth £4.1 million. So it looks a great job for Tern – but I refer readers back to Cynical Bear’s piece on fellow Tern investee Cryptosoft, now called Device Authority, on the merger between Cryptosoft and Device Authority Inc.

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PREMIUM CONTENT

Tern – Meaningless Drivel, more jam tomorrow...

AIM-listed jam-tomorrow investment company Tern plc (TERN) has delivered a Portfolio Update which appears to read well until you realise there are no numbers. As such, it is meaningless drivel and even the merry band of Tern’s BBMs couldn’t drum up enough interest: the stock is down 2% on the (non-)news. On the biggest investee, Device Authority – which is apparently worth the lion’s share of Tern’s portfolio – we are told…

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Bear
PREMIUM CONTENT

5 Slam-Dunk Sells for 2020 – I look like a Chump! Undeterred, Here are my Five for 2021.

Tom Winnifrith ate his hat over Red Rock Resources (RRR), so it is only fair I ‘fess up – my list of five slam dunk sells for 2020 was, ahem, less than successful – mainly down to the performance of AIM-listed Catenae Innovation CTEA) which put on a whopping 140%, and AIM-listed URU Metals (URU) rubbed my nose in it further with a rise of 54%. So was I wrong?

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PREMIUM CONTENT

2020 Tip Review: Tern plc (as a SELL)

As we approach the end of 2020, it is time to take a look back at my Tips of the Year in the ShareProphets Christmas 2019 Tipfest. AIM-listed investment company Tern plc (TERN) was my first tip – as a sell, at 9.25p. So how have I done?

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PREMIUM CONTENT

BOOM: Tern – more Red Flags vicar as another investee files diabolical accounts

AIM-listed jam-tomorrow (or never) Internet of Things investment company Tern plc (TERN) has seen its shares continue to crater – the shares are now, at 6.7p, well below the last placing price of 7.5p. Meanwhile investee FVRVS Limited (Fundamental VR) has filed its 2019 accounts……and…..oh dear!

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PREMIUM CONTENT

Shocking news at InVMA which Tern is not disclosing via RNS. Who cares about AIM Rules anyway?

Shares in AIM-listed jam-tomorrow (if ever) investment company have again been dribbling south, closing yesterday at 6.95p. With a load of freshly raised cash and a new investment to boast, surely things are going well for Tern……but alas the market seems to be taking a different view. Of course, Tern has a habit of keeping quiet when there might be something to clear up – such as the recent speculation (unfounded, as it happens) on the BBs about Wyld. And that brings me to its 50%-owned investee InVMA.

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Bear
PREMIUM CONTENT

Five Slam-Dunk Sells for 2020 – December Update

My five slam-dunk sells for 2020 have been all over the place. One headed for the exit as expected but as things stand two are still at bonkers valuations which will surely not last. Will gravity be defied to the end of the year?

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Tern - contract for FundamentalVR fails to impress

AIM-listed jam-tomorrow investment company Tern plc (TERN) has announced a contract for investee FundamentalVR (FVRVS) but it seems the market in unimpressed and shares in Tern have again fallen below the recent fundraising price.

Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: for Pete's sake SELL, SELL, SELL Synairgen

In today’s podcast I look at Synairgen (SNG), Nakama (NAK) and the wider macro read across, Tern (TERN) and UK Oil & Gas (UKOG)

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PREMIUM CONTENT

Tern – Discounted Fundraising Arrives as Predicted….where’s my Ouzo?

On Tuesday I wondered whether AIM-listed Tern (TERN) was already conducting a discounted placing as its shares were again falling even in the face of yet more ramptastic news. Now we know that the company was again raising money on the back of fake news in the market which it has failed to comment on as the BBMs were frothing about tiny investee Wyld.

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PREMIUM CONTENT

Tern – More Questions than Answers from its Portfolio Update….and it is Placing Ahoy!

I wonder if AIM-listed jam-tomorrow investment company Tern plc (TERN) is already working on a placing, for this morning’s ramptastic Portfolio Update offered as the market celebrates the vaccine news from Pfizer saw the shares come off 7% to 9.5p before a partial recovery. Are placees already selling, or has the market seen through the promise of yet more jam tomorrow?  But one thing is for certain: Tern needs more cash pronto.

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PREMIUM CONTENT

Tern – When Will the Cash Run Out as Another Loan Heads to DA? Placing ahoy as shares crash

AIM-listed jam-tomorrow investment company Tern (TERN) has seen its shares come crashing back down again: there is still no news from Wyld (quelle surprise) and another stack of cash has headed off to the great computer in the sky over at Device Authority – not that Tern has announced that either. Having raised £1.5 million back in July, I wonder how much cash will be left over by Christmas.

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Tern – new investment…..but what about Wyld?

AIM-listed jam-tomorrow investment company Tern (TERN) has announced a new investment: it has spent £860,000 on 23.4% of Talking Medicines as part of a £1.1 million funding round. Whoopie do….but what about Wyld and all the speculation surrounding the meteoric rise of Tern’s shares over the past week or so?

Tern – Surely a Statement is Needed

The question is more what it will be. Shares in AIM-listed jam-tomorrow investment company Tern plc (TERN) have more than doubled in recent days but there has been no RNS to explain it. The speculation on the BBs is that one of its investees has got a big deal. But if there is no RNS……

PREMIUM CONTENT

Tern – shares on the rampage, but no RNS?

Shares in jam-tomorrow, next year, never investment company Tern plc (TERN) have gone on the rampage – emphasis on the ramp, for there has been no RNS. Are we again to see the company get a placing away whilst there is perhaps a misapprehension over its prospects in the market?

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Tern – the slide continues

Evil Knievil always used to say that the best time to kick a man is when he is down. And so I return to AIM-listed jam-tomorrow, next year, never investment company Tern plc (TERN) where I see that the shares are once again down.

Tern – Shares collapse to just 5.5p to sell as dire results come in: Keep selling!

I have been warning about AIM-listed jam-tomorrow, next year, never investment company Tern (TERN) for years, but this year made it my sell of the year on the grounds that I thought this would be the year when investors finally gave up on the jam-tomorrow promises. Having hit a high point this year of 15.75p, this morning the stock is down to just 5.5p. But its (claimed) NAV per share is 7p – surely that makes Tern a buy? Er…..

Tern – Oh Dear….follow the man!

AIM-listed jam-tomorrow, next year, never, investment company Tern plc (TERN) has announced a TR-1 and…….oh dear, oh dear!…

Tern: Device Authority accounts posted at Companies House……Yikes!

Share in AIM-listed jam-tomorrow investment company Tern plc (TERN) ended last week at 7.7p – a 10% premium to the last stated net asset value per share of 7p. It was a better week, having seen the share price hit a low point of just 6.25p at the beginning of September. Of Tern’s net assets of £20.1 million at the interim stage, its principal investee Device Authority (DA) accounts for £13.8 million – or 68.7% and last week DA’s accounts appeared at Companies House. Oh dear……

PREMIUM CONTENT

Five slam-dunk sells for 2020: update as Catenae’s Covid Bandwagon hits the buffers

In August I noted that my list of five slam-dunk sells for 2020 was up, rather than down, by an amazing 41% – even though one is now a zero. Earlier this month the gains had been pared back to 25.5% but now, just two weeks later it seems that gravity is finally reasserting itself.

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PREMIUM CONTENT

Tern – Interim Results show no progress: still a sell

AIM-listed jam-tomorrow investment company Tern (TERN) has released its interim results this morning and they show no progress at all. Indeed, there are a few little  Red Flags to be spotted.

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PREMIUM CONTENT

Tern – Revolving Door for Advisers: should shareholders be concerned? Oh yes!

Yesterday another adviser to AIM-listed jam tomorrow investment company Tern (TERN) has departed the building. We have already this year learnt that Tern’s Auditor slipped out of the back door under cover of night, and it is not so long ago that Allenby took on the role of Nomad, leaving one wondering if the former incumbents jumped or were pushed, shortly after Redleaf had vacated the PR role. Now Broker Whitman Howard has jumped ship. Should shareholders be concerned?

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Bear
PREMIUM CONTENT

Five Slam-Dunk sells for 2020 – September update as market madness continues

As the saying goes, these are unprecedented times. But I’m not talking so much about Covid-19 as the manic state of the markets, with special reference to the AIM Casino. And that brings me to my list of five slam-dunk sells for 2020.

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Tern – Big News arrives….except it is not big and the Nomad hasn’t signed it.

AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) has announced an initial purchase order for investee Wyld Networks. So is it time to buy, buy buy….£s not pence? Er….

PREMIUM CONTENT

Comedy Central on the Tern BBs! Does this win Bulletin Board Moron of the Year?

With a hat-tip to Temptress on our own highly intelligent comments board, you just couldn’t make this up! Last week the principal investee of AIM-listed POS investment company Tern (TERN), Device Authority (DA), filed documents at Companies House taking away B-share rights of what appear to be former employees. It seems that these former employees left the building some time ago, but DA’s paperwork has been such a shambles that it is only catching up now. So the BBMs decided it was a tidying up exercise and that therefore DA is about to be sold……£s, not pence.

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PREMIUM CONTENT

Tern – What is going on at Device Authority?

Needless to say there has been no statement from AIM-listed POS investment company Tern (TERN), but the BBs are full of speculation that principal investee (by far) Device Authority is being sold. Quick, buy, buy, buy…..£s not pence! Or not.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith bearcast: what interests me today is the lesbianisation of history

I am prompted by my hero Mr Peter Tatchell and having checked with another hero, Mr Kelvin MacKenzie, that I am not misquoting him, I shall be penning a piece tonight on this fascinating subject. Elsewhere I look at Pendragon (PDG), Nostra Terra Oil & Gas (NTOG), Wishbone Gold (WSBN), Tern (TERN), Dev Clever (DEV), and Supply@ME Capital (SYME) and why the FCA MUST act against the last two enterprises on my list today.

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DISGRACEFUL SHOCKER: Tern – Debunking a gross deception over new CEO for investee InVMA

You have to hand it to AIM-listed jam-tomorrow, sometime, never investment company Tern (TERN) – or, rather, its PR firm Newgate Communications – for today’s RNS which has polished a turd so well it looks like a multi-million pound diamond. But the deception is utterly shocking.

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Tern – Pathetic Q&A "News": Still a SELL

AIM-listed jam-tomorrow, some day, never investment company Tern (TERN) issued a very odd release this morning through the RNS system via the EQS Corporate News service, an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only/non-regulatory news releases such as marketing messages, corporate and product information into the public domain. We are further told that Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on EQS Corporate News. In other words, it is the equivalent of an RNS Reach – and was not even signed off by Tern’s current Nomad, Allenby.

Bear

Five Slam-dunk Sells for 2020 – August update

My curate’s egg of slam-dunk sells for 2020 continues its strange performance. On the one hand, Walcom (WALG) has disappeared from view – a zero – and on the other we have two total POS at silly prices because the market is, in my view, just totally mad.

Tern – Ramptastic Rollocks!

AIM-listed jam-tomorrow, sometime, never investment company Tern (TERN) has announced a contract for principal investee Device Authority. Whoopiedoo – bring out the champagne…….or not.

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Tern takes a Turn for the worse

Oh dear, oh dear. Has AIM-listed jam-whenever investment company Tern (TERN) lost its biggest investor? Yesterday we learnt that Mr John Mahtani had reduced his holding in Tern from 5.02% to 4.65%. Mr Mahtani was the biggest shareholder and given the share price drop since the beginning of July from 10p down to yesterday’s closing mark of 6.55p it doesn’t exactly look like a total vote of confidence…

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Tern – shares now trade below NAV: are they a buy?

Of course not! The last reported NAV of AIM-listed jam-tomorrow- next year-never IoT investment company Tern (TERN) was 7.0p, as stated in its FY19 results. This followed a year during which the company raised £3.25 million at a premium to NAV, but still saw a reduction in NAV per share. I guess that is operational gearing at play!

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Tern – when will the cash run out? Before Christmas?

AIM-listed jam-tomorrow investor in cash-guzzling unlisted dogs Tern plc (TERN) raised an impressive £1.5 million recently, and claimed it had £0.8 million of cash on the books as at the end of June. Sounds impressive, but I fear that the cash may not last long…

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Doggie Corner – Tern

I just can’t help but notice that shares in AIM-listed jam-tomorrow serial non-deliverer Tern plc (TERN) seem to be sinking fast. The latest move yesterday, with the shares closing down again at 7.9p, has taken out the issue price of the subscription shares announced last Monday of 8.5p – which was already a 21% discount. It is always a very bad sign if the share price drops below the placing or subscription price. Oh dear…….and it gets worse, for it is under the curse of the Sith Lord Zak Mir who gave it the kiss of death at 10p, predicting a rise to 18p. Oops – 21% down so far on that one!

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Tern – yet another fundraise, £1.5 million at 8.5p (21% discount)

Well blow me down! AIM-listed jam-tomorrow POS Tern plc (TERN) has announced yet another fundraise, this time to raise £1.5 million at 8.5p. Given that the announcement came at 9am and the price just beforehand was 10.75p, that’s a 21% discount. Ouch.

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Bear

5 Slam-dunk sells for 2020 – demise of Walcom edition

My five slam-dunk sells for 2020 have been a wild ride in the face of the Covid-19 bandwagon, but this week saw the first casualty as ShareProphets AIM-China Filthy Forty play Walcom (WALG) suddenly found itself on AIM’s Death Row when its erstwhile Nomad Allenby suddenly upped sticks and resigned. As discussed HERE there is surely no prospect of a replacement stepping forward and thus I have marked this one down to zero. As for the remaining four plays…….

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Tern: Zak Mir wants a shorting article - how can I refuse!

Squiggles-in-the-sand specialist and all round Good German, the Sith Lord Zak Mir, noted yesterday that his bullish comments on POSs on the AIM Casino tend to trigger bear articles on this fine website in his lead-up to comments on AIM-listed Tern plc (TERN). Well I don’t want to disappoint him….after all, as you all know, I’m all heart.

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Bearcast
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Tom Winnifrith Bearcast: let's hear it for a despised & reviled minority who are the true Coronavirus heroes

I refer, of course, to smokers. Before Malcolm gets on his high horse, hear me out. What I say is logical if a bit crazy. In that vein I also discuss the mad idea of buying the ten worst stocks on AIM and ask for your nominations. I start with Catenae Innovation (CTEA), Tern (TERN), Clear Leisure (CLP) and Attis Oil & Gas (AOGL). I also discuss the crazy idea of buying FinnCap (FCAP) shares. I look at the Powerhouse Energy (PHE) ramp and at the curious case of Anexo (ANX) placing today as directors dump shares. The Woodlarks walk appeal is now at 34% please, as I start another training walk this afternoon, donate HERE.

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Tern – Open Letter to Aim Regulation ref "resigned" auditor

Tom Winnifrith and I have covered the FY19 results of AIM-listed Tern plc (TERN) and subsequent discovery of an unannounced change of Auditor is some detail already here on ShareProphets. But amid all our questions, in true Sam Antar style, Tern has remained stum so our questions go unanswered. Top of the list is why former auditor Grant Thornton stepped down – or was pushed – and whether the valuations on Tern’s balance sheet has anything to do with it. Indeed, one might wonder whether a breach of AIM Rule 11 has occurred.

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Top-10

Notes from Underground - Most read articles for the week ending 23 May 2020

Excluding ShareProphets Radio 29, the most read non-Tom article this week is To Buy or To Sell Avacta? That is the Question… by Malcolm Stacey at a enviable number eight or  number 15 including Bearcasts.

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Tern – more disappearing Auditor questions, and what of the new auditor? Is this a major Red Flag?

That monstrously overvalued jam-tomorrow AIM-listed investment company Tern plc (TERN) did not announce or explain why its Auditor disappeared is already a Red Flag. But looking through the Annual Report prepared under new Auditor Nexia Smith Williamson raises more questions – and a huge giant-sized Red Flag for this particular non-auditor.

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Tern – more cash to Wyld as a ramptastic deal is announced: when’s the placing?

AIM-listed monstrously overvalued jam-tomorrow investment company Tern plc (TERN) has announced a deal for its investee Wyld Networks, and the conversion of a cash loan into Convertible Loan Notes. Well, woopiedoo – but I suggest Wyld’s deal looks a bit questionable, and the loan conversion tells us that Tern has handed over another £250,000 from its depleted coffers to its cash-guzzling investee.

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Bearcast
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Tom Winnifrith Photo Bearcast - a training walk with my cats as Nigel fully exposes Tern & Belarus exposes the GroupThink

The photos below did not come out well but show the track now cut through the grass around our three fields here at the Welsh hovel where myself and the cats (pictured) went on a training walk today. Come June 13 I will complete this route 30-40 times and I beg you to sponsor me, as I look to raise the cash to save Woodlarks, now HERE. In the podcast I look at Belarus and Covid 19 referencing my article earlier today HERE, at Nigel's dynamite expose of Tern (TERN) today and at why ShareSoc should be done under the Trades Description Act.

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Explosve analysis: Tern puzzle, looking at its investment into Device Authority: is it really valued at £50 million?

Looking at the FY19 Annual Report of grossly overvalued AIM-listed Jam-tomorrow investment company Tern plc TERN) I am really puzzled by the valuation of its investment into its supposed jewel-in-the-crown, Device Authority (DA). I wonder what I am missing.

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Notes from Underground - Most read articles for the week ending 16 May 2020

Excluding ShareProphets Radio 29, the most read non-Tom article this week is Gold: Some takeaways from the ShareProphets Shares Conference by Nigel Somerville at a terrific number two or  number three including Bearcasts.

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Tern – six more red flags and another email from Lloyd Leckerman

Tern (TERN) shareholder Lloyd Leckerman argued in his fan mail of yesterday that I penned an article on his beloved POS AIM stock every day. Not to disappoint Lloyd I serve up six more red flags for him to ignore. But first…

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Today’s "fan mail" for Tom Winnifrith is from Tern owning Lloyd Leckerman

Hmmmmm, the auditor quit for reasons unexplained and the company hushed it up. There is a cash crisis by Christmas. The NAV is utterly questionable. The last placing was a flop. Why wouldn’t a journalist ask the odd question about Tern (TERN). And that is what myself and Nigel Somerville do as you can see HERE. But for the shareholder there can only be one reason for our articles which are ALL really writen by me. Meet Lloyd Leckerman who has sent me an email:

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Bearcast
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Tom Winnifrith Bearcast: Rishi's in denial, Purplebricks is in denial but will AIM regulation be in denial about Tern?

I start with the economic mess the Government has landed us all in. Will 25% of small businesses go bust or just 13% and who is going to pick up the tab? Then it is onto Purplebricks (PURP), Tern (TERN), Mosman (MSMN) and Bidstack (BIDS) where time is almost up, the Fat Lady is surely gargling now.

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Tern – the sudden change of auditors. compelling evidence that it was not planned

In Nigel’s article on Tern (TERN) yesterday he highlighted the change in auditors -a theme I took on in bearcast.  As one of our regular commentators pointed out there is no longer a requirement to file resignation letters at Companies House unless the auditor has concerns or is the company is listed.  However, the resignation does raise some concerns. Here is the proof something is very rotten in the state of Tern.

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Bearcast
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Tom Winnifrith Bearcast: taking incoming from all quarters today

There are folks in a certain rain sodden second world nation objecting to an article on my own site HERE. The Mrs. Natch. It is all to do with mother-in-law jokes.  At least one AIM CEO objecting to this article. And finally a chap who asribes evil motives to the timing of my investment in San Leon (SLE), without actually knowing a couple of key facts. I discuss the point he raises. In the main podcast I look at Tern (TERN), where I think Nigel S is wrong but that the boss is a rogue director as I explained at the weekend HERE, 88 Energy (88E), and Land Securities (LAND) and the entire commercial property sector.

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BREAKING: Tern – Annual Report reveals new Auditor: why no notification (as there MUST be)?

Grossly overvalued AIM-listed jam-tomorrow investment company Tern plc (TERN) finds itself if the dock today. The full Annual Report for 2019 has finally been published – and buried in the usual waffle we find that a new Auditor was appointed. Now according to the rules, this should have been notified at companies house– but there is no sign of that anywhere. Specifically, there should be a statement from the previous auditor as to the circumstances of its removal and it is a shocker to find no such notification. This raises all sorts of questions.

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Bear

Five slam-dunk sells for 2020 – early May update

Markets in general have had an amazing upswing since reaching the bottom of the Coronavirus sell-off. I don’t think it will last, but there is one area where the market seems to have gone utterly bonkers – and that is where a company puts out news of anything to do with Coronavirus, whether it is a test, a potential cure, tracking technology or some other spurious news and my slam-dunk sells have been at it too, with two of the five riding on the back of speculation that they will suddenly make the big time.

Top-10

Notes from Underground - Most read articles for the week ending 10 May 2020

Excluding ShareProphets Radio 29, the most read non-Tom article this week is Another Thursday another reality pill, this time for BT Group...? by Chris Bailey at a fantastic number five or  number 13 including Bearcasts.

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Tern – convertible loan for investee… or is it a disguised death spiral/placing for Tern?

As you all know, I think AIM-listed jam-tomorrow investment company Tern plc (TERN) still needs to raise cash to see it through to the end of this year, and I think its balance sheet valuations are pie-in-the-sky. Having offered up disastrous FY19 results on Tuesday which saw the shares crater by 25%, this morning we have news of a fundraise by one of its investees. Or is it….?

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Tern Plc – at least 50% overvalued even if you believe its stated NAV ( which I don’t)

Nigel Somervile HERE and myself HERE both took apart yesterday’s ludicrous and dismal results announcement from AIM dog Tern (TERN).  Neither of us believe its NAV is real but even if you are credulous enough to swallow that canard the shares should surely be 50% lower. Here’s why.

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Shares take a TERN for the worse as FY numbers are released

AIM-listed jam-tomorrow Internet of Things investment company Tern plc (TERN) finally got around to releasing its FY19 numbers this morning, at 8.15am. To me, the numbers were dire – and the market’s reaction was to mark the stock heavily down: they are off by 25% as I write.

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Bearcast
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Tom Winnifrith Bearcast: Another discussion with the Northants fuzz about my "harassment" of a gender fluid Bidstack Moron

Mike Turner really is a stupid man.  I find myself once again talking to the Law about his attempts to stop me exposing him as a defaming moron. I move on to discuss the conflicted riole of the broker to the POS that is Bidstack (BIDS). Then it is onto events at Motif Bio (MTFB) and Tern (TERN) and the way it presents its dismal results. Finally I have just recoreded a 90 minute video for Saturday with Mark Slater. I see that in the comments section NoGold reckons he will would learn nothing from Slater but NoGold is a genius. For everyone else that video is gold dust. Buy your tickets HERE.

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Tern – Doctor, heal thyself!

Shares in AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) have been on the rampage again. Having sunk to sub-4p in the wake of its last placing, which had been intended to raise £3 million but only notched up £0.8 million propped up by management support, the stock closed last week at 11.25p, having peaked at 15.75p on Thursday. What gives?

Anarchy
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Three AIM stocks monstrously overvalued where a placing is a certainty: I despair.

We truly live in mad times. The printing presses are running full steam, the dole queues building at rates not seen for decades, the economy imploding and yet on the AIM Casino there are stocks trading at ludicrous levels. I offer three: Catenae (CTEA), Conroy Gold and Natural Resources (CGNR) and Tern (TERN).

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Tern – rinse and repeat….again! Surely it is Placing Ahoy once more

AIM-listed Internet of Things jam-tomorrow play Tern (TERN) has seen  its shares miraculously rise from a low point of just under 4p last month to (last seen) today’s mark of 8.5p. So has Tern offered up a big contract from one of its investees? Er……no! I do know Tern still needs more cash, and that the BBs are full of a progress update from investee Wyld suggesting big things. But of course, there has been no RNS from Tern – something we have seen before ahead of placings which I would argue were on the back of wild speculation which remained uncorrected by Tern. Is it happening again?

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Bear
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Five Slam-Dunk Sells for 2020 - March update: Three Down by Easter?

It is almost the end of March: time for a run-down of my list of five slam-dunk sells for this year. With the everything bubble well and truly popped by the pin that is Coronavirus the market backdrop has been inclement for cash-guzzling loss-making shares and the portfolio of Tern (TERN), Catenae (CTEA), Yu Group (YU.), URU Metals (URU) and Walcom (WALG) has reacted accordingly.

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Tern – non-entity of a statement on Covid-19 analysed by the ShareProphets RNS Translation Service

AIM-listed jam-tomorrow IoT investment company Tern (TERN) has offered the market a Covid-19 update. Emphasising its recent £0.8 million fundraise several times (but not mentioning it was trying to get £3 million and failed magnificently) Tern wants us to think the portfolio is well prepared…..let’s see what the ShareProphets RNS Translation Service thinks!

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Bear
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Sitting on my hands, as you should too….with a few exceptions.

It has been a truly wild period on the stock market and I fear it is going to get worse before it gets better. The coronavirus has ripped through everything and it is panic stations on the markets – as well as in the supermarkets. Some of it is logical: I’m not sure I would want to own shares in an airline right now, nor a restaurant business, and I would not be surprised to see some casualties in the fullness of time if the coronavirus plays out as seems to be expected.

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Bearcast
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Tom Winnifrith Bearcast: stockmarket and oil price crash special

Don't worry the sun will still rise tomorrow and we are not ALL going to die of Coronavirus. I discuss the oil price crash and stockmarket slump and look in particular at: Tern (TERN), Carnival (CCL), Bidstack (BIDS), Versarien (VRS), the antics of market makers, Diversified Gas & Oil (DGOC), Bahamas Petroleum (BPC), BP (BP.), Shell (RDSB), Tullow (TLW), Optibiotix (OPTI) and Premier Oil (PMO)

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BREAKING: Tern – more Ouzo for the team as a massively scaled back placing is announced at just 6p. Keep selling!

Oh dear, oh dear, oh dear. AIM-listed jam-tomorrow (if ever) Internet of Things investment company Tern (TERN) has announced a placing at just 6p to raise just £0.8 million as predicted HERE to keep the lights on as its auditor is surely raising going concerns. That is a whopping 22.6% discount to last Friday’s close and 35% down on my tip of the year to sell when the shares were 9.25p. But there is more....

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Tern – how long until the next placing? Not long, I fancy. Not long at all!

With markets in turmoil over the corona virus, it is a terrible time to be rattling the tin for cash-guzzling AIM stocks. And that brings me to jam-tomorrow Iot investment company Tern (TERN): how much cash has it got left and when's the placing?

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Tern – portfolio sale, but don’t get too excited as Warren Buffett doesn’t come to town!

AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) has announced the sale of one of its investees, Seal Software. This is good news, and well done Tern…..but I wouldn’t get too excited if I were a shareholder, especially as this morning’s release is classed as the equivalent of an RNS Reach – in other words a marketing release...

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Tern – more loans to the Device Authority: where is the RNS?

It seems that AIM-listed Tern (TERN) has given up telling the market how much cash is flowing out to its supposed jewel in the crown, Device Authority (DA). This morning a filing referring to more wonga heading to DA was released and it seems to me that $400,000 has headed into DA’s coffers unannounced via RNS.

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KERBOOM: Tern – what about that tax credit to Device Authority?

AIM-listed Tern plc (TERN) was one of my two tips of the year – as a sell – at 9.25p (mid). The shares are now just 7.25p  - down by 22% so I’m off to a very good start. But I want to ask a question of Tern regarding its ongoing loans and payments to jewel-in-the-crown investee Device Authority.

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Bear
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Five Slam-dunk sells for 2020 – February Update: which will keel over first?

Yes folks, it is time for an update on my five slam-dunk sells for 2020 – and the writing is on the wall as the anti-portfolio slides. At the end of January the score was an overall drop of 9.8% on a bid to bid basis. One month on the slippage has accelerated amongst my five picks from the AIM Casino, namely Tern (TERN), URU Metals (URU), AIM-China Filthy Forty play Walcom (WALG), Catenae Innovation (CTEA) and Yu Group (YU.)

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Bear
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5 Slam-dunk sells for 2020 – January update, and off to a flier

My little list of slam-dunk sells for 2020 from the aim Casino has got off to a good start. One month in to the year, Tern (TERN), URU Metals (URU), Walcom (WALG) of the ShareProphets AIM-China Filthy Forty, Yu Group (YU.) and Catenae (CTEA) have already posted a collective 9.8% loss on a bid to-bid basis and at least two are already scraping the barrel to keep the lights on.

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Tern: a reader asks if it is playing fast and loose with revenue recognition

AIM-listed jam-tomorrow investment company Tern (TERN) issued a Portfolio Update the other day which I thought was impressive for all the wrong reasons. An eagle-eyed reader spots that buried in the text was that aggregate turnover across Tern’s principal investees was up by 27% over 2018 – but only on 12 November 2019 we were told that Tern hoped it would be up by 50% on 2018. Oopsie! And that leads to a question over revenue recognition.

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Tern – portfolio update: but what about the Elephant in the room, Device Authority?

AIM-listed jam-tomorrow (or never…) investment company Tern plc (TERN) has updated the market with a portfolio review. The news seems good (a big contract for one investee and a fair investment for another) but the elephant in the room is its investment in Device Authority Limited – on which we learn precisely nothing. Worse still, apparently Tern now has a genuinely diversified portfolio of…. companies, with each……having a disruptive technology in a global market. Oh dear: it's that word again, 'disruptive' – has the board not heard of what happened to Neil Woodford?!

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Bearcast
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Tom Winnifrith Bearcast: I write a perfect script for a Versarien owning moron as I fall out with Lucian

In today's podcast I look at Versarien (VRS) and explain why Lucian Miers and I have fallen out over this one on the latest edition of ShareProphets Radio. I look at Tern's (TERN) bollockese trading statement and ask "when's the placing" or "Show Me The (lack of) Money". I look at the (bad) news from UK Oil & Gas (UKOG) regarding Horse Hill and for me the numbers still do not stack up even with the shares having slumped to 0.675p. Finally, I hope I did enough to stop Steve Holdsworth from cancelling his subscription, so Steve how about making a small initial donation by way of thanks to Rogue Bloggers for Woodlarks HERE

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Bear
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Five slam-dunk sells for 2020

Peter Brailey has already offered his list of sells for 2020 in the form of his Vomit List of useless oilers, so here is my 2020 list of Slam-Dunk sells. I doubt there will be much borrow available on any of them so shorting may not be possible (although two might offer up some) but the main message is stay away!

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Top-10

Notes from Underground: Last week's most popular stories and a horrifying chart on the world's debt

This chart, from Visual Capitalist, visualises the debt the countries of the world hold. Now, I'd be the first to say that if you issue your own currency, then so what? But you may beg to differ. 

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Tern – portfolio update from Adam Reynolds’ Keyboard screams SELL! Tits up by Christmas!

I stress that as far as I know Adam Reynolds has nothing whatsoever to do with AIM-listed jam-tomorrow IoT Investment Company Tern (TERN) but it seems that Tern has borrowed his keyboard to offer up this morning’s portfolio update – where there are no meaningful numbers. More to the point, there is still no comment on the apparent $10 million fundraise by its principal investee, Device Authority (DA), which suggests to me that the whole story was utter poppycock and the market should have told so. But instead, Tern got a placing away – for the second time in its history. However, the few numbers offered are truly alarming.

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Bearcast
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Tom Winnifrith Bearcast: thank you, thank you, thank you & what does one do at "Woke" PC Christmas parties these days?

Firstly so many thanks to all of you who donated to the Woodlarks Christnas Grotto appeal. 101% of our target has now been reached so I'll call it a day. Thank you again. In today's podcast I also discuss Big Dish (DISH), and Dev Clever (DEV) two examples of why you should never invest in an IPO and I have data to back that up. I look at Tern (TERN) and at Sound Energy (SOU), shame on James Parsons, and then in detail at Velocys (VLS).

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Tern – size does matter

AIM listed purveyor of jam tomorrow Tern (TERN)  is effectively operating as a technology fund investment business.Its major issue, other than its repeated ability to play fast and loose with AIM Rules, is a lack of scale which creates a number of challenges.

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Bearcast
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Tom Winnifrith Bearcast: a PE of 3 and some Brexit bollocks, don't be fooled

In today's podcast I look at the looming General Election, at a pathetic excuse from Hargreaves Lansdowne (HL.) for not commenting on Neil Woodford, at Sound Energy (SOU), the ramp du jour Euraisia Mining (EUA), at the scandals at Tern (TERN) and Big Dish (DISH) and what they say about the institutionally useless FCA and AIM Regulation and at the profits warning from Empressaria (EMR). 

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Tern, Allenby Capital & Whitman Howard: Another request to FCA & AIM Regulation for formal investigation

This morning we discover that AIM listed jam tomorrow purveyor Tern (TERN) has again passed the hat around with a discounted placing raising £1.75 million at 11.15p. But it was only able to get a placing away at that share price because of spurious rumours which the company and its advisors must have been aware of and which it did nothing to quosh. I have written to the Oxymorons at AIM Regulation and to the chocolate teapots at the FCA requesting an urgent investigation into the company, its Nomad Allenby and broker Whitman Howard. It is not as if Tern does not have form in this respect.

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Tern….…..and there’s the placing. Told y’all!

Well done to Al Sisto and his team at AIM-listed jam-tomorrow IoT Investment company Tern plc (TERN) – a great job raising c. £1.75 million at 11.15p per share, a discount of 19%. No matter that there are unanswered questions over an apparent $10 million fundraise at its principal investee Device Authority which seems not to be a fundraise at all. No matter about the webinar with Microsoft or the tweets about a visit to Microsoft HQ – the main development appears to be a fundraise at new-ish investee FundamentalVR, which has closed a £4.3 million fundraise which includes the conversion of a loan note by Tern at a 20% discount. So what about Device Authority?......

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Tern – What on earth is going on at Device Authority and when’s the placing? $10 million question mark demands RNS

It has been a completely extraordinary few weeks for AIM-listed jam-tomorrow IoT investment company Tern plc (TERN). The stock bottomed out at 7.25p at the start of this month, after the Interims had been released showing (once you look through the numbers) the company in the middle of yet another cash-crisis. But they closed last week at 14.25p – yet there has been no news, apart from yet another tranche of cash being handed to principal investee Device Authority. There may be no news, but there sure as hell needs to be a statement.

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Tern – jewel in the crown Device Authority releases FY18 results. Yikes!

AIM-listed Tern (TERN) has come in for a bashing in these parts, especially following the release of its half-year numbers which I think show there is a monster cash-crisis in the making. Today its jewel in the crown - or perhaps more aptly the thorn in its side - major investee Device Authority released its FY18 numbers and they are not pretty. For starters, it boasts net assets of MINUS £923,294. If that is the best Tern has to offer, then its shareholders had better brace for a crash-landing...

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Tern spends its last pennies – when’s the placing/fleecing?

Yesterday on the back of interims from AIM-listed jam-tomorrow investment company Tern plc (TERN) I showed that despite the headlines of the interims, it is running out of cash. This morning, right on cue, it announced yet another quarterly convertible loan has been issued to its supposed jewel in the crown, Device Authority. If my maths is right, Tern will be totally skint by Christmas unless those fine chaps at HMRC hand over a bunch of cash to Device Authority and it hands it over to Tern...

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Tern – Interims finally arrive and they are truly awful. SELL

Jibed by me yesterday, AIM-listed jam-tomorrow investment company Tern (TERN) has finally got around to releasing its interims and as suggested the numbers are truly awful. Indeed, without a placing or a disposal it looks set to be out of cash by Christmas despite the placing to raise £1.5 million (with 10% costs!) shortly after the FY18 umbers were released. So much for being fully funded to the end of this year, as we were being told last year. When’s the placing and what will be the discount demanded by the bucket shops? Or will Tern just go bust?

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Tern – where are the interims, and should private investors take note and SELL.

I have been wondering where AIM-listed jam-tomorrow investment company Tern’s interims results are. For the last two years they have appeared by around the halfway mark through September, but it starts to look as though the company is going for deadline day. Surely, with just a handful of investments to keep an eye on, it is possible to offer up interims by now – which leaves me wondering why the delay.

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Tern: yet another loan to DA, this time $315k - the joke goes on

And so AIM-listed jam-tomorrow investment company Tern plc (TERN) has handed over another $315,000 to principal investee Device Authority (DA) in the form of yet another convertible loan, and surprise, surprise the previous loans have yet again been extended by another 6 months. I suppose it was easier to do now that the confetti printing machine got another massively discounted placing away a few days ago at 8.5p, although the shares have since collapsed to just 7.25p – a bad sign indeed.

Tern – so much for enough cash to year-end: placing at just 8.5p and an excuse that just doesn’t wash

AIM-listed jam-tomorrow investment company Tern plc (TERN) has announced a placing to raise £1.5 million (gross) at just 8.5p. Of course, this was predicted HERE just a couple of weeks back – so much for being funded to FY19, and the excuses just don’t wash.

Tern – FY18 results: same old same old...

AIM-listed jam-tomorrow investment company Tern plc (TERN) has released its FY18 results. Last year’s numbers were full of holes and I thought it pretty clear that it needed more cash, even if the auditor thought otherwise. But the Tern rocket went into full gear, the shares raced ahead and it got its cash. Now the shares have again crashed back to earth, changes have been made to accounting matters and Device Authority seems to have been downgraded – although its valuation seems to equate to sticking your finger in the air! But it is the same old jam tomorrow story and not enough cash...

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Tern – takes a walk on the Wyld side

AIM-listed jam-tomorrow investment company Tern plc (TERN) updated the market this morning on its wholly-owned investee flexiOPS with lashings and lashings of jam-tomorrow and oopsie, a profit warning buried in the text with regard to Wyld Technologies.

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Tern – well surprise, surprise: another loan to Device Authority!

OK we are a couple of weeks later than I predicted, but AIM-listed jam-tomorrow Internet of Things investment company Tern plc (TERN) has announced yet another convertible loan to its principal investee Device Authority this morning. Tern may be pleased with the progress that DA continues to make with its partners, including the recent contract secured with a leading medical device manufacturer (as announced on 27 December 2018) but clearly DA is still burning cash at a prodigious rate!

Bear

5 Slam-dunk shares to sell for 2018 – the result

Well the year is up, the results are in and my pick of five AIM stocks to sell has offered up a pretty good result. I doubt these shares could easily have been shorted, but I hope readers managed to avoid them at least.

Tern – “current asset” of Device Authority loan extended again

Much as predicted by yours truly, AIM-listed Tern plc (TERN) has yet again extended the loans it has given to its principal investee Device Authority (DA). The point here is that these loans have been classed as a current asset ever since the first one was made, and they have been periodically extended – presumably because DA had no means by which to repay them.

Tern – new 5 year contract for DA (well done) but….

AIM-listed jam-tomorrow investment company Tern plc (TERN) has announced that its principal investee, Device Authority (DA) has landed a contract. Hooray! But it is only worth $80,000 in the first year and I expect Tern to announce further funding for DA in short order.

Bear

5 Slam-Dunk Sells for 2018 – almost the final reckoning

We are days away from the end of 2018 and so it is time for almost the final reckoning for my portfolio of 5 shares to sell this year. I say almost the final reckoning because Tom Winnifrith’s Winnileaks has been receiving a few things which suggest that AIM-listed Frontera Resources (FRR) may well be facing its final reckoning extremely soon – ouzo at the ready, then!

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Tern – attempts to calm with Portfolio Update…..shares down 8% and here's why

AIM-listed jam-tomorrow investment company Tern plc (TERN) has seen its share price slipping sharply since they peaked in mid-June at 58p. What better way to reassure the market than with a Portfolio Update? That’ll help….or not: the shares are 10% down today, at just 13.5p. I’m sure the placees at 26p in July will be delighted….

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Tern – another £1.1 million to FundamentalVR…..when’s the next placing?

Having previously calculated that AIM-listed Tern plc (TERN) will be out of cash by next June – even taking the £2.9 million placing at 26p in July into account, now the investment company has splurged another £1.1 million on its latest investment, FundamentalVR. Will Tern even make the current year-end before running out of cash?

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