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Tern – where are the investee accounts of Push and Seal?

By Nigel Somerville, the Deputy Sheriff of AIM | Wednesday 12 October 2016

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

AIM-listed jam-tomorrow investment company Tern plc (TERN) has a few strings to its bow beyond subsidiary (or is it investee?) Device Authority, formerly known as Cryptosoft. One might wonder at the valuation of that one – see HERE – but the other bits and pieces of investments are the (thus far) less than entirely successful Flexiant which is in administration, Push Technology Ltd and Seal Software Group Ltd.

Of course, Tern purchased some Flexiant assets out of administration for a bit of a song, but had to write off the whole of its previous investment.

We know that when companies leave the filing of accounts to the last moment – or indeed, file late – it is not usually good news. If it were, the news would be released sooner – unless, of course, the outfit is just not terribly well run.

And that brings us to the accounts for calendar 2015 from Push and from Seal – both of which are noted by Companies House as being due by 30 September of this year and are thus (at time of writing) eleven days overdue.

Is Tern in for a bit of bad news from its investment portfolio?

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