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TERN Tern Plc

1.95
0.00 (0.00%)
Last Updated: 14:45:21
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Tern Plc LSE:TERN London Ordinary Share GB00BFPMV798 ORD 0.02P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 1.95 1,199,078 14:45:21
Bid Price Offer Price High Price Low Price Open Price
1.90 2.00 2.00 1.95 1.95
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 66k -10.45M -0.0269 -0.72 7.58M
Last Trade Time Trade Type Trade Size Trade Price Currency
15:28:08 O 50,000 2.00 GBX

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Date Time Title Posts
29/2/202415:44TERN, encrypting the cloud and Internet of Things.346,745
29/2/202407:34Tern plc 2,317
28/2/202418:36TERN, encrypting the cloud and Internet of Things60,426
28/2/202417:52TERN, encrypting the cloud and Internet of Things.18,528
27/2/202421:06Call an EGM?4,615

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Tern (TERN) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
15:28:092.0050,0001,000.00O
14:45:011.93144,3212,780.49O
12:33:112.0597,3031,995.00O
11:27:052.053,30067.49O
10:57:131.97126,1652,490.50O

Tern (TERN) Top Chat Posts

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Posted at 28/2/2024 15:48 by tullynessle
These are the TERM of the Device Authority fund raises on 1.) Feb 7, 2024; and
2. Dec 27, 2023; and Oct 28, 2022

The RNSs are copied in this post and comment will be made at the next Post. [apologies for the length - however it is fairly complicated and becomes more clear if the three fund raise RNSs are viewed together.


LINK 1 - RNS dated Feb 7, 2024



Tern Plc

("Tern" or the "Company")



Device Authority Fund Raise

Second Closing of Tranche One
Device Authority Fund Raise


Further to its announcements on 27 December 2023 and 28 December 2023, Tern Plc (AIM:TERN), the investment company specialising in supporting high growth, early-stage, disruptive Internet of Things ("IoT") technology businesses, announces that Device Authority Limited ("Device Authority"), a company in which Tern had a 35.7% shareholding at 28 December 2023, has completed an additional Second Closing of Tranche One ("T1") (the "Second Closing") of the Series B type fundraising round (the "Fundraising"), securing a further US$2.0 million in new equity investment from Mercato Partners, a private equity firm in Cottonwood Heights, Utah, USA.



Highlights



· Device Authority and the investor group in the first closing from late December 2023 (T1) have agreed to a further US$2.0 million to be invested in addition to the planned US$7.3 million Fundraising announced on 27 December 2023. This brings the new planned total Fundraising to US$9.3 million. The US$2.0 million Second Closing has been secured and is in addition to the US$3.7 million from Ten Eleven Ventures and US$0.3 million from Alsop Louie Capital 3, L.P via conversion of short-term loans secured in the first closing of T1 on 28 December 2023.



· The total Device Authority Fundraising remains intended to provide Device Authority with sufficient funding to enable it to grow in line with its strategy beyond the end of 2024. This encompasses the expansion of its activities in the United States.



· From completion of Second Closing of T1 of the Device Authority Fundraising, Tern now holds 31.7% of Device Authority's equity (before any dilution on exercise of share options), valued at approximately US$7.5m (approximately £6.0m) at the valuation implied by the Device Authority Fundraising issue price.



· On acceptance of the National Security and Investment Act 2021 ("NSIA") approval by Ten Eleven Ventures and completion of Tranche Two ("T2") of the Device Authority Fundraising (as announced on 27 December 2023), Tern will hold 26.7% of Device Authority's equity (before any dilution on exercise of share options), which would be valued at approximately US$7.2 million (approximately £5.7 million) at the valuation implied by the Device Authority Fundraising issue price.



=========================

LINK 2 - RNS dated December 27, 2023



Device Authority Fund raise

Tern Plc (AIM:TERN), the investment company specialising in supporting high growth, early-stage, disruptive Internet of Things ("IoT") technology businesses, announces that Device Authority Limited ("Device Authority"), a company in which Tern had a 53.8% shareholding at 21 November 2023, has agreed a Series B type fundraising round (the "Fundraising"), securing up to US$7.0 million in new equity investment from Ten Eleven Ventures, and US$0.3 million from Alsop Louie Capital 3, L.P via conversion of short-term loans. Of the Fundraising, Tranche One ("T1") of US$4.0 million is expected to be completed before the end of 2023. Tranche Two ("T2") of US$3.3 million, is contingent on approval pursuant to the National Security and Investment Act 2021 ("NASI") and acceptance of the approval by Ten Eleven Ventures.

Highlights

-- Device Authority has agreed US$4.0 million of a planned US$7.3 million total Fundraising, US$3.7 million from Ten Eleven Ventures and US$0.3 million from Alsop Louie Capital 3, L.P via conversion of short-term loans. The remaining US$3.3 million from Ten Eleven Ventures is contingent on approval pursuant to the NASI and acceptance of the approval by Ten Eleven Ventures

-- The total Device Authority Fundraising is intended to provide Device Authority with sufficient funding to enable to grow in line with its strategy beyond the end of 2024, including expanding its US activities

-- In conjunction with the Device Authority Fundraising, US$2.1 million of Device Authority convertible loan notes are to be converted into equity with reference to the Fundraising price, in line with the conversion terms of these loan notes

-- Tern is to convert all of its Device Authority convertible loan notes together with all accrued interest (representing a total of US$1.0 million), into equity, in line with the terms of these loan notes but will invest no new money in this Device Authority Fundraising

-- Device Authority will, from the proceeds of the Fundraising, repay in cash the US$175,000 of short-term loans provided by Tern in full, with accrued interest to date

-- From completion of T1 of the Device Authority Fundraising, including the conversion of Tern's Device Authority convertible loan notes to equity, Tern will hold 35.7% of Device Authority's equity (before any dilution on exercise of share options), valued at approximately US$7.7m (approximately GBP6.1m) at the valuation implied by the Device Authority Fundraising issue price

-- On acceptance of the NSAI approval by Ten Eleven Ventures and completion of T2 of the Device Authority Fundraising, Tern will hold 29.5% of Device Authority's equity (before any dilution on exercise of share options), which would be valued at approximately US$ 7.4 million (approximately GBP5.9 million) at the valuation implied by the Device Authority Fundraising issue price

Continued

===============================

Link 3 - RNS dated October 28, 2022

Tern Plc (AIM:TERN), the company focused on value creation from Internet of Things ("IoT") technology businesses, announces that Device Authority Limited ("Device Authority"), of which Tern currently owns 53.8% of the equity, has completed a US$440,000 working capital funding in the form of unsecured convertible loan notes (the "Convertible Notes") from Tern and certain of its other existing shareholders, including Venafi and Alsop Louie Partners. Tern has subscribed for approximately US$303,401 of Convertible Notes, representing approximately 69% of the total funding.

The Convertible Notes and accrued interest (at a rate of 9% per annum) are repayable or convertible into Device Authority equity, at the holder's election, at the earlier of the maturity date of 30 June 2023 (the "Maturity Date"), and inter alia, on a change of control of Device Authority, or on Device Authority completing a qualifying fundraise, being a new equity financing of Device Authority which raises aggregate gross cash proceeds of at least US$5 million.

On a change of control of Device Authority prior to the Maturity Date, being a sale or disposal of the business as defined in Device Authority's Articles of Association, the Convertible Note holders will be entitled to a premium payment equal to 300% of the original principal amount of the Convertible Notes, or at the discretion of the Convertible Note holders the outstanding principal amount and accrued interest may be converted into the most senior class of share at a 30% discount to the price paid for the shares sold at the change of control. Additionally, subscribers to the Convertible Notes have received warrants to acquire additional Device Authority equity at a fixed price, exercisable on a change of control of Device Authority prior to the Maturity Date (the "Warrants").

Alternatively, should Device Authority complete a qualifying fundraise before the Maturity Date, the Convertible Notes are convertible into Device Authority equity at a 30% discount to the fundraising price. If a qualifying fundraise occurs the Warrants will expire and become non-exercisable. The Convertible Notes provide for customary events of default.

The valuation of Tern's holding in Device Authority, as stated in the Company's unaudited interim results for the six months to 30 June 2022, was GBP16.3 million. Based on Device Authority's latest statutory accounts for the year ended 31 December 2021, as at that date it had net assets of GBP3,824,398 and incurred a loss for the year of GBP2,185,382. Given the historic nature of these figures Tern does not consider this to be representative of the current business and trading performance of Device Authority.

Tern also currently has loans of approximately US$175,000 to Device Authority, which are short-term, non-convertible, unsecured loans.

Continued...
Posted at 27/2/2024 15:09 by tullynessle
Impediments

The TERN document below is dated Sept 2023 and is available at the TERN website.

* who are the "small number of external stakeholder groups"

* why is there a need to interact with them monthly

* what is the feedback from the nomad broker - was the following possibilities discussed:

- share trading anomalies ahead of placing announcements

- share trading anomalies directed at causing and / or maintaining an artificially low TERN share price

- signs (if any), of share price manipulation strategies

* were external stakeholders privy to confidential information

* a representative of Tern's PR Agency attended the meetings

(got to go out - will finish later)
(resumed)

- who are the key shareholder(s) providing monthly feedback via IFC Advisory






3: Long-term sustainability for success

The Company has a small number of external stakeholder groups and is therefore able to interact with them both orally and in writing on a regular basis, as a minimum this happens monthly.

Feedback is an inherent part of this interaction. Specifically, feedback from our nomad broker and PR agency have resulted in improved external communication via our website and our news releases.

Following feedback collated from key stakeholders as part of the Board evaluation process, additional opportunities to interact with these stakeholders was agreed by formalising their periodic attendance at Board meetings.

In addition monthly reports for the Board are now prepared by IFC Advisory summarising key shareholder feedback during the month




tern:empowering the exceptional:2023
Posted at 27/2/2024 11:38 by cambradjones
I see a few are now agreeing with my thoughts that the tern share price has been purposely destroyed to bring it down to a price where only a mbo can save it, despite the bod saying that is not their intention. Imo.No bod on aim can be as bad as this lot have been , absolutely useless is a understatement. More to it than that in my view.
Posted at 26/2/2024 15:07 by bcfc5
HT & CJ, I'm still here! In fact, I have been adding and will again at these incredibly low levels, to lower my average share price to what should be an achievable share price of 9p.I feel, like many lths, so let down by Tern BOD, for their brazen lack of respect for shareholders, deceit, false promises and poor management decisions (Pires to name but 1). I sincerely hope we are wrong in our perception of the BOD and that they do have some professional integrity and business acumen to deliver exits at a fair share price that our global leading investees warrant. I now accept that it will be pence not pounds, but surely 30-50p range is credible
Posted at 22/2/2024 12:13 by mudbath
It looks as though the TERN share price is, for the moment, destined to limbo downward to an ever lower level.
Should stock come to be offered at say sub 2p, might such a resultant miniscule market cap induce any circling raptors to descend?
Will Sisto be covertly (or otherwise) aligned with any incoming corporate action, for
the continued weakness will undoubtedly trigger some response.
Again, Sisto cannot comment upon the reason behind the ongoing decimation of the SP; in the sure knowledge that he pesonally lies at the very rotten core of this situation.
Posted at 21/2/2024 17:31 by jimbob58
Although Tern has exciting investee companies, the Tern share price is boring as hell-8th consecutive close with bid at 2.1p.
Posted at 20/2/2024 11:43 by jimbob58
Come on City boys and girls-start joining the dots here.I have said this before, but I can't believe some analyst has not yet picked up on the massive discrepancy between the pathetic Tern share price / market cap, when looked at the context of the quality, trajectory and partners of our investee companies.
I still hope that the penny will drop and we will start to see some traction on the share price prior to any exit.
If potential new investors can see past the ineffectual muppets that run Tern and the negative perception that they radiate, they will see that in DA, FVR, Wyld and TM there is huge potential in which they can participate at 2.2p!! Can't be long before we have some action here.
Posted at 17/2/2024 10:26 by mudbath
cambradjones

The week was only dull if dwelling upon the lack of volatility in the TERN share price, which, resting at a meagre 2.15p, represented a market capitalisation of just £8million.

However,excitement aplenty undoubtedly lies ahead.

Examined solely on the 1011vc statement relating to Device Authority/Keyscaler, as highlighted above by kkrriiss2; this surely underscores the giant steps now being taken towards the managed crystallization of the huge value that we PIs have long espied.

For me, the accolades now being accorded by 10/11, of which this is just one example:-

"Crucially the technology already scales to some of the biggest customers in the world and is built into safety-critical systems like vehicles, engines, medical ecosystems, and high-performance factories.Getting a product like KeyScaler right needs a team that truly understands customer’s challenges & complexity, and is capable of delivering at a global scale alongside vital partners like Microsoft’s Azure IoT. We knew at our first meeting that CEO Darron Antill and CTO James Penney are something special,"

do, even if taken in isolation, fully undewrite a share price of at least twice Friday's close.
Posted at 12/2/2024 13:52 by jonc
Mangold a Swedish Investment bank published a commissioned report on Wyld Networks HERE. Mangold was the bank that helped in the last Wyld fundraise so you'd have to take its price targets with more than a pinch of salt.

In its report dated 23 December 2023, Mangold indicates that Tern holds just 17% of Wyld. This is a big drop from the 25.1% Tern holding in Wyld according to the 21 November 2023 Company and Portfolio Update Tern RNS. So has Tern been dumping? It looks as if it has.

The positive news is that the report cites a price target of SEK 17 versus current share price of SEK 5.59. The less positive news is that the report assumes full conversion of T04 and T05 warrants meaning significant further dilution of Tern’s holding. Also, under the forecasts Wyld does not become profitable until 2025.

At the current share price, the Swedish Nasdaq values Wyld at SEK 95,738,549 around £7.26 million which would make Tern’s stake worth £1.23 million excluding any further declines caused by Tern selling more of its stake. Given Tern’s debt facility secured on Wyld shares requires a 150% coverage ratio and Tern has already drawn £500,000 according to the RNS of 23 November this leaves just over £300,000 of headroom on the Wyld debt facility. With more than half of the £400,000 raised last month already spaffed and another hundred grand a month spent on PLC costs as you have to pay for talent, I am sure that you can see the looming issue.

Given that, when Tern’s auditors report on its year end results to 31 December 2023, I wonder if Tern will be able to persuade it not to include a material uncertainty over going concern or indeed that tern is actually solvent at that juncture.

Anyone owning the shares, at 2.15p, is, as ever, insane.

PS You will see in the report who the second biggest shareholder in Wyld is! Jonathan "kiss of death" Swann who has already done his conkers on Tern and Chill Brands. Swanny is now on a hat-trick.
Posted at 06/2/2024 14:11 by tullynessle
It would take only one Joint Statement by the Chairman and CEO of TERN to breathe new life into our Company and revitalise interest in the Share Price noting the recent developments with Ten Eleven Ventures, Device Authority, Wyld Networks and Talking Medicines.

IMO, the Joint Statement should read that Tern Chairman and the Tern CEO are fully committed to the successful growth and profitability of Tern to meet the aligned expectations of Shareholders, Chairman and CEO.

The Aligned Expectations should be outlined by reference to:

* Net Asset value
* Profitability, cash flow and Company security as a successful entity
* Promotion of Investee Companies
* Management of Dilution
* Transparency of Exit, Partial Exit and Placing process

With Aligned Expectations, and earned trust, I believe that TERN is poised to benefit from the positive business environments in which our ICs operate, especially with new partners and investors.

IMO it is time to look forward and not back - however such action requires the support of all Parties, albeit conditional at the start.
Tern share price data is direct from the London Stock Exchange

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