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TERN Tern Plc

0.00 (0.0%)
Last Updated: 08:00:00
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 0.0% 4.25 645,629 08:00:00
Bid Price Offer Price High Price Low Price Open Price
4.00 4.50 4.25 4.25 4.25
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 66k -10.45M -0.0297 -1.43 14.96M
Last Trade Time Trade Type Trade Size Trade Price Currency
08:35:50 O 24,895 4.055 GBX

Tern (TERN) Latest News

Tern (TERN) Discussions and Chat

Tern Forums and Chat

Date Time Title Posts
04/12/202308:54TERN, encrypting the cloud and Internet of Things.342,582
04/12/202307:45TERN, encrypting the cloud and Internet of Things.17,950
24/11/202310:33tern mbo ?2,012
23/11/202317:32Tern plc 2,292
21/11/202313:36TERN, encrypting the cloud and Internet of Things60,396

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Tern (TERN) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type

Tern (TERN) Top Chat Posts

Top Posts
Posted at 29/11/2023 10:15 by tullynessle
In the event of any Corporate Activity, the value of each of the four successful Investee Companies will be assessed by TERN and the applicable Co-Investor(s), and by any and all of the potential Parties interested in acquiring the entire capital of any Investee Company or seeking to invest in the IC's future success.

A low TERN share price should not impact any of these Valuations.

[Aside: Obtaining current Valuations aligned with prevailing operational successes and future prospects will be important and IMO, the process of Assessing same should be communicated in detail to Shareholders prior to any transaction being proposed or agreed by the BOD]

In the event that TERN wish to maintain their current Investment Holding in any or all of their Investee Companies then a low TERN share price would prevent or limit TERN's opportunity to match investments by Others.

It is noted that TERN may or may not wish to add invest additional funds in their Investee Companies although it is a matter of record that TERN Shareholders are not against such support.

Is that a reasonable assessment?
Posted at 28/11/2023 17:24 by mudbath
wardy333 - 25 Nov 2023 - 09:33:27 - 342203 of 342358

"We will all find out sooner rather than later what is going on, there is a rumour circulating but speculating on that is not for me to say, but one relevant point is the Bod are currently not allowed to buy!!"

It might be more than just a "rumour" then, wardy333, if your enthusiastic level of buying is anything to go by.

Interestingly, the selling of TERN shares is conversely much reduced.

The extended decline in the TERN share price could be justified by a general understanding that the TERN investees had a way to go before achieving break even.
Suddenly though, following last weeks presentation, their is a growing awareness that our/TERN's moment is within touching distance.

For this reason alone, the TERN share price should/will start to reverse the earlier decline with such a reversal possibly already underway.

Posted at 25/11/2023 13:47 by mudbath
The US$ 250k loan; although construed as a negative by some; might, as the future unfolds, prove the exact opposite.

It might just represent a seminal development that will hasten the creation of value for we private investors.

If the market agrees then the TERN share price should strengthen.
Posted at 24/11/2023 17:41 by tullynessle
Do Agreements entered into by our Company need to be as complicated as the Contract described below.

1. Is every permutation of outcomes clear and the cost known?

2. Is the likely / possible impact on Tern and Wyld Networks share price over various periods forecast transparently and communicated to Shareholder

3. Are the cost projections for various scenarios easy to calculate?

4. Why does the Investor wish to remain anonymous (as is his right) - or is it if latent conditions enhance to or detract from the structure of the Agreement and its intentions.

5. Why did Tern agree to the Investor under the conditions as written.

IMO all reasonable comments or questions.


12 June 2023

Tern Plc

("Tern" or the "Company")

Funding facility

Tern Plc (AIM:TERN), the investment company specialising in supporting high growth, early-stage, disruptive Internet of Things ("IoT") technology businesses, announces that it has signed a loan facility agreement (the "Facility") with an investor (the "Investor") to provide a loan facility of up to GBP3.0 million, available for up to 36 months.

The Directors intend that the Facility will be used to provide Tern with a stronger negotiating position and access to funding for follow-on investment opportunities in future syndicated fundraises undertaken by Tern's existing portfolio companies.

The Facility provides for an initial drawdown (the "Initial Advance") of GBP500,000, which the Company has drawn down, with further drawdowns being subject to the conditions of the Facility at that point in time. Funds advanced under the Facility will attract a fixed interest rate of 1.0% per calendar month and will be repayable with accrued interest, in equal monthly instalments, commencing 180 days from the date of drawdown until the end of the 18 month term of each drawdown.

The Company may repay any amounts drawn down under the Facility in cash and it is the Directors current intention that any amounts drawn down under the Facility will be repaid from the proceeds from the full or partial exit of one or more of its current investments.

Alternatively, the Company may settle any outstanding amounts owed as monthly repayments through the issue of new ordinary shares of 0.02p each in the Company (the "Ordinary Shares") (a "Non-cash Repayment"). Following any decision by the Company to make a Non-cash Repayment the Investor will be automatically granted conversion rights over such drawndown principal and interest balances that were due pursuant to a repayment (the "Conversion Rights"). Pursuant to such Conversion Rights, the Investor will then have the right for 12-months to convert such amounts into Ordinary Shares. For the first 10 trading days following a Non-cash Repayment, the Investor may require that the Company satisfies the principal and interest balances that are due via the sale of shares in Wyld Networks AB ("Wyld") held via the Wyld Escrow Facility (as defined below). Following these 10 trading days, the Investor may exercise its Conversion Rights and subscribe for Ordinary Shares to satisfy the principal and interest balances that remain outstanding. In respect of its Conversion Rights, the Investor may subscribe for Ordinary Shares at a price per share equal to the lower of: (i) 90% of the average of the lowest five daily volume weighted average share prices of the Ordinary Shares on AIM ( " VWAPs " ) in the 20 trading days preceding a Non-cash Repayment (the "Adjusted Issue Price"); or (ii) an amount equal to 130% of the average of the daily VWAPs for the 5 trading days immediately prior to the applicable drawdown date If at the end of the relevant 12 month period such conversion has not occurred and/or repayment has not been satisfied via the sale of shares in Wyld held via the Wyld Escrow Facility (as defined below), then any balance outstanding shall be paid to the Investor in cash by the Company.

The Investor shall receive warrants (the "Warrants") equal to 5 0% of the value of each drawdown divided by the average of the daily VWAP for the five trading days immediately prior to the applicable drawdown date ( the "Reference Price"), with a 36-month term to expiry from the date of issuance. The warrants are exercisable into new Ordinary Shares at a subscription price being equal to 1 5 0% of the then prevailing Reference Price. With regards to the Initial Advance, the Investor has received 5,524,007 warrants with an exercise price of 6.78855 pence per Ordinary Share . If these Warrants were to subsequently be exercised in full, it would result in the issue of 5,524,007 new Ordinary Shares raising gross proceeds of GBP375,000 for the Company. In the event that the Company prepays the Facility, in whole or in part, then the Warrants shall be repriced to the average of the daily VWAPs for the five trading days prior to the date of the prepayment, if such value is less than the existing exercise price of the Warrants. If the Company issues and allots new Ordinary Shares at an issue price that is below the exercise prices of the Warrants (other than pursuant to the Facility) within 18 months of each drawdown, the exercise prices of the relevant Warrants shall be amended to be equivalent to that issue price to the extent any Warrants remain unexercised.

Pursuant to the Facility's terms, for the Initial Advance the Company has issued new Ordinary Shares in settlement of a Facility implementation fee of GBP50,000 in the amount of 1,104,801 new Ordinary Shares at a deemed price of 4.5257 pence per share (the "Implementation Fee Shares") being a price equivalent to the daily VWAPs for the five trading days prior to the date of the Facility. Any further drawdowns under the Facility will incur a Facility implementation fee equal to 7% of the amount drawn down if paid in cash, or 10% of the amount drawn down if settled via the issue of new Ordinary Shares in the Company at an issue price equivalent to the daily VWAPs for the five trading days prior to the date of such draw down (the mechanism of settlement in Ordinary Shares or cash is at the election of the Company).

As security for the Facility, the Company will, inter alia, place in an escrow account shares in Wyld owned by the Company, which are to be maintained at a value not less than 1.5 times the value of any outstanding amount drawn down and accrued interest under the Facility ("the Wyld Escrow Facility").

The Company has provided a number of warranties and undertakings to the Investor pursuant to the Facility. The Facility is also subject to certain events of default and default processes, which include demanding repayment of the Facility's principal and interest, and the Investor being able to satisfy such repayment via the sale of shares in Wyld utilising the security arrangements via the Wyld Escrow Facility and/or following a continuing event of default the Investor may subscribe for Ordinary Shares at a discounted price per share . In the event of a default, the Facility also provides for additional monthly interest, applicable to any and all outstanding principal, interest and fees that have become payable.

The Company shall be entitled to prepay the Facility at any time, in whole or in part, provided that a prepayment fee representing 10% of the balance being repaid is paid at the time of such prepayment. Once repaid or prepaid the Facility may not be redrawn unilaterally by the Company.
Posted at 24/11/2023 13:39 by tullynessle
Knowledge of the following would be useful in allowing Shareholders to make rational decisions about the DA / AL transaction, noting that currently TERN hold the Majority Shares in DA with a stake of some 53+%

1. When were the Tern BOD advised of the contemplated transaction,

2. Was the decision by DA & AL negotiated with any involvement by TERN CEO, (noting that Tern are a majority owner of DA).

3. Was the DA / AL transaction recommended by the TERN CEO to the TERN BOD

4. Did the TERN BOD meet to discuss the DA/AL Proposal / Transaction

5. Did the TERN BOD formally approve the DA/AL transaction.

6. Did the TERN BOD acknowledge The Charge and risks associated with it acceptance.

7. Did the TERN BOD identify any circumstances whereby TERN's holding in Device Authority would reduce to less than 50% as a result of any of the Agreement clauses becoming applicable

7. Why did the TERN BOD not communicate the terms of the DA / AL transaction to TERN shareholders noting the Material Risks to TERN as a result of any Breach of the Contract.
Posted at 24/11/2023 12:50 by stentorian
In the past Tern have always more than supported DA through Convertible Loan Notes often taking up the slack where ALP and Samenuk Trusts did not pay their share - which is what you would expect as Tern are the largest shareholder.

There was a big clear up when Venafi became shareholders and the charges were all satisfied. Tern held c54% and Allsop Louie c.17%. Since then DA have been debenture free.

In the recent RNS Tern were noted to have lent £700k in CLNs and £100k in short term loans. Tern clearly did not demand a charge over this recent lending. Tern should have demanded a charge over £800k. The Senior management/directors are wrong not to protect shareholders' money in this way.

When AL made overtures about their $250,000 - Tern should have demanded security for our £800k. That didn't happen - probably because Tern didn't want to alert shareholders that DA needed more money.

Allsop Louie have loaned $250,000 and demanded a charge. The reality is that once the $250k is paid back the security lapses.

Darron Antill said in the presentation that DA required further monies to fuel growth - based on Darron's presentation - I don't think anyone would begrudge him that money as it will be paid back many times over in due course.

What is really interesting is that DA's solicitors are shown in the debenture filings to be Coolley (UK) LLP
Posted at 23/11/2023 16:21 by tyrano1
Finally got a chance to listen to the Q&A session.

Focussing on the Wyld piece I think AW just confirmed that SpaceX are placing orders with them. Given the size of SpaceX and the fact that they have stood down their own solution (Swarm) there is going to be a huge amount of volume coming Wyld's way.

AW mentioned supply chain risks. I believe the main issues are with Qualcomm delivering the 5G chipsets which will delay their launch of their 5G offering. SpaceX are most likely putting significant strain on the supply chain for the sensor chipsets for their satellite connectivity offering. They'll sort this pretty quickly because SpaceX can bring additional manufacturers to the table if necessary.

Amazing that the Tern share price almost trebled when SpaceX was first mentioned because the [penny dropped that it was merely a collaboration. It's no longer a collaboration. It's real.

Of course we also have a mention of SpaceX and the use of Wyld mesh technology to improve latency which in turn means that SpaceX can save $billions through needing fewer satellites to achieve the same goal.

I don't think the brokers will factor in SpaceX volume to their research notes just yet but could be wrong. That's going to add a huge spring to the Wyld share price and consequently the Tern share price SpaceX has to be added to any list of prospective buyers of Wyld Networks.
Posted at 23/11/2023 14:29 by jimbob58
Was travelling overnight so have only just caught up with the presentation / Q&A on the Tern website.

Very positive from all three presenters. AW comments that SpaceX conversation was 'progressing well' and that they have 'significant ongoing discussions both technical and commercial' especially encouraging. Wyld Fusion looking for new markets as a satellite IoT platform, and DA addition of Apple logo on presentation bode well.

MBO firmly kicked into touch.

No doubt that we have 4 (including FVR, who did not present) investee companies that are progressing at a fast pace. Still amazed that no one in the City has cottoned on to the continuing chasm between their progress and the still moribund Tern share price

Tick Tock until market wakes up or exit.
Posted at 22/11/2023 16:03 by tullynessle
Many, (including myself), believe that the movement in Tern's share price reflects more than standard share trading, even for volatile entities in challenging business environments.

It may be an opportune time to try and identify WHY.

I suspect that the primary reason is PROFIT.

1. How is PROFIT generated from such trading patterns?

1.1 By impacting the TERN share price to later purchase the Company at a price
lower than its true value

1.2 By creating profit from short / long trading

1.3 By cutting off TERN's opportunity to raise investment cash through Placings
at a small discount to a Higher Share Price valuation.

1.4 By attempting to ensure that access to funding via priced "share options" is
not achieved.

etc etc

IMO, it is obvious that TERN is packed with value in its Investee Company holdings, therefore the rewards will be significant.

It could be worth "brainstorming" as a Group as most of those contributing to the BB have a common interest in TERN's future success.
Posted at 21/11/2023 11:19 by tullynessle
In the past it appears that most attention by Tern supervision has been directed at the Investee Companies.

Accordingly, IMO it is possible that the growth and market appreciation of Tern
operations, its financial acumen and aspiring confidence has been somewhat less than that which was possible. Such deficiency may have arisen or been influenced by a number of actions or events explored in detail by the BB over the past few years.

Now that BOD and Management responsibilities have been redefined it appears an optimum time to ask the following questions.

Q3 What is the new strategy of the BOD to nurture and grow TERN and to recover the confidence of its Shareholder base.

Q4 Although BOD and CEO responsibilities have been redefined, please confirm that the "promise of NO management buyout of Tern" remains valid and indicate whether such promise is "evergreen" and if not, then provide the EXPIRY DATE of such an undertaking.

Q5 Is the BOD confident that such a BOD / Management division of responsibilities is efficient and viable in the short / longer term.


- I have a significant holding in TERN
- I have confidence in Ian Ritchie - now that certain restriction appear sorted
and Shareholder support budding (although still to be confirmed]
- I am not satisfied with Tern valuation but have no intention of selling until
"the time is right" - (I believe that is the term used by TERN?)]


Following the changes announced on 10 August 2023, Tern's Non-Executive Board now makes the Company's investment decisions and decides on Tern's strategy in relation to its portfolio companies. Mr. Sisto's and Mr. Leith's responsibilities are to implement the Board's decisions in relation to the management and oversight of Tern's holdings in its portfolio companies. Mr. Sisto and Mr. Leith work with the Company's portfolio companies and report back to the Board with information and updates (including providing recommendations and advice) which are used to inform the Board's decisions. Mr. Sisto and Mr. Leith are primarily responsible for relaying the Board's views and decisions to the portfolio companies. In this capacity, as is common in the venture capital industry, Mr. Sisto and Mr. Leith sit, as Tern's representatives, on the boards of several of Tern's portfolio companies, working with them to implement the Board's decisions, seeking to maximise value for Tern's shareholders.
Tern share price data is direct from the London Stock Exchange

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