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
  -0.25 -2.04% 12.00 659,128 13:32:57
Bid Price Offer Price High Price Low Price Open Price
11.50 12.50 12.50 12.00 12.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 0.12 -0.78 -0.30 32
Last Trade Time Trade Type Trade Size Trade Price Currency
17:09:07 O 8,594 12.00 GBX

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Tern Daily Update: Tern Plc is listed in the Software & Computer Services sector of the London Stock Exchange with ticker TERN. The last closing price for Tern was 12.25p.
Tern Plc has a 4 week average price of 8.75p and a 12 week average price of 3.75p.
The 1 year high share price is 15.75p while the 1 year low share price is currently 3.75p.
There are currently 270,019,045 shares in issue and the average daily traded volume is 3,109,283 shares. The market capitalisation of Tern Plc is £32,402,285.40.
tech_ip: Disposal at the lower end of 300 million will likely place a 2 in front of the Tern share price. So the ‘pounds not pence’ slogan does hold water particularly when considering on top the other three investments held by Tern showing a similar promise. So, whether it be Mike billions or Jamonit 300 million, Tern is looking a good place to be in.
mudbath: Re Grant Thornton: business leaders and their dogs seem to have been on the move toward distancing themselves from the firm recently,so Sarah Payne's response regarding the change of auditor was both factual and diplomatic. Turning to Ridicule's concern over Sisto's answer to Q8 ( When do you expect DA to become cash flow positive on a month by month basis?) This was a loaded $24k question and,given the deduced state of play vis-à-vis DA and Microsoft,one which he felt,probably correctly on balance, obliged to swerve. The more one considers the details of we shareholders interaction with TERN(via A.S , S.P and the questions posed)this week,the more immediate looms the possibility of Sweepie2's craving for a paradigm shifting RNS being satisfied. I therefore remain of the opinion that the the rate of ascent in the TERN share price,seen over recent weeks, is likely to continue, unabated.
ridicule: Some really interesting discussions this evening. Since the speeding ticket, the debate has almost exclusively centred on the share price and Sisto’s unwillingness or inability to communicate with shareholders on the progress of the investee companies in terms of their financials. In the last few weeks, it has become apparent to many more people that the investee companies in their individual ways have a unique offering which is both disruptive and unbelievably scalable. It is no surprise, therefore, that Oakville has decided to buy. In my view we are definitely at a breakout point. The question is what shape could that breakout take? There are some on here who make the point that value will only come with the sale of one of the investee companies. The point is a correct one, but it ignores the perception that shareholders, once they are given full visibility of the financial performance of the investee companies, will clearly see that their Tern investment is a Cash-cow, regardless of whether an investee company is sold or not. As long as the investee company is performing financially with clear visibility then the prospect of dividends or sheer balance sheet value creation will cause the Tern share price to rise. Why is this duality important? Because it allows shareholders to achieve value creation from their Tern investment, regardless of whether an investee company is sold or not, something that has been sadly lacking since the speeding ticket. Moreover, visible financial performance of the investee company will ensure a high coupon price once the exit sale occurs. In other words the two value options go hand in hand, they are not mutually exclusive. Returning to the potential purchase by Microsoft of device authority. Mike R, IoT is not a citidal, strongest calls the shots, environment; it is an open systems environment with unfettered, multi-path, secure communications access for all users and millions, if not billions of devices. The concept of MS buying device authority and then trying to charge higher prices for other big players to access Keyscaler flies completely in the face of the IOT perceived business model. A model that is completely understood by Microsoft. Yes, they want device authority to be part of the AZURE hub, because they want Azure to be the hub of choice. Having DA imbedded, along with many other features enables MS to co-operate with the likes of Wipro on a massive scale where everyone makes money, including DA. Similar value creating scenarios can be depicted for the other 3 investee companies. What makes today’s assesssment of the Tern investment case different from the last 5 years? The IoT hockey stick looks like it has finally arrived.
mudbath: All this noise;all these share price missives and yet....that pesky TERN share price just keeps on rising.Now what can you poor plods do next to try and hold it down ????? Touchy Tom, we need another article. Two preferably!
seewhatlmean: Read it and weep from the experts at Shareprophers: '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….? What we are told is that: Wyld Networks Limited issues of £400,000 of Convertible Loan Notes to third party Tern Plc (AIM: TERN), the investment company specialising in the Internet of Things ("IoT"), is pleased to announce that its portfolio company, Wyld Networks Limited ("Wyld"), has secured £400,000 from an investor to fund its growing pipeline of opportunities and for general working capital purposes, by way of an unsecured Convertible Loan Note facility ("CLN"). The CLN has been issued in full. The CLN also includes an option to convert into Tern shares under certain circumstances. So “under certain circumstances” this £400,000 convertible loan can be converted not into shares of Wyld Networks, but into shares in Tern! Presumably that would mean that Tern could, under certain circumstances, be the beneficiary of the £400,000. Well, that would help keep the lights on for a little longer……unless, of course, Wyld goes on a cash-guzzling spending spree. In that vein, I see that Wyld seems to be recruiting a Full-time Android Engineer as well as two contractors. But since Tern is the 100% owner of Wyld Networks, who gets the cold, hard cash may be a moot point. What is perhaps more important are the terms and condition attached to this loan. We are told the investor has the option to convert 25%, 50% 75% or 100% of the loan upon an exit or a fundraise of at least £1 million at a 20% discount. Given that Tern currently owns all the equity (in its books for £78,000) that £400,000 will dwarf Tern’s holding – especially bearing in mind the 20% discount. But at least Tern’s £853,332 loan to Wyld would be secure. But if not all the loan is converted upon a conversion event, the remaining loan would be converted into Tern shares – at a 15% discount. And if the term of the loan – extendable by one year – is exceeded than it will be converted into Tern shares at a 15% discount anyway. Well, that sounds like heads the loan note provider wins via an exit or fundraise (but who would pony up in the face of a 20% discount to the loan provider?) or tails it gets Tern shares at a 15% discount to the 5-day closing average price. Now it could be that Wyld strikes it big. But I suggest that Tern would pretty much miss out on the gains – although it would get its loan back. Failing that, this is just a death spiral for Tern. And if that perhaps seems a tad unlikely, they have gone to the trouble of announcing lock-in terms under that eventuality. Hmmm: not to dispose of any interests in such Tern Shares issued and allotted following a Conversion Event for a period of one month following such Conversion Event; not to dispose of any interests in 50% of all such Tern Shares issued and allotted following a Conversion Event for a period of three-months following such Conversion Event; following expiry of the period referred to in paragraph (b), up to the date that is six months following such Conversion Event, not to dispose of any interests in any remaining Tern Shares issued and allotted following such Conversion Event, other than through Tern's nominated adviser (or any nominated adviser or broker appointed to act for Tern in place of the nominated adviser) subject to the terms relating to the price and execution offered by the nominated adviser being materially no less favourable than other brokers at that time; and to use all reasonable endeavours to ensure that its associates comply with the restrictions contained in such undertaking. So our lender can offload half the shares after a month, and the rest after three months. And as I read it, the loan may be convertible into Tern shares in dribs and drabs after one year: If a conversion event has not occurred by the Maturity Date, then the CLN Holder has the option to elect to convert all of the CLN into Tern Shares at a 15% discount to the five-day average closing price of Tern Shares on AIM immediately prior to the Maturity Date, or, failing such election, the maturity date of the CLN is to be extended for one further year ("the Second Maturity Date"). If a Conversion Event has not taken place by the Second Maturity Date, the CLN will automatically convert into fully paid Tern Shares at a 15% discount to the five-day average closing price of Tern Shares on AIM immediately prior to the Second Maturity Date. Of course, our lender will have to wait a month before selling half and three months for the rest, but this looks like a death spiral – granted, not the very worst sort (although the 15% discount to average share price is fairly steep), but a death spiral nonetheless. And between now and then the lender picks up 5% interest a year. Neat. As such, it seems to me that it is Tern which has offered up a death spiral, with the option – if things go really well at Wyld – to give up its gains there. What’s not to like?! Oh….and what are the fees involved? I can’t find any reference to that at all – and without knowing the fees, you can’t really judge the deal. But I would say that had the fees been cheap, I daresay we would have been told. Tern’s shares are back up to 10.25p – still well down on the price immediately before the results were released, but still a whopping premium of 46% to its purported NAV. Given that Tern’s portfolio investees are a bunch of cash-hungry dogs with no exit in sight, I would suggest it should be trading at a discount, not a premium to NAV and thus the shares are monstrously overvalued. And given that Tern STILL needs to raise more cash and the portfolio is, ahem, interestingly valued my view remains SELL.'
mudbath: jimbob31 When the "invitation only" boys demonstrate that they can walk on water;that is to say show that they are able to influence the TERN share price movements;then we are not,until that unlikely moment, missing out. In any event,THIS is the true open forum;one to which they will return to,again and again. The share price is a matter of perspective. I was euphoric the other day when the price regained a beachhead of 8.5p. I remain so whilst looking forward to 17p with sure and eager anticipation.
ridicule: Jamonit, I fear you have missed most of the points I was making. Our investment is in the Aim listed Company, Tern, because they have stakes in exciting private companies. It is true, as I have pointed out, that the sale of one of those companies is a prime source of wealth creation, but it is the Tern share price that determines our wealth from that sale! Such wealth is dependant on two factors, not one. How many Tern shares are in issue at the time of an investee company sale and the price the investee company is sold for. I repeat, I do not want to be further diluted at a Tern share price of, say, less than 20p through further placings because that would be detrimental to the unicorn value of Tern shares which is the vehicle that will be the source of my wealth, not the private company where I do not hold any equity. More importantly, the first sale gets Tern the scale of capital to be taken seriously by the City as a Venture Capitalist, probably Also paying share holder dividends. That is the time for using Tern equity to raise even more money, not now while Tern’s capital base is weak and while this is reflected in a low Tern share price that would Be heavily dilutive in any placing to buy yet more private companies before we have created wealth by selling one of those we already own. Re-read my post with these points in mind.
ridicule: Jamonit. I think not. For Tern to multi-bag and become a Unicorn, the Investee companies need to be operating in highly scaleable markets, comprising many verticals, supporting global, disruptive industries. Amazingly, Al Sisto has achieved just that, but the City doesn’t see it, given the low cash reserves Tern has. Taken from the annual report: “Additional capital raised of GBP3.25 million before expenses with GBP2.5 million of this put to work in existing portfolio companies to enable growth and generate outside interest” In Venture Capital terms these numbers are peanuts and many conclude that Device Authority has taken Sisto advice and management support since 2014, but has not yet broken even because the investment players behind DA are under-capitalised. Yet despite this, DA has achieved a unique position in a critical niche - IoT security. Many savvy investors see this and the great research on this Board confirms it. But what does Sisto do? He says in today’s results: “ As part of our process we look to answer three key questions before making a commitment, to determine the scalability and sustainability of the company's competitive advantage and how it can be monetised to achieve rapid growth: · Does the company have a disruptive technology or is it insulated from disruptive change? · Can the company rapidly demonstrate financial strength with low capital intensity and high returns on invested capital with downstream high margins and strong cash conversion? · What, if any, are the environmental or secondary consequences created by the company, or governance and accounting risks that could alter our investment thesis? We believe that this improved approach to investing early with a chance to steer their strategy and product focus provides for an efficient use of our capital and resources that will result in higher returns for our shareholders at the time of realisation. Building on this momentum we are looking to add exciting new investments and create additional value from our existing ones in the year ahead.” Given Tern’s current capital base(and I do not want another placing below at least 20p), adding additional opportunities is the last thing I want Sisto to do. He must make a sale or an IPO from one of the current stable OF 4, before trying to stretch his meagre cash pile to make yet more investments. There is no roadmap for this in his quite lengthy pros on the Tern concept. Moreover, given the lack of capital and the failure to make a sale so far, the next imperative should be to improve the market cap by ensuring that the Tern share price reflects as far as possible the 4 outstanding assets in the Tern portfolio. To achieve this Sisto had to include an exciting forward looking statement about the investee companies for which much rich material abounds. On the contrary, Sisto confines himself to the much more nebulous, backward looking percentage game: “ further Year-on-year turnover of principal portfolio companies from 2018 to 2019 increased by 27% (2017 to 2018: 58%) · 31% year-on-year increase in employees within principal portfolio companies from 2018 to 2019 (2017 to 2018: 52%)“ Not only are these percentages unquantifiable, they show a year on year decline! The worst possible way for an under capitalised Venture Capitalist to present their investment case. Having said all of this, I remain a large shareholder because the 4 Tern companies are little gems. My return will come from: a company sale or IPO from the stable, or from exciting contract win announcements with visibility of the financials. Both sources need to deliver if we are to avoid progressive dilution from a share price that is far too low.
mudbath: Should we see a trading pattern emerge later today, similar to that seen yesterday afternoon,then the TERN share price could be in the region of 17p come the close.
mudbath: It does look as though the several factors that have served to depress the TERN share price for an extended period are about to be diminished. Next week could therefore be very positive in terms of said share price. We might even break that stubborn 10p barrier.
Tern share price data is direct from the London Stock Exchange
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