Tern Share Price (TERN)

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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 -3.57% 6.75 2,688,148 14:32:59
Bid Price Offer Price High Price Low Price Open Price
6.50 7.00 7.00 6.75 7.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 0.12 -0.78 -0.30 20
Last Trade Time Trade Type Trade Size Trade Price Currency
16:27:42 O 100,000 6.85 GBX
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Tern (TERN) Latest News

Tern News

Date Time Source Headline
22/9/202017:45ALNCUK EARNINGS SUMMARY: Tremor Loss Widens, Expects Third-Quarter Profit
21/9/202007:15ALNCFAlliance News Flash Headline
21/9/202007:01UKREGTern PLC: (AIM: TERN) Unaudited Interim Results for the six months to 30..
21/9/202007:00UKREGTern PLC: (AIM: TERN) Unaudited Interim Results for the six months to 30..
17/9/202007:01UKREGTern PLC: Change of Adviser
17/9/202007:00UKREGTern PLC: Change of Adviser
09/9/202014:33ALNCIN BRIEF: Tern Unit Secures Order From Satellite Maker
27/8/202007:00UKREGTern PLC: InVMA appoints new CEO and secures Future Fund convertible loan..
06/8/202022:08ALNCUK TRADING UPDATE SUMMARY: Naked Wines New Sales Drive Progress
03/8/202016:00UKREGTern PLC: Holding (s) in Company
More Tern News
Tern Takeover Rumours

Tern (TERN) Discussions and Chat

Tern Forums and Chat

Date Time Title Posts
27/9/202000:49TERN, encrypting the cloud and Internet of Things.218,736
26/9/202023:20TERN, encrypting the cloud and Internet of Things58,100
25/9/202012:10Tern plc 651
23/9/202017:27TERN encrypting the cloud and Internet of Things12,864
18/9/202009:20TERN - Pile of Shite. No doubt about it..137

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DateSubject
26/9/2020
09:20		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 7p.
Tern Plc has a 4 week average price of 6.25p and a 12 week average price of 6.05p.
The 1 year high share price is 15.75p while the 1 year low share price is currently 3.75p.
There are currently 300,999,434 shares in issue and the average daily traded volume is 2,124,506 shares. The market capitalisation of Tern Plc is £20,317,461.80.
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16/9/2020
08:46		ridicule: Read today’s Tek Capital announcement to understand how to publicly promote an investee company. They also have a declared special cash dividend policy that is clearly stated, not the opaque description we got from the Tern Q&A. It is not the performance of our investee companies holding the Tern share price back, it is the way the corporate aspects of Tern are being managed. The last non- TR1 placing, that AS declared to actually be a subscription was the last straw for me and prompted the formation of the shareholder action group; not to attack the BoD, as some on here seem intent on asserting, but to protect our interests in future placings, wealth distribution on an investee Exit and, if necessary, any attempt to take the Company private, since PIs who have supported this company and were indispensable over the past 5 years become instantly dispensable once an exit is achieved. Tern is not a trading company, it is a VC and pay away on exits is an indigenous model within the VC industry. Yes, the Tern share price will rise on an Exit, but not as much as it would with 40% of Exit proceeds being paid out to shareholders rather than being used to buy back shares that were placed for 6p and bought back at over £1! To what end? To keep the wealth within the company so that bigger placings can be made by re-issuing the bought back shares to buy bigger investees to achieve bigger management 10% bonuses. That is not a model I support because it makes the share value less important than the bonus which, in a PLC, is nuts, unless you happen to be a Tern Director. We now have over one third of total voting rights pledged to the TAG. We are 46m votes short of 50% to achieve majority voting rights. This is an insurance policy activity for PIs based on the way the BoD have acted. If our interest are looked after, no action is needed, if it turns out they are not, the TAG will try and act. The more votes we have the greater impact on events. PM me and join the TAG if this post makes sense to you.
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08/9/2020
10:18		andrbea: Besides an exit, 2 other things would help restore confidence Once DA have put out results (end of this month), confirm (in general terms) where DA stands financially, and that the loans from Tern can stop ... thus rerisking the tern share price The second point is for Mr Sisto to climb down a step (on who gains most from the DA exit). Even though his personal effort got us here (nurturing the stable of 4 great companies), what kept him afloat these last 5 years were the loyal shareholders who - after 8 placings - have been diluted to hell. If he were to underline the fair share-out (as suggested by Ridicule), it would be worth another 5p on the share price, as people would believe again (old wealth quasi protected)... This ignoring wyld and FvR (for the moment).
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07/9/2020
15:50		ridicule: Membership is flowing into the Tern Action Group and you only have to look at the trading today and the share price to understand why. With over a third of the voting shares now within the Group and committed, we are poised to at last have some impact on the BoD. We are all here, apart from the Trolls, because we see four budding Unicorns, in the right place, with multiple verticals requiring, what are becoming increasingly seen as the best or even only essential Services to make IoT a success. The opportunity for wealth creation from these specialist companies will be breath taking over the next two years as IoT and all it's empowerment services become a reality. But there is a problem. There is growing evidence that the Tern Board, are using a loyal, private investor base to keep Tern going without a clear commitment on the reward they have in mind and the method of delivering such an award when the transformational event of the first Investee sale occurs. Let me tell you why we in the Action Group believe there is a need for changes in the Corporate Governence approach of Tern to remove this nervousness: We first considered why is there an almost a complete lack of institutional investment, given the exciting nature of the investee companies? Possible answer - because they see Tern as effectively a VC, not a trading company. Yet there is no clearly published wealth distribution model for the internal rate of return(IRR) on an investee divestment, apart from the 10% management fee for directors. We considered why does Mr Sisto insist, uniquely in our experience, in only holding investor Q & A sessions that are pre-scripted with absolutely no room for any free flow dialogue? Possible answers. The investee companies are earlier in their incubation cycle than he wishes us to see. His agenda on an investee sale does not align with the interests of the shareholders so he wishes to avoid cross-examination. He is shy. We have rated the probability, in the order I listed the answers. We have analysed the heavy dilution between 29 December 2017 when the shares in issue were 159,001,140 and 14 May 2018 when the shares in issue were 225,384,580, an increase in equity of 66,383,440 in just 4.5 months and asked the question why? We also regretted the lack of private investor participation at that time to help soften the blow. Possible answer- Tern was caught between a rock and a hard place, suffering complete under-capitalisation from the outset, probably because the capital markets at that time saw the whole enterprise as too risky, and the continuing need for the hungry new borne chicks to be fed and, in some cases, acquired. We have examined the Tern growth story since then. Those in the group who have been invested long enough, will recall the excitement when the Tern share price suddenly started to move as hope value was increasingly attributed to the shares by the Market. The rapidity of this transformation can best be illustrated by the fact the multiple placings in Jan/Feb 18 were only attracting 2-2.5p, whereas a placing on 8 May 18 just, over 3 months later, attracted 18.5p! Despite the fact I had not been able to participate, I was becoming euphoric. There was another (PI excluded placing) for 18.5p on 14 May, just 6 days after the previous one. This rang some alarm bells because it indicated a lack of corporate financial planning on the part of the FD who should have been taking a 1-2 year view. The impact of 'hope; value in the shares continued with great momentum until suddenly and inexplicably, the speeding ticket was issued on the 13 Jun 18 and the hope value was extinguished, at a stroke, after two long painful years taken to create it. Why, when an opportunistic fund raise of £20m @ circa 40p, with shareholder participation could have been executed with the issue of 50m shares? We have pondered the inexplicable speeding ticket, and its’ devastating effect and it remains a mystery, particularly since a VC–style company has no trading performance to defend and could have raised £20m without blinking on the basis it was planning to buy more assets. There was no need to declare anything in a speeding ticket if capital had been raised on the back of the strong share price. No one would have questioned it, because the previous 2 years had shown how under-capitalised Tern was? The competency of the FD has to come under scrutiny here, particularly as 8 short weeks later another £2.9m placing took place, albeit at 26p. There is also a more profound implication to the above sequence of events. The BoD does not appear to care about the share price. This has to be reasonable conclusion given the additional events that have unfolded since. Progress has been slow since 2018 at the Corporate level, but the investee companies have been developing their capabilities and their marketing at a cracking pace and a sale may be near. We have still been subject to penny packet placings by Tern with no clear long term strategy apparent. The lates subscription with no evidence of a TR1 was the inspiration for me to form the Action Group. Having described the 'why', I would now like to describe the 'how' and I believe there is a high level of agreement within the Group. We have entered into dialogue with BoD and the Q & A on the Tern web site was a direct result of that dialogue. We felt, while a start , the discussions needed to go further and we needed to gain greater traction. This can only be achieved by growing the number of voting shares within the Group. Amazingly, we already have over 100m, a third of the total equity, in the few short weeks we have been operating. To have significant influence, we need over 50% of the voting shares participating, to impose any change to the Company Articles we need 75% of the voting shares and that is our medium term goal. I would now like to spell out our objectives clearly so that any potential investors that may be thinking about joining us understand fully the culture of what we are: First, we have no intention of attacking the BoD or any individuals with any type of threat. They have assembled 4 amazing investee companies and we want to be a supportive arm of the overall team that is poised to achieve great things. Second, we believe we can leverage our new found unity and the focused force of this Group to help the BoD promote these 4 fantastic companies. We would do this by setting up Tern Action Group sites on: Twitter, Facebook, Telegram and LSE to expand beyond the confines of ADVFN and share the very impressive research many on here and within the Group do, in order for a much wider audience to understand the potential of the investees. Third, we do want to participate in future dilutive placings and we believe Primary Bid and vehicles like them make this possible without constraining the BoD's freedom to deal with the institutions, Market Makers and Capital Markets. Fourth, Tern is a VC company and any impending sale is likely to be seismic and will transform this Company beyond recognition. The BoD are likely to be dealing in £100s of millions, when up until now, they have been dealing in £100s of K, or £2.7m tops. We believe a 50% reinvestment model from the first sale will in itself be an overwhelming number to reinvest astutely and a 40% pay away is reasonably justified for shareholders who have been on the journey I described above. Rather than be too prescriptive though we would be happy for an assurance that shareholder payout was always no less than 4 x the Management bonus. There are those that say the share price will go up anyway, so why demand a pay out? Because the share price will go up even more with pay away, as investors and institutions, who missed out the first time, pile in for the next one.There would also be much more choice for PIs with a pay away. They can by more Tern shares, pay off a mortgage, help children, give to charity, the options are endless. Finally if share buyback is substituted for shareholder pay away, the value of that buy back is notional, not absolute like cash. The value can be eroded if the buy back shares are loaded into a 'placings' gun as new ammunition to issue further equity to buy more companies to create even larger 10% bonuses on future exits. All that can and should be achieved with 50% reinvestment fund. This has been a long post, designed to encourage new members to join the Group. I have not cleared it with the other members of the Group. If there is anything here that a majority disagree with, I will be humble enough to come back and correct it.
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25/8/2020
19:19		ridicule: The text below is lifted from the section of the Tern website where they advise aspiring investees how best to secure an investment, particularly from Tern. “Be transparent Preparing your IoT business for a sale is no time to be coy, whether about your financials, your customers, your offering or your employees. Most potential buyers will be highly experienced in cutting through smoke and mirrors, identifying where details are vague or incomplete, and establishing deliberate gaps in the information supplied. As such, you should always seek to be as thorough, open and honest as possible, and have someone on hand to answer further questions as they occur.” When Tern, in turn, received an investment from me, I acted on the assumption that Tern themselves really believed in what is written above. Today, with a lot of my Tern investment placed underwater by a speeding ticket, they clearly feel there are two different universes. One for them and aspiring investees and one for their frustrated shareholders whose hard earned wealth has been trapped, with no tangible information available on which to make an informed judgement on whether to cut losses or wait it out! There are a lot of posters on here who do not understand the power of Corporate manoeuvres to wallet strip ordinary investors when corporate actions like sale and purchases take place. I am also an industry angel and here is a real world example that happened to me. The private company’s shares were tripled on Aim floatation. The reasoned argument - that number was required to to ensure Aim market liquidity. The value of the PI share holding was instantly reduced by 2/3rds. Here is the clever bit. The Directors were awarded undemanding share options for award based on year1 Aim trading that effectively wiped out the 2/3rds value reduction the rest of us had suffered. Al Sisto has floated share buybacks to, helpfully, shield shareholders from tax exposure. This is the direct equivalent of tripling the shares in issue for liquidity purposes in my previous example. Never mind the fact many of us have significant SIPP and ISA protection. The Directors deal works a little differently in this example; they get the benefit upfront by way of an 8-10% cash bonus. That does not sound excessive until you realise the directors receiving it can be counted on one hand! That is one enormous chunk of cash and makes the impact of a low share price, even to someone with holdings as large as AS, pale into insignificance. He also has a structured vehicle for that money to be paid into so that the tax liability can be neutralised as far as possible over time. Ah I hear you say, but on an exit the Tern share price will soar. Not as much as you think in the medium term. One could take short term profits by selling shares immediately, but if the model is proved by the first exit, I for one, would want to stay in for the ride and any instant share price rise would be dwarfed by a cash handout through a special dividend to shareholders of 40% of the sale value accruing to Tern, a perfectly reasonable distribution, given the Directors bonus take and the fact they also participate as shareholders in the special dividend. Such an arrangement still leaves 50% to be ploughed back into future investee acquisitions and a Tern equity, that would be significantly stronger than now, could Be used to leverage the cash element of future acquisitions Why would directors want to spend the shareholders Swag on share buybacks then? Because all the cash received from an exit, apart from the Directors’ bonus remains in the Company! This enables bigger and better acquisitions, leveraged by even stronger equity and and much bigger and quicker exit bonuses for Directors. It also recharges the gun for more dilution, having reduced it through buybacks to acquire even bigger targets more quickly. Many see this Company as if it were a trading company when, in fact, it is a VC! That model works on maximum IRR extraction over minimum time periods, not on share prices and dividends. If there are shareholders in the mix then a special dividend is seen as wealth leakage from the potential IRR which, in this company is extracted through director bonuses. As a post script I will return to my comment about share price movements in the medium term. An ‘exit’ will produce a significant share price peak but, as the revenues from the exit are reinvested or distributed as bonuses, the attractiveness of the investment reduces for new investors until a further exit is achieved, particularly if there are no special dividends involved. Hence my point that the share price doesn’t remain astronomic in the medium term. For us a special dividend is key in my view. It gives us cash in hand to make our own decision on how to spend it. We could plough it back into Tern, but that would be our decision to make and not the BoD’s
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21/8/2020
11:16		ridicule: 1happydays, 1399peter. Happy, a clearly enunciated special dividend arrangement would significantly enhance the share price. This is because it confirms there will be cash in hand on an exit for shareholders, particularly if that amounts to 40%,as has been mooted. The biggest return from this investment is the share out on an exit, not the trading performance of the business as the last 5 years has clearly shown. To my mind, a clear and committed statement on shareholder cash reward sharing would transform the Tern share price. 1339peter, be very careful when a CEO in line for a 10% bonus, in cash, on exit, starts to advise his shareholders that he is so concerned for their well-being, he is going to look into making sure he looks after their tax efficiency through a share buyback! I’m quite capable of looking after my own tax affairs, as I suspect is everyone else on here, particularly given many of us have this investment in ISAs and SIPPs. Share buybacks are value added in theory, but they do not give the certainty of return that cash does. This is because a share buyback can be diluted again a few months or years downstream, when the BoD want to raise equity. Secondly, the money is locked into the fortunes of the company, whereas cash is locked into your bank account. I suspect if anyone suggested to AS it would be tax efficient for him to convert his 10% into contributing to a share buyback he would run a mile.
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15/8/2020
11:07		mudbath: On the occasion of each placing,the TERN share price has subsequently suffered as the overhang cleared and as those who just hate seeing what a successful company TERN is evolving into,surge into a frenzy of bad mouth postings. We are now through that period and I look forward to next weeks share price movements with positive expectations.
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12/8/2020
15:49		mudbath: Despite that avalanche of misinformation from monte and his pals;despite the collusion that has resulted in a series of significant TERN share sales at ludicrously low prices; their attempts to further weaken the resolve of holders will only result in an expensive failure; for "value will out". The situation today so closely mirrors their activity last seen when the TERN share price languished at sub 4p earlier this year;hyper negativity from the trolls,allied to significant selling at what transpired to be rock bottom prices before the share price rallied vigorously. Expect an imminent re-run;one that is quite possibly already underway.
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26/7/2020
11:40		ridicule: Dear all, I agree that we must not damage the share price unnecessarily through the current debate that we are having. And the Guild may be a better forum, although I have so far found it a bit clunky. All I seem to be able to do is to get the individual track record of everyone’s postings. I haven’t been able to find a free flow of views exchanged within the Guild yet. But then I am new to the Guild process. I think it is important to reiterate that all long-term holders rate the current 4 investee companies and their prospects. The concern is the way Mr Sisto is running the company. Mr Sisto’s top priority must be establishing clearly for the company’s investors a development runway for the 4 investee companies we have stakes in already. At the end of the day, it is their performance that will give investors confidence. It is self-evident that trying to buy a significant stake in yet more embryonic Unicorns with a capital base of circa £2m will mean the companies concerned will be very embryonic indeed, or a lot more would have to paid for such stakes. I am not looking to be confrontational with Al Sisto, because he is currently the key man in delivering the returns on our investment. He does need to recognise, however, that his original strategy is the right strategy - to deliver one stage 3 sale to achieve a quantum increase in the capital war chest in order buy more investments with the fire power to manage the inevitable risks and delays to growth that such companies invariably face. I say this because it is self-evident that current investee companies are all experiencing that embryonic environment, or we would have had either: a sale,( I agree with Mr Piggy it is unfortunate that the one sale that has happened, we only had a 1% stake in); an IPO, or a set of financial results from one or more of the investees that would have moved the Tern share price much higher. It is a paradox to me that many of the arguments for making further acquisitions, deployed by AS in his response to JohnMa, apply equally to the sale of an existing company within the stable, as I tried to emphasise in my point-by-point comments on the email AS sent to JohnMa. This brings me to the nub of the issue. Why is a sale apparently not in prospect? I suspect that there is insufficient business momentum to justify the right price or to gain a VC participation to underpin the investees prior to a sale or an IPO. Sisto has clearly decided to manage this scenario by making the investees financial performance opaque to his shareholders. Another way would be to come up front and articulate the perceived growth runway for each company, leading to sale or IPO with an anticipated timescale. Some will argue that such clarity could damage the share price, but I would argue opaqueness in both investee company performance and unexpected and unannounced subscriptions for TERN equity, until the deed is done, are most certainly knocking the share price The great research done by Andrbea and others places the investees in a favourable place. I would, therefore, argue that a prospectus for each of them, with financial clarity, and a clear calendar based runway to moving them on, would take the NAV market valuation that AS keeps falling back on and add the massive Hope value to ensure a much higher share price than we have today. It would also attract institutional investment to strengthen the balance sheet.
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20/7/2020
15:21		youretards: This is so funny from Ridiculous.'John,while it may not be much comfort to you, I am relieved that you did not participate in the placing because, in my eyes, it leaves your integrity intact.I do not know the rules on how many votes are required to demand a shareholders extraordinary meeting, but I believe Al Sisto should be called to account. The return to a bucket shop when advising a Primary Bid process would be considered requires some justification. The raising of funds for a further acquisition when such an outcome has not materialised from the last placing, even though that was one of the reasons given for that placing requires Mr Sisto be cross-examined over his own integrity. The release of such price sensitive news 2 hours after such news should have been released at 7am, allowing some significant purchases of Tern shares to take place between 8am and 9am also requires some justification.Mr Sisto also needs to reassure his {loyal but angry} shareholders that the 250k share trades that occured last Friday were not connected in anyway with today's announcement.Furthermore, given it looks like Mr Sisto has slipped in, what he mind blowingly describes as a Portfolio Update, as the last update before the results on 21 September, why is it totally content free of any financial metrics? We are left to ponder whether 62% represents 62% of £100 or 62% of £3m or any number in between? Such obtuse techniques completely blind sides loyal shareholders from any meaningful appraisal of their investment; some of whom have been invested for more years than perhaps we would now wish.Mr Sisto at a stroke has diluted every shareholder by 5.86%, including himself, but then he managed to ameliorate the impact on him by participating in the earlier 6p placing that none of us were able to because he avoided the Primary Bid route.The question also arises over the timing of this latest placing? If his only hope is to secure at least one acquisition by year end, why go to the Bucket shops now of all times, when Wyld could be, as Mr Sisto advises, on the brink a major Covid- 19 Care Home Contract?The perception of many shareholders was that the Tern share price could have doubled on a successful outcome for Wyld. He could have identified a new target Company and agreed the deal in principle and then come to shareholders for a placing, justified on the business case of aquisition benefits. Instead, we are left with a vague arm waving declaration to procure something, maybe!I am also left asking myself - notwithstanding the complete lack of any financial metrics in his portfolio update, why was there no mention at all of the Device Authority, twice extended loan? This is due for redemption in September and he must have complete visibility of that company's ability to repay it, given we are nearly into August! Why were we not given the comfort that would have been so helpful this morning, to know that loan will be redeemed?The other two reasons for raising £1.5m, less unspecified expenses when they should have been specified were:1. Working Capital. Really! It looks to me that the last placing, in the absence of any acquisition news has been entirely spent on working capital and I am becoming concerned that operating costs are becoming so burdensome, particularly given the Director salary increases last year.2. Stronger Balance Sheet to aid acquisition negotiations! I have run an SME and dealt extensively with Venture Capitalists. Believe me, increasing the cash reserves from .8m to +£1.5m less unspecified expenses will not move the dial on what price has to be paid for a target acquisition. In fact this is Tern's greatest weakness. They should be dealing in tens of millions not single millions and this was why the strategy was always about any early Phase 3 sale to upscale the Company's fire power going forward.Come on Mr Sisto, step up to the mark and hold an extraordinary shareholders meeting where we can question you. Not in the meaningless pre-structured format where all questions have to be agreed beforehand, but in a freeflow way like every other CEO of a listed company that I have ever come across does.Many people, myself included, have invested heavily in Tern, you owe it to us to be much more straght than you have been hitherto.Postscript::I am emailing this post to Mr Sisto. If you support it, I suggest that you also email him to express that support.'
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20/7/2020
15:16		ridicule: John,while it may not be much comfort to you, I am relieved that you did not participate in the placing because, in my eyes, it leaves your integrity intact.I do not know the rules on how many votes are required to demand a shareholders extraordinary meeting, but I believe Al Sisto should be called to account. The return to a bucket shop when advising a Primary Bid process would be considered requires some justification. The raising of funds for a further acquisition when such an outcome has not materialised from the last placing, even though that was one of the reasons given for that placing requires Mr Sisto be cross-examined over his own integrity. The release of such price sensitive news 2 hours after such news should have been released at 7am, allowing some significant purchases of Tern shares to take place between 8am and 9am also requires some justification. Mr Sisto also needs to reassure his {loyal but angry} shareholders that the 250k share trades that occured last Friday were not connected in anyway with today's announcement. Furthermore, given it looks like Mr Sisto has slipped in, what he mind blowingly describes as a Portfolio Update, as the last update before the results on 21 September, why is it totally content free of any financial metrics? We are left to ponder whether 62% represents 62% of £100 or 62% of £3m or any number in between? Such obtuse techniques completely blind sides loyal shareholders from any meaningful appraisal of their investment; some of whom have been invested for more years than perhaps we would now wish. Mr Sisto at a stroke has diluted every shareholder by 5.86%, including himself, but then he managed to ameliorate the impact on him by participating in the earlier 6p placing that none of us were able to because he avoided the Primary Bid route. The question also arises over the timing of this latest placing? If his only hope is to secure at least one acquisition by year end, why go to the Bucket shops now of all times, when Wyld could be, as Mr Sisto advises, on the brink a major Covid- 19 Care Home Contract? The perception of many shareholders was that the Tern share price could have doubled on a successful outcome for Wyld. He could have identified a new target Company and agreed the deal in principle and then come to shareholders for a placing, justified on the business case of aquisition benefits. Instead, we are left with a vague arm waving declaration to procure something, maybe! I am also left asking myself - notwithstanding the complete lack of any financial metrics in his portfolio update, why was there no mention at all of the Device Authority, twice extended loan? This is due for redemption in September and he must have complete visibility of that company's ability to repay it, given we are nearly into August! Why were we not given the comfort that would have been so helpful this morning, to know that loan will be redeemed? The other two reasons for raising £1.5m, less unspecified expenses when they should have been specified were: 1. Working Capital. Really! It looks to me that the last placing, in the absence of any acquisition news has been entirely spent on working capital and I am becoming concerned that operating costs are becoming so burdensome, particularly given the Director salary increases last year. 2. Stronger Balance Sheet to aid acquisition negotiations! I have run an SME and dealt extensively with Venture Capitalists. Believe me, increasing the cash reserves from .8m to +£1.5m less unspecified expenses will not move the dial on what price has to be paid for a target acquisition. In fact this is Tern's greatest weakness. They should be dealing in tens of millions not single millions and this was why the strategy was always about any early Phase 3 sale to upscale the Company's fire power going forward. Come on Mr Sisto, step up to the mark and hold an extraordinary shareholders meeting where we can question you. Not in the meaningless pre-structured format where all questions have to be agreed beforehand, but in a freeflow way like every other CEO of a listed company that I have ever come across does. Many people, myself included, have invested heavily in Tern, you owe it to us to be much more straight than you have been hitherto. Postscript:: I am emailing this post to Mr Sisto. If you support it, I suggest that you also email him to express that support.
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