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TERN Tern Plc

2.20
-0.05 (-2.22%)
15 Jul 2024 - Closed
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
  -0.05 -2.22% 2.20 499,444 10:26:55
Bid Price Offer Price High Price Low Price Open Price
2.00 2.40 2.25 2.20 2.25
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 66k -10.45M -0.0269 -0.82 8.74M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:28:42 O 75,000 2.02 GBX

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Date Time Title Posts
15/7/202417:51TERN, encrypting the cloud and Internet of Things.352,945
15/7/202415:48TERN, encrypting the cloud and Internet of Things60,805
15/7/202410:33TERN, encrypting the cloud and Internet of Things.18,870
14/7/202412:47Tern plc 2,352
01/7/202408:20tern mbo ?3,767

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Tern (TERN) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-07-15 15:28:432.0275,0001,515.00O
2024-07-15 12:14:212.04122,5502,500.02O
2024-07-15 09:26:442.12100,0002,115.00O
2024-07-15 08:27:192.11157,6773,327.14O
2024-07-15 07:44:482.3941,679994.04O

Tern (TERN) Top Chat Posts

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Posted at 15/7/2024 09:20 by Tern Daily Update
Tern Plc is listed in the Finance Services sector of the London Stock Exchange with ticker TERN. The last closing price for Tern was 2.25p.
Tern currently has 388,571,510 shares in issue. The market capitalisation of Tern is £8,548,573.
Tern has a price to earnings ratio (PE ratio) of -0.82.
This morning TERN shares opened at 2.25p
Posted at 15/7/2024 13:03 by homtanks
wyld share price progressing nicely breaking 3 sek and bit will be huge probably will need some news but have good feeling about it rest of the year.

Only tern board not doing much as usual for the tern share price.
Posted at 09/7/2024 10:35 by flashheart
With this grant, now watch the deluge of revenue generating contracts snowball for Wyld. There are no constraints and nothing to stop this now. This will obviously'feed in' to the Tern share price
Posted at 02/7/2024 15:36 by tullynessle
Re Posts 352448 & 352449

If you review the Capital Markets Day Presentation 26 March 2024 in its entirety is there any reason why the TERN share price and Market Cap should be where it is?

In fairness, should the role of Investors, Speculators and Manipulators be reviewed also - because it is possible that no matter what Tern and the Investee Companies share the resulting impact on value will not be adjusted by one iota.

IMO, a significant, rigorous and long standing solution is required - part exit of one IC at near enterprise value, sufficient to provide funding for TERN as an entity solely, for a minimum of eighteen months.

All IMO
Posted at 02/7/2024 15:22 by tullynessle
Subject: Tern, Capital Markets Day, March 26, 2024,


[Aside - Post comprises Transcript with some added Grammar - make your own check for accuracy]

Well worth reading.




1:09:50

Al Sisto speaking

…………….. we're early stage investors who really focus on product and product Market fit.

So, to be frank, I and Bruce have not been busier than we have been in the last six to nine months as we've helped the companies adopt and take on the AI positioning, and this comes from the synergistic portfolio that we talked about.

When you talk about 1011. 1011 is all about outbound marketing and creating outbound marketing interest. These are very expensive growth capital areas that require a different kind of venture capital business. We support the companies from a product Market fit basis. We're bringing in syndicated investors who are now supporting the growth Capital required that have foundations, they have places where they market and seminars and outgoing marketing events that showcase their companies. We don't have the capital to do that. We have the resources that know how to make products, we have the resources that know how to make product Market fit, and our companies I think reflect the success of that endeavour, and that the work that we do and our networks are focused in in those areas. So I think we're busier than ever in bringing the new technology and new Market opportunities for the products that exist today as a basis of what we do, and what we do to support you our shareholders. Because by doing so we maintain an important relevance in a seat at the table that will protect us in providing you with a sizable return when we exit these businesses.


Tim Metcalfe Speaking

Thank you for that Al you know I think that it's pretty clear there you know that there is a lot going on day to day and is it right to say that you know that input that's being given on a day-to-day basis is crucial to protecting the Tern positions in these companies because without Capital you've got to offer something .


Al Sisto speaking

Absolutely Venture cap investing is a full contact sport. It's like Union rugby rules in Australia. I mean just about anything goes and there are so many tricks and preferences and different classes of shares and things that can get structured behind the scenes, that if we're not at the table and we're not creating value, we will be slowly and painfully eliminated from participating in the businesses. And this goes beyond money. This is just because of greed. The more that someone can grab from the table for their investors they're going to do it. So we spend a considerable amount of our time making sure deals are structured in such a way that our shareholders are protected on the returns. Cause that's the area that is a black art in Venture Capital.

Tim Metcalfe speaking

And you mentioned obviously you know the goal is to return Returns to shareholders through liquidity events. Tern now has minority positions in all of its portfolio companies. Does Tern have the freedom to sell those positions as when it sees fit or do other shareholders have a say in what we do.

Al Sisto speaking

Generally speaking the way the share purchase Agreements are structured in these investment rounds created, the investor majority, that is the professional investors not the company, make the decisions on who can play and who cannot play. And again that's part of this black art of making sure that when these purchase agreements are put together there is an opportunity for us to make sure that we're treated as an equal rather than as a stepchild, and if opportunities present themselves to do things, to us we still will be required to seek invest majority to secure anything that we would like to do on our own. So it's a check and balance within the investment agreements that exist within these companies that we're part of.

Tim Metcalfe speaking

So, there are those checks and balances but ultimately you know there is still the ability to deal.

Al Sisto Speaking

Oh yeah, there's a realization opportunity, it just it has to be in balance with everybody else and that it makes sense to the whole group rather than just us by ourselves.

Ian Ritchie speaking

But our co-investment partners are also very keen to ensure the right kind of liquidity events so you know we're all on the same boat we're all trying to realize value.

Al Sisto speaking

Greed is common denominator

Tim Metcalfe speaking

Well and obviously the value of these companies is coming across particularly to some of our larger shareholders and I've had one or two mentioned to me you know would there be an opportunity for them to participate if term was selling or companies were looking to work to raise further funds.

Al Sisto speaking

Again, as we said earlier, it would be ideal to to do something like that, if in fact the investor majority would be so inclined and again we would make a hard case for that because that would be a preferred outlet.


Tim Metcalfe speaking

And really, I'm conscious that we've been going for over an hour and a half and we've kept 95% of the attendance so we're going to have to wrap it up pretty quickly but just as a final comment you know these are all growing companies are you comfortable with their current funding needs and the fact that they have sufficient funding for current requirements.

Al Sisto speaking

I think at at this point everyone is funded to give them runway through at least to the second half of the year, if not in most cases for this year and next year. The problem we face is if they become really successful and grow faster than their forecast, and again the prospects that you heard at these companies are pretty strong, so stay watch this space. But at the end of the day there is capital that has been deployed with these recent fundings that is enabling the companies to continue to move forward.


Tim Metcalfe speaking

Well I think we're going to have to to wrap it up there and apologies answer the questions that have been submitted tonight and hopefully covered the areas that the people have been questioning but as always if you got anything further please get in touch contact details on all the announcements tern@iInvestor-focus.co.uk

We will endeavour to put a recording of this session up on the site as soon as possible. For those who haven't had the opportunity please pass on those details and on bulletin boards and things and make sure people see it because we want to share you know the fantastic opportunities and growth that these companies are enjoying. and hopefully and I'm pretty confident that is going to be seen as a return to Tern shareholders in due course so thank you very much to all the presenters this evening, thank you Darren and Alastair in particular for joining us live, Jo and Richard for your videos but most of all thank you very much to everybody who's joined us this evening to participate and watch the presentations thank you thanks very much.

1:17:40
English (auto-generated)

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

Capital Markets Day Presentation March 2024 (youtube.com)


Tern Capital Markets Say Presentation, Mar 26, 2024
Video presentation of Tern PLC Capital Markets Day held on 26 March 2024. Presenters include Ian Ritchie and Al Sisto from Tern PLC together with Darron Antill from Device Authority, Jo Halliday from Talking Medicines and Alastair Williamson from Wyld Networks.
Posted at 02/7/2024 14:40 by tullynessle
Better if the figure is nearer £2.0 million to permit repayment of outstanding loan - believed to be around £500,000.

Should be enough to deter speculators until one EV exit is achieved.


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

Tullynessle1 Jul '24 - 14:07 - 352394 of 352443 Edit
0 5 0
MM6

Agreed, TERN will have to part exit of one of its Investee Companies to raise funds sufficient for 12 - 18 months.

That should be sufficient time for at least one of the ICs to mature to full ENTERPRISE VALUE.

Tern share price should react accordingly.

IMO a better solution than any further dilution (if such action became available)
Posted at 01/7/2024 20:06 by jimbob58
Vitec, agree that Tern share price is way out of kilter with true worth of investees.

I do not believe that Sisto & Co would carry out threat to sell off Tern assets on the cheap if they are not allowed to do future placings, as to do so, they would be shooting themselves in the foot. Sisto has 10.7 million shares, Ritchie has 1.6 million shares and Leith has 8.9 million shares in Tern.
Posted at 01/7/2024 14:07 by tullynessle
MM6

Agreed, TERN will have to part exit of one of its Investee Companies to raise funds sufficient for 12 - 18 months.

That should be sufficient time for at least one of the ICs to mature to full ENTERPRISE VALUE.

Tern share price should react accordingly.

IMO a better solution than any further dilution (if such action became available)
Posted at 01/7/2024 13:39 by tullynessle
I have watched and listened to the Capital Markets Day video at least six times.

To me the personal sentiments expressed by Ian Ritchie between 1:05:42 and 1:08:29 in his short talk to Shareholders appears entirely genuine, (listen to his voice).

Hopefully Mr Ritchie can elucidate more by further reference to value and timelines without compromising his negotiating collateral.

In the meantime, protection of our Company from predators, including co-ordinated forward and short selling (if such exists); and ensuring that Tern is adequately financed is paramount.

[Aside - Post comprises Transcript with some added Grammar - make your own check for accuracy]



Tern, Capital Markets Day, March 26, 2024, Extract _ Ian Ritchie, Transcript

1:05:42

Tim Metcalfe

……… but I'll then hand over to Ian I think you'll make want to make a few comments before we move on to questions Ian you're muted


1:0:05:49

Ian Ritchie

“ Yes, I'd like to make a few observations.

Before TERN I've been part of four different early stage investment companies.

Normally these companies invest in businesses at an early stage, businesses that are quite small and immature and haven't yet either properly developed their product or channels to Market and that's the case of all the companies in TERN's portfolio.

When we've invested in these companies they were typically two or three founders. So it's quite typical for many of these early stage Investments to fail and a 40% success rate in a portfolio is regarded reasonably good in the circumstances.

By contrast we've created a portfolio where 80% of our companies are not only surviving but they're thriving. Our metric is significantly much better than other Venture Capital companies.

We've had one exit in Wyld which you've just heard about which is well on the way to breaking even and a very very hot space in the fast growing Low Earth Orbit Market.

Device Authority and fundamental VR are now syndicated with specialist growth Capital VCs. These are VCs who understand their Market, their particular markets, and they're aiming to grow these businesses into substantial businesses and their ticket sizes are 10 million plus.

Talking medicines is now established in a category of Market specific AI, a sector that's achieving 50x return multiples of Revenue.

Now, we are sitting in a market cap of about 7.2 million.

At the current share price we are very very seriously undervalued.

It really doesn't begin to remotely represent the inherent value of this portfolio.

We see what people put in chat boards but we're not in the entertainment industry, we're in the value creation industry, and the issue is not about our operating costs. We're very lean. In the last year we've cut overheads by 40% we've cut our management team in half, we've moved our office to a cupboard to save costs. Our Focus, which can't be cut, is about supporting the companies and TERN’s efforts are geared to remaining a major participant in helping these companies prosper and return significant value in a liquidity event at the appropriate time.

Our shareholders will share when value is realized and we’ll always aim to maximize the return to you our shareholders. And that's the goal that drives us in everything we do.”

1:08:29





Capital Markets Day Presentation March 2024

Video presentation of Tern PLC Capital Markets Day held on 26 March 2024. Presenters include Ian Ritchie and Al Sisto from Tern PLC together with Darron Antill from Device Authority, Jo Halliday from Talking Medicines and Alastair Williamson from Wyld Networks.
Posted at 28/6/2024 11:44 by tullynessle
Re Post 352094

With regard to Special Resolution No 5 and the Chairman's AGM Letter/ Loan Facility

AA WHY THE ABSENCE OF INFORMATION AS TO THE IMPACT OF INCREASING DRAWDOWN FROM THE LOAN FACILITY ON THE WYLD NETWORKS SHARE PRICE [collateral] AND ON THE VALUE OF TERN'S HOLDING IN WN?

HOW ARE TERN SHAREHOLDERS TO ASSESS THE OPTION OF THE LOAN FACILITY AS A VIABLE AND LEAST COST OPTION?


With regard to the Special Resolution No 5 and the Chairman's AGM Letter / Disapply pre-emption rights, aggregate nominal value of £10,000 (representing up to 50,000,000 ordinary share.

AA NOTING THE TERN SHARE PRICE AT THE DATE OF THE AGM, [AROUND 2.10PENCE] THEN ANY PLACING IMPLEMENTED AT AROUND THAT DATE WOULD RAISE SOME £950,000 LESS COSTS.

SHAREHOLDERS ARE ADVISED IN THE RNS DATES JUNE 27 2024 AND ENTITLED "RESULTS OF AGM" THAT:

"the Company will likely be required to seek to satisfy its further funding requirements from the disposal of holdings in its portfolio in the short-term and in a timeframe and potentially in a manner that may not be in the best interests of the Company and its shareholders."

ONLY FIVE COMMENTS:

* WHY DID THE BOD AND MANAGEMENT ALLOW THIS SITUATION TO ARISE

* WHAT OTHER SOURCES OF FINANCE HAVE BEEN INVESTIGATED

* HAS LOANS / FINANCE BEEN REQUESTED FROM ENTITIES SUPPORTED BY GOVERNMENT

* HAS EXPRESSIONS OF INTERESTED BY THIRD PARTY ENTITIES, (I.E. ENTITIES THAT ARE NOT INVESTEE COMPANIES, NOT CO-INVESTORS, NOT EXISTING PROVIDERS OF FINANCE IN THE PAST.

* IT IS NOTED THAT THE TERN BOD AND MANAGEMENT CONVERTED SIGNIFICANT OUTSTANDING LOANS (AROUND £1 MILLION) DUE BY DEVICE AUTHORITY TO TERN, INTO DEVICE AUTHORITY SHARES AT THE TIME TEN ELEVEN PARTNERS INVESTED IN DA. (DEC 27, 2023)

WHY - NOTING THAT TERN BOD AND MANAGEMENT RUN TERN.







Tern Plc
Notice of Annual General Meeting

Chairman's Letter / 30 May 2024 / Dear Shareholder


Extract 1:

The Directors believe that having the continuing authority to issue a limited number of new Ordinary Shares is extremely important for the Company as it:


* having the ability to issue new Ordinary Shares would enable the Company to
potentially access the remaining £2.5 million of the £3.0 million loan facility
(the “Facility”) entered into on 12 June 2023, which requires warrants over
Ordinary Shares to be issued in relation to any Facility drawdown.

Without the Directors having the authority to issue Ordinary Shares and to
disapply pre-emption rights the Company is unable to make any further drawdowns
from the Facility


Extract 2:

Page 2 / The following Resolutions will be proposed at the AGM / Resolution No 5


"5. Resolution 5, which will be proposed as a special resolution and which is subject to the passing of resolution 4, is to disapply statutory pre-emption rights, provided that such authority shall be limited to an aggregate nominal value of £10,000 (representing a total of up to 50,000,000 new Ordinary Shares)."
Posted at 27/6/2024 12:41 by jimbob58
The failure of resolution 5 not being passed at the AGM, plus relative narrowness of IR re election vote, should not be a surprise to the Bod, and IMHO, can only be good news for Tern.
BoD are sitting on 4 highly promising investee companies and shareholders are fed up with the lack of monetisation of one or more of these, coupled with a continued erosion of the Tern share price PR remains abysmal-recent DA award not being brought to markets attention is latest in long line of missed opportunities to raise Tern profile & share price
Tern do not have the cash to maintain existing shareholdings in investees, and even if the above resolution had been passed, would still have resulted in both further dilution
in Tern shares and also the individual holdings in subsequent funding rounds.

Tern cannot keep these 4 plates spinning without risking its participation in them going forward. Philjeans is right, by selling one now, we get cash in the bank, and bolster the sp, and be in a better position to maintain our holding in the remaining investees.

Come on BoD-enough is enough.
Tern share price data is direct from the London Stock Exchange

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