Device Authority

51 days ago

Tern - a few further observations, as chairman walks the plank and board begs shareholders to allow more dilution

Today we have news that Tern (TERN) chairman Ian Ritchie has suffered enough and will walk the plank after the AGM. And the company has been forced to beg shareholders to support AGM votes to allow it to issue more shares, warning that if they do not then it may have to fire sale assets. That would clearly decimate the illusory stated NAV per share but so too will yet more share issuances. Tern shareholders have voted down such measures in the past they may well do so again having reached the point where they have just lost so much they care more about saying "fuck you" to the useless board than about their remaining investment.

100 days ago

My Tern for a victory lap

A slight mix up saw both Nigel and myself prepare pieces on Tern (TERN) after its latest bailout placing yesterday. We are both vindicated bears and we both agree on what happens next. Nigel's article is HERE. Now its my tern (geddit?)

212 days ago

Tern - stake in Device Authority cut by latest fundraise, NAV death by a thousand cuts

On 23 December, Tern (TERN) announced that the 2nd tranche of the fund raise announced on 27 December 2023 of $3.3 million had been completed. In a previous RNS on 30 September 2024, Tern had indicated that this fund raise had been deferred due to strong performance by Device Authority and hoped that it may not be required but ultimately it was still required.

998 days ago

Tern – Device Authority fund raise: a maths lesson for morons

Sub scale investment company Tern (TERN) has announced that it has invested a fresh $303,000 in loan notes issued by Device Authority, its largest single investment where it has a stake of 53.8%, Two matters of grave concern should leap out at you.

1320 days ago

DO THE EFFING MATHS MORONS: Tern - why its shares should more than halve even AFTER today’s circa 20% fall

AIM listed investment dog run by charlatans, Tern (TERN) has dashed the hopes of the Bulletin Board Morons when it issued the Device Authority funding update RNS which revealed that Device was not worth billions or even hundreds of millions but less than $40 million for 100% of the company based on latest funding round which included a new third-party technology investor (which presumably would have been granted access to the latest accounts, budgets and been able to assess the technology). Let us pray for those morons too stupid to listen to our countless warnings and thank heavens that the Salvation Army will be there to assist them this Christmas.

1376 days ago

Expose for accounting geeks: Tern – what on earth is going on with regard to the valuation of the convertible loan note in Device Authority?

Device Authority Limited states that it has filed abbreviated accounts because it qualifies as a small company which it is why it only files a balance sheet and selected notes. However, even based on the limited information provided we can see that AIM listed bag of puff Tern (TERN) is providing approximately 2/3rds of the current funding to Device Authority in terms of cumulative advances and accrued interest as shown below:

3203 days ago

Tern – Another £2 million invested today into Device Authority but can it pick winners in the technology space?

Tern (TERN) has today announced that it has invested another £2 million into Device Authority. We wish it well but can it be guaranteed to pick good investments. Let's have a butchers at Push Technology Limited.

3210 days ago

Tern – basis of valuation of investment in Device Authority Limited

We have challenged Tern (TERN) repeatedly on the basis of its valuations of its investments previously. Well now we have accounts out for its major investment, Device Authority.

3238 days ago

Tern - The credibility of its investment valuation process in the spotlight

Tern (TERN) is very excited about Device Authority which it values at £7,144,288 which represents over 98% of the net assets of the company. So Tern’s credibility when valuing investments is important. So let’s have a look at its historic track record.