The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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"I would suggest that rather than babble about it on a forum you lot contact Tern or their PR man, Tim, for clarification."
Message from Tim copied from ADVFN,
"Reply from Tim.
Hi ****
This is a loan with no different a charge than would be levied by any lender, such as a High Street bank. From my perspective it is good that they have secured debt funding rather than equity that would dilute the Tern position. This is normal course of business and not something that causes me concern, not something that effects the Tern position, not material in the context of Tern, and of course A/L would only have recourse to assets to the value of what they are owed, plus legitimate expenses should DA default.
Best regards
Tim
Tim Metcalfe
IFC Advisory"
Hmmmmm.....
Sisto on the loan to Tern.
https://youtu.be/TemV2vR_0fg?t=5507
Blah Blah Blah. Set against Wyld to be used to fund the other portfolio companies. Then two days later that does not happen. Those were the words I heard coming out of his mouth. Perhaps the interpretive part of my brain is not functioning properly.
Https://find-and-update.company-information.service.gov.uk/company/04676191/charges
The latest charge, notified yesterday, only includes Alsop Louie Capital. Previous charges have also involved Tern. The wording across those charges appears to have remained the same and might be considered to be standard. Try and decipher it but in all previous events the charges have been satisfied by conversion of the loan to shares in the company.
As we know Tern appear to be tightening their belts at the moment. The concern here appears to be that Alsop Louie Capital may have engineered a snaffle situation for themselves. I have no idea but to me that seems to be a reasonable concern. I would suggest that rather than babble about it on a forum you lot contact Tern or their PR man, Tim, for clarification.
It does seem a bit rum that so soon after the presentation this one drops and the company, having been at pains to explain their own loan, did not consider that there might be not some dissension amongst the ranks.
Damn, slightly premature.
Forgot the video link at the time of Sisto's explanation,
https://youtu.be/TemV2vR_0fg?t=5507
Chrome just killed me so my next bit of blither just went down the tubes. From memory of what I wrote,
The Q&A
Then my task buffer overflowed.
I might have other stuff to add but can't reconstruct it other than the idea that Agriculture may be subject to the application of AI. Allistair basically admits[?] that their may have been some collaboration with DA on the subject of device security. TM appears to be to go to source for the application of AI in order to analyse and extract meaningful patterns from disparate data. They also appear to have contacts with Scottish Academia so if Bruce Leith, his name gives his nationality away, wants agriculture to grow a better Haggis there may be an opportunity to do so.
He does describe Konektio as being White Van Man as a reason for dropping them but beyond that from the way the other companies have spoken and appear to be cooperating it strikes me that Koneketio did not take the opportunity to do so and decided not to be part of the family.
Allistair also talks about the involvement with ESA and SpaceX, who is not Elon Musk. This goes back to their roots in mesh networking now being applied to satellites. This may relate to my previous ramp,
https://www.tesmanian.com/blogs/tesmanian-blog/starlink-video
https://twitter.com/Starlink/status/1706718537711337650
""Starlink’s (ramp and insert Wyld's) laser mesh network allows us to provide truly global coverage and serve those in the most remote locations on Earth, including maritime and aviation customers."
However the big one for me is Mr Sisto's explanation about the loan notes and resulting funding that rely on Terns share of Wyld being held in ESCROW in which he states that those monies will be used in support of the other, remaining, portfolio companies. Watch other peoples faces, in particular Allistair's during this...
My take is that Sisto does not get to say this without approval from Allistair. Allistair did so because not only is he confident about the prospects of his own company but he is also confident about the prospects of the other companies, presumably including FVR.
Then, to me, it goes beyond that. As I have suggested these companies are not profit for Tern on Exits. Not wishing to sound gooey but perhaps they wish to grow themselves rather than sell themselves off to the highest bidder at the behest of a bunch of rabid Tern shareholders but in order to do so Tern, having nurtured them, is the best opportunity to do that.
End of ramble.
OK. To continue I mentioned that I had not fully listened to Allistair.
Two things.
He mentions the implementation of security with a Hat Tip to Darron and Device Authority in respect of the extension of that from terrestrial to satellite communications. There have been noises about such a collaboration in the past and it forms part of the idea that there should be some synergy between the portfolio companies. This is an example of that.
The other is the mention of the development of Wyld Fusion via the extension of a known platform, Fusion, already developed for use with involvement from UK Government and Agencies, The Police, and Railway Transport. The last one likely to be a result of their historical involvement with London Underground. This is an example of their past coming to fruition.
Also note that he stresses that Wyld Fusion is built on a platform that is standards based, developed from Fusion, which is both saleable to and customisable for their clients. This is FIDO all over again. You don't get involved in these sort of things to own a market. You get involved to be part of the market that consumes those standards as the go to solution and maintain and grow your position in those markets.
He also mentions Device Provisioning. I have no doubt Wyld already knew how important this is and had ideas, known or developed by themselves, as to how to do this but again the words smell like Devices Authority may have had a hand in crystallising the underlying ideas. In part this goes back to shouting about DA, not, forming partnerships with companies like ST but getting their product approved for use with specific processor and IoT platforms used by people like Schlumberger to make their sensors. If this is what is happening then Wyld gets a leg up because DA has already done that work.
Again mention is made of an Ecosystem whereby Wyld can harness information from their customers or probably manufacturers to grow via a developer forum presumably to discover which processors are used within disparate named sensors in order to generate profiles for them. This is part of becoming a one stop shop but getting your customers to do some of the heavy lifting for you. Oh and mention is also made of assistance for other to implement their own analytics. Now this maybe outfield but that smells of Talking Medicines. In particular analysis of Agriculture and how it responds to inputs and outputs based on action from data collected sounds a bit AI.
Another Hat Tip to Darron in the Wow! look at the prospective size of our markets section. I'm of the mind that TM, DA, and Wyld are supporting each other both in presentation, technical and marketing terms. That's the /a (micro)ecosystem at work.
That's that from the Portfolio companies. They know what they are doing and how they are getting there and, now with Satellite IoT, Wyld has joined that party. I am impressed but, as a Nym on a BB, that may not count for much.
"...and the nature of Terns shareholding."
I ran out of space for my ramble. I should also mention I am only part way through listening to the presentation so I posted the previous message slightly prematurely. Allistair is presently speaking and I have not yet heard from Tern itself.
I understand that in the case of Kenektio, INVMA, Tern has not recently taken part in a recent round of funding and as such the nature of its retained shareholding has changed such that they may not realise any benefit, beyond sale of those shares, should the company make significant progress. Such a possibility may be of concern if Tern cannot maintain the nature of their holdings in the remaining portfolio companies.
Https://www.youtube.com/watch?v=TemV2vR_0fg
"The presentation has done nothing for the share price, do these guys not know how to get to a wider audience."
OK. I've been slightly negative about some of this and the players in the past but that comment, as mine may have done for others, gets up my nose. I get in part or perhaps in whole it is directed at the Tern management for failing to capitalise on the efforts and progress of the portfolio companies. I am going to suggest, state, that the presentation of those companies is impressive.
Darron is extremely confident and fluid. He knows his market, he knows his company and he knows the direction in which he is going. He is also very good at explaining this. Unfortunately you get idiots who do not listen to what he is saying and moan about this having no immediate impact on the SP, after one day.
Jo is equally impressive. Darron may even have taken some hints from her. I have always had concerns about Talking Medicines in terms of compliance. Particularly when dealing with patient data which I believe is one of the reasons why the company has initially chosen, or been forced, to concentrate on the US. She does a very good job of explaining how important such things are to the company but I would still have my concerns. She also comes across as someone who knows her company, knows her market and also the direction in which it is going. As is the case with Darron she is keen to explain this direction and how it is being achieved in understandable terms.
As you may know I have a soft/hard spot for Wyld in as much as the company have continued plugging away within their field of expertise and now we have seen that come to fruition with the move into Satellite IoT. Similar comments apply to Allistair now. I say now because previously, in retrospect, I did not think that the company had a targeted direction. With the focus now on Satellite IoT they do and they are making progress. I guess he always had it but now that direction is there he is also able to demonstrate he knows his company, he knows its market and, now he knows its direction he also is able to explain in a compelling and understandable way how he is getting there. In this case, the next, part of that is Wyld Fusion.
From all three there is also one big take that I am going to stress. Whilst everyone shouts about these companies being World Leaders and Unicorns in all three presentations a great emphasis is placed on their recognition that their businesses form a part of ecosystems in which they have to partner with others in order to progress, survive and flourish.
This is important because it means these companies, to me, are not targets for sale via predatory exits which appear to be what others are relying on. That might not be strictly true for Wyld. As such value to Tern will only come from seeing these companies grow independently themselves and the nature of Terns shareholding.
the presentation has done nothing for the share price, do these guys not know how to get to a wider audience, like positive rns telling the world about what is happening to their investments? why does sisto not want to promote the company apart from the obvious, he can sit on his **** collecting huge wages for doing nothing apart from wasting money on the piries fiasco. why is noone allowed to question what went on there ?
The loan facility will be used to pay sistos inflated wages
Can't believe it finished blue after the buying died out and the sellers all piled in, around 400k net sells today, very disappointing given what was said last night and yesterday's update.
What about the 3 million loan facility they have in place for funding ?
I have been looking at this for months to get back in . However two things put me off. The recent update, once again did not mention revenues. Secondly TERN urgently requires cash and todays trading screams forward selling from a placing.
the rise has fizzled out sweepie , looks like nothing soon is going to happen here. no promotion of the company in any rns to entice new buyers thanks to al ****show , only the traders who are already here buy and sell and the sellers are out to play again by the looks of it. if ever there was a jam tommorow stock this is it
My take from last nights presentation was fairly positive. The investments bar one to be ditched are all gaining traction (customers). Device authority and Wylde leading the pack and appear to be front runners in their markets. Problem is they are all still going to need cash to upscale. So the Tern board are either going to persuade shareholders to pay up or see a dilution of their holdings. At least Sisto and Payne's influence has been reigned in.
Looking good for my rise so far
I would love it to, unfortunately this is AIM so my expectations have been beaten down through the years
Could well be up around the 30-50% mark as last nights presentation seems to have caught the imagination of holders and will bring in the buyers today
Lot tosh, small raise keep lights on b4 end.
This could be an extension of their project with the ESA to implement inter-satellite communications. Possibly for control and positioning. However, for a top ramp, this application might be a bit special,
https://www.tesmanian.com/blogs/tesmanian-blog/starlink-video
https://twitter.com/Starlink/status/1706718537711337650
"Starlink’s laser mesh network allows us to provide truly global coverage and serve those in the most remote locations on Earth, including maritime and aviation customers."
Too much of a leap for the imagination?
since we took the **** out of them saying high growth “slow and declining more like” lol
previous: “ tern plc (aim:tern), the investment company specialising in supporting high growth, early-stage, disruptive internet of things ("iot") technology businesses”
new wording.. “ tern plc (aim:tern), the company focused on value creation from internet of things ("iot") technology businesses, is pleased to provide an update on the company and its portfolio companies.”
at least they are being more honest now as isn’t in charge.
They have just brought in more money and to4-5 are on the way. Need it for scale up faster They say.
They might well need more working capital to enable any ongoing/future scale up.
The stock just goes down, why? collaborations all over the world, should be able to bring in more money orders. or????