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Pin to quick picksTern Share News (TERN)

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AIM WINNERS & LOSERS: Tern raises GBP6 million; Kromek revenue down

Wed, 14th Jul 2021 11:30

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Wednesday.

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AIM - WINNERS

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Symphony Environmental Technologies, up 11% at 21.17 pence, 12-month range 10.65p-47.0p. The anti-microbial plastic technologies firm receives approval from the US Food & Drug Administration for its d2p antimicrobial food contact technology.

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88 Energy, up 7.9% at 1.89p, 12-month range 0.24p-4.70p. The Alaska-focused oil exploration and appraisal company says additional phase one geochemical analysis of fluid extracts from Merlin-1 well core samples again demonstrates the presence of hydrocarbons. Results from phase two of side-wall core trim analysis are expected in the next few weeks. Phase two is designed to confirm not only the presence of oil but also the nature of the source rock, to help understand the likely quality of the oil as well as migration pathways.

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Alpha FX Group, up 6.7% at 1,665.00p, 12-month range 677p-1,720p. The foreign exchange risk management and international payments firm says trading in the first half ended June 30 has been "strong" across its business, with revenue up 89% year on year at GBP34 million. Adds 84 new clients and notes average revenue per client continued to increase. The company expects to exceed current internal expectations for 2021, on the back of continued strong trading. In 2020, saw revenue of GBP46.2 million with pretax profit of GBP17.1 million.

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Avacta, up 5.9% at 143.56p, 12-month range 88.66p-291.80p. The developer of diagnostics and cancer therapies says Life Sciences unit gets ISO 13485 certification for the quality management system for the manufacture and distribution of Affimer reagents for use in lateral flow, ELISA and immunodiagnostic in-vitro diagnostic devices.

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Fulcrum Utility Services, up 5.6% at 32.74p, 12-month range 28.25p-43.60p. The energy and multi-utility services provider wins new GBP4.9 million multi-utility infrastructure contract from unnamed "large investor developer", for a "major" new employment park in the West Midlands. As part of the contract, the company will design and install a high voltage primary substation and the electricity, water, and gas infrastructure to "energise and power" the new development.

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AIM - LOSERS

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Tern, down 13% at 19.40p, 12-month range 5.50p-31.67p. The investment firm completes fundraise at the issue price of 18.8p per share. The retail offer and subscription were both oversubscribed and the company said it raised GBP2 million and GBP4 million, respectively. "We intend to utilise the proceeds to maximise the value to our shareholders of our portfolio, and I look forward to providing further updates in due course," says Chief Executive Al Sisto.

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Kromek Group, down 7.0% at 15.00p, 12-month range 7.66p-25.20p. The detection technology firm says revenue totalled GBP10.4 million for the financial year that ended April 30 versus GBP13.1 million the year before. Pretax loss, however, narrows to GBP6.3 million from GBP18.3 million loss the year prior. This is due to non-repeat of GBP13.1 million of exceptional impairment losses on trade receivables and amounts recoverable on contracts. Separately, Kromek says it wins new contracts and orders across all segments for delivery this year.

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By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Tern's Device Authority raises an extra $2m

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IN BRIEF: Tern announces additional fundraise for Device Authority

Tern PLC - London-based investor in early-stage 'internet of things' technology businesses - Announces completion of a USD2.0 million equity investment in Device Authority Ltd by Mercato Partners, a Utah-based private equity firm. Device Authority is a California-based provider of identity and access management solutions for the internet of things in which Tern now holds a 32% stake, changed from 36% prior to this update. The USD2.0 million equity adds to an originally planned USD7.3 million fundraising announced by in December. Per the December announcement, Device Authority would receive USD7.0 million from Ten Eleven Ventures in new equity investment, and USD300,000 from Alsop Louie Capital 3 LP via conversion of short term loans. The fundraise is intended to provide Device Authority with "sufficient funding to enable it to grow in line with its strategy beyond the end of 2024", Tern says.

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Tern raises GBP400,000 to invest in portfolio companies

(Alliance News) - Tern PLC on Wednesday said it has raised GBP400,000 through a placing of shares.

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IN BRIEF: Tern completes first tranche of Device Authority fundraise

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Tern investee Device Authority raising up to $7m

(Sharecast News) - Technology investor Tern announced on Wednesday that Device Authority, in which it held a 53.8% shareholding as of 21 November, has secured a series B fundraising round to raise up to $7m in new equity investment.

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Tern plunges as Device Authority announces USD7.3 million fundraising

(Alliance News) - Tern PLC said on Wednesday that Device Authority Ltd is aiming to raise up to USD7.3 million.

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IN BRIEF: Tern transfers 75% holding in Konektio to deferred shares

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Tern opts out of further investment in Konektio

(Sharecast News) - Internet-of-things investor Tern announced on Wednesday that it has decided not to further invest in its portfolio company InVMA, operating as Konektio.

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Tern shares fall as it opts out of further Konektio investments

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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LONDON MARKET MIDDAY: Stocks down; UK inflation cools in July

(Alliance News) - Stock prices in London were lower at midday on Wednesday, as investors digest some mixed inflation figures and the impact they will have on the Bank of England's next move.

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