You are so transparent Ytee........over - zealous.
Once Wyld listed then it was always a risk.
The only way Tern can maintain their percentage is to participate in any wyld fundraises at the same level.
Without an exit from one of the other portfolio companies, the only way to achieve that is to dilute Tern shareholders with a fundraise. How would you view that?
The maths are clear. Tens of thousands of units already ordered at $5 per month per unit. ....and its not even live yet.
Wyld value us about to go stratospheric. Tern shareprice is an absolute joke.
AS more or less says in the RNS that the price Venafi paid was a bargain. DA need Venafi as a partner to take their product to market, hence the bargain basement valuation. He also admits agreeing to that price and writing off those loan repayments was a tough decision but strategically a better one. This is the difficulty with partnerships as opposed to customers.
da loans to tern were written off as part of the transaction with venafi that AS describes as a complex .
Been associated with this off and on since the Ramco days. In a bouyant O&G climate its worth 19/20p IMO. Main investors will need it to be above 7p to get any return. I think this can fly but it has had so many false dawns. Regardless of the green agenda Ireland needs this field to give it energy security. The transition away from fossil fuels is going to be painful. I dont think people realise how painful yet.
Using an on station FPSO with sub sea wells will speed things up and reduce development costs. Was news to me that they require water and gas injection for those flow rates. Lots of steps still to go. Hopefully get a better deal the way things are shaping up in EU o&g - especially if FPSO being used. Im prepared for a reduction to 10% in any deal. Preference would be for someone to take them out early doors for at least 10p a share .
I think everyone is letting the BoD off too lightly. Lets just be absolutely clear. The timelines, stupid or not, were not invented by shareholders. The anticipated timeframes were invented and communicated by the BoD. Shareholders who have complained about lack of delivery on those communicated timelines cannot be criticised. If there is no time frame now then its a change. That happens but Investors will have used previously communicated information in their decision making. If anyone criticises an investor for expecting an exit before now they are really saying 'you should not have believed the BoD' . So where does that leave us regarding information that is being communicated now? Should we not believe that too? Basically, the message we are getting is, until we get an exit that is truly value enhancing then anything can happen. What would the opinion of all the minnows be if there was an MBO at a ridiculously low price? I am all in favour of having a BoD that are not overinflating the share price on hype alone,; been stung by that in O&G. But is building expectation on a timeframe for exits with a phased development strategy and then in one sentence tearing it up really that much different?
....why mention change of strategy regarding timescales; or lack of. To me, when it comes to antipated timescales, they have either misled investors or failed.
The only positive spin I can put on it would be that it wasnt really a message to us but to prospective buyers who may assume that Tern is under pressure to sell.
I would agree with you if that was the situation but it isnt. The train is in the station, all the indications are that it is the right train. Its delayed, mega delayed but appears to be nearly ready to depart. But someone who doesnt even want to get on it keeps running backwards and forwards along the platform telling everyone why its a bad idea to do so. Is that not bonkers too?
G. Rees I get the impression you want everyone to wait until the train has actually left the station before being convinced that everyone should be on board.
is on its way.
tech buy outs are about to go stratospheric.....
https://www.privateequityinternational.com/how-eqts-e20bn-fund-x-target-stacks-up/
no worries sweepie.
My concern is what happens after any sale.
If tern itself was bought out then tern management would want a sweetener. Either positions or a golden handshake in the form of warrants etc.
Would AS want a position, at his age??? I think not.
My feeling is that the way the sale would be managed is by selling the portfolio companies, keeping tern alive and then arranging to give themselves a big chunk of the proceeds.
My reasoning is :
OTC is taking far too long. They are either being blocked due to lack of transparency or are holding off with a listing because of other negotiations involving a sale of one or more of the portfolio companies.
Then we have the simplification of capital structures and the settling of loans etc.
DA - Settled, still with a majority shareholding. Venafi involved in the restructure and got a small percentage for a giveaway price. I understand DA need Venafi to take their product to market but the deal seemed a means to an end. It was described as strategic. Thoma Bravo will have been involved due to their investment in Venafi.
invma/ konektio - loans settled , new investment from a third party, reduction in holding.. The deal seemed poor with regard to the reduction in our percentage. Sarah Payne is on the BoD so imo this restructure was part of a bigger picture. Also, why change the name unless it was a precurser to a major development. It is not as though they need to reinvent themselves. Someone, Somewhere, didnt like the name.
wyld - on the road to glory but incentives made to management have been settled. Why do it now?
FVR - Dont think they need Tern anymore. They are class leading and recent METAverse developments make them hot property.
TM - the wildcard entry. But we have been told that they were presenting in the US recently and it seems to have gone well. Who
were they presenting to? Clients or future owners.
IMO Thoma Bravo have been involved in some of the changes via Venafi. They are currently organising a new investment fund and will need to promote this to investors. Maybe they have requested these changes . They definitely would not like that the portfolio companies still had unresolved loans with Tern. If I was Wyld management I would want my incentives in place before I agreed to be sold on. And what about TM - maybe the new owners needed convincing hence the presentation.
All conjecture but imo something big is coming .
my personal opinion( and thats all it is) is that Thoma Bravo may make a bid for terns entire portfolio.
https://www.channele2e.com/investors/private-equity/thoma-bravo-next-technology-investment-funds/
They must be close to releasing details.
....but the ADVice From Nutters board has descended even further into the mire. Complete mayhem!
https://spacenews.com/op-ed-what-could-happen-to-the-leo-broadband-constellations
A balanced view.
I believe wyld already address some of these issues with regard to cost and spectrum. Also, the points raised in the article about satellite never being able to displace terrestrial in congested areas are not as valid because wyld seem to be primarily targetting IOT devices in remote areas. They seem to be partnering organisations with large pockets too. However, its worth being careful not to over inflate expectations about their total addressable market. I am sure what has been communicated by the Wyld BoD is realistic and takes the issues noted in the article into consideration.
maybe AS said 'syndication' and over enthusiastic punters have converted that statement into 'liquidity'.
if it was demonstrably incorrect, not a subject for debate, categorically wrong, then pulling him up on it is the right and proper thing to do.
was what franky said correct. yes or no.
Has anyone considered that the delay in OTC admission is that someone like Thoma Bravo might be interested in buying Tern.