Member Info for nefabeta01

I don't think the recent RNS activity moved the share one way or the other - more likely the recent multi million share sales being made no doubt by the W2E directors having just come out of the 1 year embargo on selling their free shares. Hopefully that will soon be finished and we can move on. There does also seem to be a torpor and apathy towards the company of late with comparatively low trade volumes (except for the large sales). I'm surprised the SP isn't lower given the absence of activity and the sporadic news of more competition entering the market.

Ha ha still pedalling the Shiite I see. Try going to the supermarket and telling them you will only pay the book value for their stock. No profit to be included. Please video the ensuing argument for our amusement.

I'm not going to read too much into it as it's more than likely a resolution they pAss at every meeting just to keep it up to date as part of normal Company Secretarial practice.

It'd be a hell of a dilution if they allotted all of it as B shares of 0.0033p nominal tho'!! Would dwarf the B shares in circulation by a factor of many thousands ha ha! ...One for every IoT device in the world maybe!! ha ha!

Oranolio1 - Something is in the offing that's for sure - just been having a look at DA's Companies house filings and they registered an allotment of shares up to 10M on 12th May. Could be for their ongoing business of course but that would seem a lot, or could be to settle loan notes and other loose threads to tidy up and make a sale of their shares simpler. Lots of things happening around them - does make one wonder.

Auditors. I used to be one of those many years ago. Boring boring job.
You know there used to be a joke going around - Why did the auditor cross the road?....Because that's what they did in last years working papers file! Ha ha!
Very cautious people - even more so now after the swingeing fines that have been imposed on them for the large audit failures they've been responsible for. As an ex auditor I have to sympathise with them tho'- they would find selling eggs from ones own hen to be risky (what with salmonella and things) and they are the ultimate practitioners in the art of covering their own backs.

Looking at 4 year old events of a New Tech company in a fast growth market like IoT or 5G is hardly likely to be indicative of anything except your love of history Mr Rees.

I'm a new holder in Tern - approx 1 month so haven't been thro' the accounts with a fine tooth comb yet but I will do.

What you say is excellent news ! So it is based on a market valuation - I particularly like, 'a comparison to transaction multiples in comparable market sectors and an evaluation of sales pipeline and 2021 trading forecast'. Looks like we could be in for a steep revaluation then! Thank you G.Rees

Tern's NAV is just an aggregate of the Investees NAVs in proportion to Tern's shareholding in them.
Quite often company policies on revaluation are for long periods like every ten years - ( particularly for property companies). It may be that several of them haven't undertaken a revaluations for some time. Could be they value on cost not market value. The individual policies are usually disclosed in the full accounts under Accounting Policies. I don't know if Sisto dictates accounting policies to the investee companies - would be particularly difficult where you aren't the majority shareholder..

NAV is just a Balance Sheet value at a point in time. I sold a small company I owned 4 years ago and the Sales proceeds were approx 2 x NAV. I'd have never sold it for the historic written down value of the assets and the assets were all the buyer was interested in. AS can only quote NAV as a factual Balance sheet amount but he'd never sell any of the investees for that and any further placings are unlikely to be at or near to the NAV unless the Market value ie share price happens to be at NAV when and if a placing occurs. That value seems unlikely given that share volumes have been so high and the SP has been consistently more than double NAV for some months now, between the lines a sale is coming this year and he has at the same time put in place the ability to buy back shares. For a CEO his timing of news to the market leaves a lot to be desired and I have to say the fact that the sp drops c.45% when he drops an RNS calling for permission for a 15% placement is an over reaction but also a measure of the little faith well bitten shareholders have in him.

...and as an accountant I might add that it is permissible under UK accounting practice to revalue the IP to a Market value. If the investees revalue their IP bang goes the old NAV.

Accountants often say Company valuation is more of an art than a science! Dogged adherence to the NAV by certain BB members is plain daft and unlikely to ever reflect the market nor sale value.

Utter blx from iot
- do you not know that Tern itself has had successful placings before at well above the NAV.
This fixation with 7.3p NAV is stupid and I can only think it is from the deramping commune with active shorts on Tern.

10 x NAV or better is more like true value in a Sale. For the NAV you'll only get the old PCs and a few desks ha ha!

Among the AGM resolutions I notice there was one to allow buy back of shares - is this a standard annual resolution
or was this the first appearance?

The whole hydrogen / renewables sector has been on the slide for a few months - most have now lost all gains made since December. Take a look at the 6 month SP chart for ITM/CWR/AFC/ENPHASE/BALLARD/PROTON etc. On the plus side the Investment papers I read (mainly USA focused) now think the sector is oversold and believe the bounce back is imminent.

Fair point antelope - Hard to tell what's what with the info on LSE.

What on earth is going on? Looking at the lse volumes it's 100% sells yet the sp is rising!
I know LSE are half an hour behind but something is going on here. Anybody with L2 can
shed any light?

I think you're all correct - I can see the shares drifting down sub 4p before any action on the PHE portion of Protos.
I've gotten used to the slow pace of Peel and PHE so will look back in here at the end of June to see if the march of the Ents is still ongoing!........I wonder would time lapse photography in the Peel offices reveal that they are actually alive in there.

flat line intraday chart - strikingly similar to the NCYT prior to their RNS -something is brewing! Hope it’s not an NCYT bombshell!

Thanks doc.

Peel will be the beneficiary of all the Hydrogen produced at Protos and all the other UK sites. If we adhere to the licencing model that will also apply to all DMGs installed overseas. It will be interesting to see if we decide to act as the Operator of any of the overseas facilities - sounds like there is more money in that side of things than the licence fee. What would be the payback if we built and operated non UK sites I wonder.

Thanks very much Doc.