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Predator, IF shorts are closing then they don't see further SP downside and hence profit! However I know LTHs are topping up possibly much more than any shorts closing. Topped up myself. Seems like you are trying to manipulate even positive SP movement for your own predictions / ends?
Predator, its in no doubt the company / NOMAD issued a really crap RNS on Friday. probably under pressure to do so from someone. Its lack of context feeds the doubters and shorters of this share, are you one? But even YOU must recognise that shares should be valued on future prospects / earnings not outdated NAVs which are only updated by TERN when a meaningful event occurs! Take the current market cap of £36MM, what 2019 DA revenue would be required to justify that? At 50% margin and P/E of 20, modest for a growing company, the revenue would have to be £3.6MM. Do you honestly believe DA can't achieve that in 2019 with just even the currently launched partners of Thales / Comodo? Lets have your logic for your SP target and lets not hide behind crap about out of date NAVs!
Last week's placing announced at 26p when SP was 32.5, should have caused a quantitative 5% drop once placing out of way based upon dilution. This week a crappy RNS for whatever reason has had a dramatic short-term impact on SP. I believe most holders of TERN already knew / suspected revenues would be delayed because of relatively late product launches by partners. Why the need to issue this poorly worded RNS rather than cover the DA revenue miss and put it in context on the half year results update. I believe management need to understand negative impact of poor communication and explain themselves rather than leave it to PIs to try and work out wtf is going on. Still holding.
Prep H, As someone who has drafted numerous NDAs in my time the term of the NDA is defined within in it. There will be a period where disclosures can be made between the parties and a further period where what has been disclosed between the parties cannot be released. Any IP developed between the parties during the term of the disclosures is usually defined within the NDA in terms of ownership.