Member Info for VistaMan

Mike15, no expert here but am invested myself. They have acquired quite a lot of assets quite cheaply and its true if the DYAS acquisition completes in September they will be around 11,500 BOEPD. The potential issue is many of the assets are quite mature and approaching end of life and with the purchase of the assets comes the decommissioning responsibilities and costs! I purchased because thee P/E looked ridiculously low and they returned £1.50 / share of "excess capital" in February. This gave me some confidence that they had potentially sufficient cash flow to take care of decommissioning BUT I have to say I don't know what the size of the liabilities are. I like the latest acquisition potentially, depending upon field development costs but at least this field would have a good cash flow for typically 15 years.

When can we expect the next update from RRE?

I bought some of these less than a month ago and am shocked by the very low trading volume and complete lack of posts on here. Has anyone gone through the CPR and totalled up decommissioning liabilities? How does that compare with what RRE has put aside? How much of future cash flow will have to be set aside? Do we need to bring on a new field like Tain to sustain sufficient cash flow? Has anyone seen details of the DYAS assets / decline rate / decommissioning estimates?

Chukky, what is your position here? Holder, shorter? From your quoting of historic NAVs you don't seem to be focussed on future value of the company, that is what markets and investors are supposed to do!

Predator, Will be interesting to see if you are still showing up on this board at the end of the week. I look forward to your comments then!

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?

Think you should look elsewhere for a 3p entry!!

Predator, would you change your mind if Tern came out and RNS'd revenue and more contracts in the near term?

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 But even YOU must recognise that shares should be valued on future prospects / earnings not outdated NAVs which are only updated by TERN when a meaningful event occurs!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.

Anyone attending the AGM on Tuesday morning? Interested in any observations.

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.

Any ideas why the closing share price has hardly moved this past 4 days despite buys heavily outnumbering sells? Great top-up opportunity?

Thanks Hulltiger, on my simple maths then they relinquished 3.7% for $2MM. On that basis that would value DA at $54MM and Terns share at $28.75MM. A LOT more than TERNs current market Cap.

Can someone explain to me if the US Fund Raise for Device Authority has reduced Tern's ownership of DA?