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Tern slumps as investee company Device Authority rows back forecasts

The investment group said that a set of financial forecasts from DA in September 2017 had been contingent on the company raising US$10mln in funds, which had not been completed

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Tern holds a 56.8% stake in DA

Tern PLC (LON:TERN) saw its shares plunge in mid-morning trading Friday after forecasts for its investee company, Device Authority Limited (DA), were rowed back.

The AIM-listed internet of things investment group said that a previous set of financial forecasts from DA, in which it holds a 56.8% stake, in September 2017 had been contingent on the company raising US$10mln in funds, which had not been completed while DA had also not achieved the announced revenue targets.

READ: Tern shares soar as marketing of Thales/Device Authority IoT healthcare security blueprint commences

In light of this, Tern said the September 2017 forecasts for DA were “no longer relevant” and that the investee company had no forecast numbers in the public domain at this time.

Tern’s shares were down 21.7% at 19.7p.

Quick facts: Tern PLC

Price: 9.25 GBX

AIM:TERN
Market: AIM
Market Cap: £24.98 m
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