Tern sees no reason for share price rise

AIM-listed Internet of Things investment group Tern noted the recent rise in its share price on Wednesday, confirming that it knows of no reason for the move, "save for the ongoing developments and collaborations previously announced".

Tern said that as detailed in its portfolio announcement in May, the current aggregate balance sheet valuation of its investments is around £11m.

Following Tern's most recent fundraising on 14 May, which raised £700,000 at 18.5p per share, and the subsequent investment in FundamentalVR and loan to Device Authority, the cash position of the company as of 12 June 2018 is £1.49m.

The company said further announcements will be made as and when required.

At 1400 BST, the shares were down 6.5% to 43.95p, having taken a turn for the worse after the statement came out.