Business
Tern Plc : Interim results for the six months e...
Tern Plc : Interim results for the six months e....
About this update from Tern Plc
[{"type":"text","content":"\n Tern Plc : Interim results for the six months ended 30 June 201420 August 2014Tern plc(\"Tern\" or the \"Company\")Interim results for the six months ended 30 June 2014Tern Plc, the investing company specialising in the cloud and mobile sectors, announces its interim results for the six months to 30 June 2014.HighlightsFirst investment has made significant progressTwo further investments madeBoard strengthened with new industry expertise and presence in North AmericaChairman's StatementIn the six month period Tern Plc continued with its previously announced plan to build a portfolio of investments in the cloud and mobile sectors. We have been offered and have reviewed several very interesting opportunities to expand and diversify the portfolio and, post the period-end, have announced two new investments which are described below and which are available to view on Tern's website www.ternplc.com. The Board has been strengthened with the appointment of Al Sisto, who is based in California and has extensive experience in top level management of IT companies based in the US and operating globally.We made our first investment of £100,000 for a 1% interest in Flexiant Ltd. Since then, Flexiant has made several important announcements including the strategic partnerships with Arrows Inc and Parallels Inc, the acquisition of Tapp multi-cloud management software, and several new releases of software. www.flexiant.comFinancial The comparative figures for the periods ended 30 June 2013 and 31 December 2013 are not directly comparable because most of the material amounts relate to previously discontinued activities.In the period the cost reduction programme implemented last year has started to feed through to the figures; there have been further developments to improve the Income Statement by generating revenues whilst maintaining a tight control of costs. There are three material items in the interim statement which I would like to draw attention to.First, in the Income Statement there is a charge for reorganisation costs and under International Financial Reporting Standards it is a requirement to show notional interest - these non-cash items amount to a £34,000 charge.Secondly, in the Statement of Financial Position there are £265,983 of loan notes from shareholders which we now intend to convert into shares. If t...