20th Aug 2014 07:35
LONDON (Alliance News) - Shares in investment company Tern PLC were trading up 17% Wednesday morning after it narrowed its pretax loss in the half year to end-June and said its first investment has made good progress.
Tern was formerly oil and gas investing company Silvermere Energy PLC. It decided to sell its oil and gas assets and switch to the IT sector last summer after running into financial difficulties whereby it couldn't fund its part of a well development cost. It came out of a company voluntary arrangement, a type of protection from creditors, in January, completing its revamp.
It made its first investment in Flexiant Ltd, taking a 1% stake for GBP100,000. In July, it then invested GBP50,000 in each of Push Technology Ltd and Seal Software Ltd.
Tern posted a pretax loss of GBP93,079 in the six months to June 30, compared with a loss of GBP524,478 a year earlier, as it booked its first GBP10,000 of revenue and cut its administration costs to GBP91,849, from GBP401,975. It didn't book any revenue in the first half of 2013.
Shares in Tern were trading up 17% at 1.90 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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