Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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There may be a possibility that the Phoenix rises from the ashes. I suppose that it can’t really get any worse now for loyal shareholders that supported them.
I'm waiting for their accounts to be filed - Companies House deadline is 30 September for Y/E 31/12/19.
No clues on their website - but it gets updated which at least it indicates they are still in business!
Does anybody know how Avanti is doing now?
Not sure if anyone else spotted this, but looks like KPMG had to resign as auditors as Avanti couldn't afford to pay them anymore......
https://investor.avantiplc.com/wp-content/uploads/2020/03/KPMG-resignation-letter-dated-21-Feb-2020.pdf
Leo sat never had any satellites so were not an operator and only had 12 staff.
Its relieving to know that Avanti are still managing to keep their heads above water,
even in these difficult times.
Though its been delisted, and close to its last breath, (its a wonder how its survived this long
with all its goings on and failing to deliver etc,) it is refreshing to realise through reading their website
that the fundamentals of AVN. are still very strong, and sought after
and proves there is still life left yet-in this old dog.
As a very long term investor here, I eagerly await in anticipation of things to come
should the satellite market ever change....
"The economics simply didn’t make sense. Indeed, looking back it might make a terrific case study of how not to do things.”
Seem to remember a few of us making this exact point at the time. Can't remember getting too many 'thumbs up' on those posts........;-), LOL (There you go Dan, done both, just for you)
First casualty of the LEO operators, Oneweb has filed for bankruptcy can't say I'm surprised, feel bad for the staff. https://www.zdnet.com/article/coronavirus-spacex-internet-beaming-rival-oneweb-files-for-bankruptcy-over-covid-19/
New website https://www.avantiplc.com/
The demand for Avanti services is now evident globally.
It can only continue to recover and help everyone else do so as well.
Interesting article cheap, I think part of DW's problem was he was an ex banker, did great to get the finance in place but wouldn't negotiate on price which alienated the co from the market in some respect. Now the deals are going through at a much lower rate per MHZ, as is the case with the industry as whole. One thing seems clear though Avanti seems to be here to stay.
Also interesting words in here:
Whitehill says the company has reversed most of the previous management’s policies. “My view disagreed with the philosophy used by the previous occupier of this seat which was to bring this new technology to the market with high-throughput data services. There’s nothing fundamentally wrong but if you are bringing a new technology to a market with a total $1.3 billion of investment, you have to have scale. That scale and revenues, EBITDA and profitability have to be sufficient to pay back shareholders. That is clearly where the problem was. The economics simply didn’t make sense. Indeed, looking back it might make a terrific case study of how not to do things.”
Full article: http://www.satnews.com/story.php?number=1334484832
Hi Dan, Some reading for you from AVN CEO:
By the end of 2019 we had doubled our revenues year on year and we have set ourselves ambitious targets for 2020. We have moved from a pure broadband strategy, to a wholesale model serving defense, industry and carrier players. Over the next three to four years we shall continue to sweat our existing assets, increase our EBITDA position and look at increasing our capability through new satellite technology and partnerships.
Read full interview here:
http://interactive.satellitetoday.com/via/satellite-2020-show-daily-day-1/the-operators-speak-ahead-of-satellite-2020/
Nothing gets past that hawk MTB.
The post was to remind everyone of the facts, notwithstanding the delisting, there is still an organisation with huge contribution(s). I miss the ;0) signature at the end but LOL will do for now.
Great copying and pasting Dan. Seriously, what value is that actually adding to this Board? Unless you've just beenb appointed to the Board - talk about last nail in the coffin - LOL!
Avanti is a British based company founded in 2002 with an audacious vision; to design, build and launch pioneering satellite technology that would provide ubiquitous connectivity even in the most remote or demanding locations.
Today we have the power to connect over 1.7 billion people across 118 countries with a belief that everyone should have an equal opportunity to be more secure, empowered and prosperous. With over $1.2 billion invested in the HYLAS, our pioneering high-speed satellite technology, local expertise and entrepreneurial culture, we connect people, communities and countries to new opportunities across Europe, the Middle East and Africa.
But it’s not just about connectivity. It’s what you do with it that matters. That’s why on the ground, where the greatest challenges lie, we work together with like-minded people and organisations to develop innovative partnerships that deliver better opportunities and even brighter futures. From educating over 300,000 children in Africa to providing connectivity in refugee camps, we provide vital connectivity when and where it’s needed most.
MTB, yep but I am surprised the company hasn’t gone under yet and is still operating with ongoing losses. I’m keen to see what happens because clearly some have faith in a miracle here
No requirement to provide info to investors. They cannot force you to sell, no, but I think that's a moot point as I don't think there's anyone who wants to buy them anyway!
Now AVN aren’t a listed company will they have to provide any financials to their investors?
Also, SS how are they able to wipe out small investors. If you chose not to sell shares then they cannot force you in to this?
Jesus Brad, you really did invest in load of junk. I'd stick to index funds from now on if I were you......
Forget it folk(s) the order of my portfolio has changed and it is USOP, another dormant stock, on a weird exchange that 12.5p.
I have done well, spread your investments was the advice years ago.
I invested in HMV (died), USOP, AVN (effectively dormant ), SXX (possibly selling at a lousy price - so I have sold up near that price (which could be higher than the final price as a warning) and have one left. Losing on that one but only a few pennies per share, TLOU. I live in hopes it or my dormant companies come good. An Englishman, an Irishman, a Welshman and an English/Aussie were my downfall. All dreamers but wrote a good book which fooled me.
UK birth is the common factor! The cycle will end with a pure bred Aussie I hope.
GLA, I hope Kyle's book is not on the the fictional shelf with Under Milk Wood.
I don't monitor AVN so not sure when it changed but I noticed somewhere during the week that the share price is 12.5p
I wonder if Jenkins only use 2 decimal places and whether it was alway £0.125
Might be a slight hope?
You think? I would say they've done a great job of doing largely the wrong things - hence the mess they got themselves into!