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Spot . It's beyond reasonable, we should know either way by now, is it alive or dead. K
The days and weeks tick by . . . .
I don't know what the procedure is for listed companies, but if one of the current creditors (and there must be some sizeable ones) runs out of patience and applies to the Court for a winding up petition to be issued, my understanding is that the Company must notify the exchange immediately, whether the debt is then settled or not. This must have consequences. WUO's tend to bring about prompt action of one form or another, and sooner or later one creditor will surely do this? How long can this state of limbo carry on?
The China issue may be more realistic than is currently believed.
A major investor comes from China (a pharmaceutical company, which has secured the distribution rights in China) and P-Cure, the previous supplier of the patient positioning system inclusive Philips CT, is financially linked to China, with a company that is already active in this field. P-Cure had massive financial problems and got involved with this Chinese company. Perhaps someone else here can explain more details.
In any case, P-Cure was financially reorganised but at the same time became a competitor.
The LINAC accelerator technology, which is much cheaper and better at the same time, is still missing.
The BoD also has more than just share packages, which may mean that other priorities play a role. Odey started a sold out of their shares (everyone knows why), which caused the last drop-down of the SP. No-one knows what's happening actually.
As the BoD does everything behind closed doors, there is plenty of room for speculation.
I think it's time that Nicolas Serandour lifts now the secrets that everyone knows where we are.
I fear unfortunately, that in this situation, it will hand up in the hands of America or China and make them handsome profits.
@PM44
Yes, I have invested and not a little. Because I know the technology and know that the system can work very well. There are no more technical showstoppers. The system is doomed to be a success once the prototype in Daresbury has been completed and a tumour or water phantom can be irradiated with it. The final financial investment is missing and that is solely the fault of the BoD and there the CEO as he is responsible for this task.
I Want, I think you have a very valid point and I wish I read this advice many years ago when I invested considerably. Are you invested?
A typical mistake is to underestimate the time needed for development and the certifications required in medical technology. The 230 MeV was an important milestone, the proof that the engine works. But before the "aircraft can fly safely", everything else has to be right. These are no longer unsolvable problems, that's sure, but it is a lot of work. And it was precisely for these tasks that time and therefore money ran out. On the other hand, you often can't tell investors the real development times because they don't have the patience to wait due to today's expectations that everything has to make a lot of profit very quickly.
A proton therapy system is the largest and most complex medical device in the world. The market for such systems is immense and so are the profits after market launch. But this requires investors who understand this and have the patience. And I think that's what the BoD is not ideal for to find them.
Michael Sinclair, former CEO, once said that he would never have agreed to lead this project if CERN had told him how big it would really be. But then, as it progressed and he realised it, he understood also the potential behind it. There are people I trust to convince investors for such large-scale projects. Michael Sinclair certainly has a good charisma for it and I hope he's still in an active role. Another person, not at AVO, but involved in high tech complex projects is Bertrand Picard, who I would have tried to get into the BoD. He is even not fare from CERN. I had the opportunity to meet him in person in Payern. He has the necessary charisma and vision plus the technology interest for such large-scale projects, which ultimately benefit the general public.
The frustrating thing is that the funding requirement didn’t pop out of nowhere, it would have been pretty well understood well before reaching 230MeV. Running costs were c£20m pa - so that’s £40m over two years - plus the cost of the building for first treatment, plus some manufacturing costs probably. I think they were just very slow at trying to raise the cash.
You are right, where did the huge funding need arise from all of a sudden. It looks like the BOD was already aware of not being going concern well into the end of 2022 and couldn’t get the audit signed and release the annual report . This is only explained by an attempt to somehow announce the debt load and not being going in disgustingly disguised manner, that it’s in the public domain, as they repeatedly tell. This is worthy of investigative reporting, don’t understand why it hasn’t been done yet.
It’s not AIM that’s shafted us, Vanilla, it’s the incompetent BoD. When the 230MeV milestone was met the share price was 24p and things looked great. Odey invested another £6m. Six months later the SP had steadily declined to 2.5p and a strategic review was underway. A major reason for this, imo, was the company blurting out some time after 240MeV that it needed another £70m or so over the next two years with no apparent plan of how to raise this amount. The BoD were asleep at the wheel and complacent.
It doesn't make any difference now but the BoD have been shafted by AIM like the rest of us. Don't think 1.9p sp after 230MeV was anticipated making raising funds almost impossible unless this potential investor has a philanthropic nature.
I had two friends who have died of 'inoperable' brain cancers. One of them died last month, the other two years ago. I believe that LIGHT might have saved at least one of them, if AVO had been in the hands of a more capable BoD.
Today is World Cancer Day. Imagine the contribution that AVO would have been providiing to saving lives, if only the.....
I've been keenly interested in AVO for many years too, in fact before they were even AVO. I even designed some of the equipment and can see it in the videos. The problem has always been the BoD. All Scientists, Accountants and Medics, and nobody that knows anything about engineering and manufacture. Scientists are useless without the people who actually know how to get stuff made, and I suspect that AVO had too many of one and not enough of the other and nobody on the BoD could see it. Hence, it took way too long to get the machine made and they ran out of cash. Maybe now it's built those financial specialists on the board can use their skills to drum up the cash needed - but I bet they are pretty crap at that too. They need to be gone for this to go anywhere or it will all get wound up and sold for scrap. It's pretty heartbreaking to see - especially as I'm sat on several million shares . . . .
2/2/24
Advanced Oncotherapy PLC - London-based provider of proton therapy for cancer treatment - Regarding its recapitalisation plan, company works alongside investor towards initial tranche of funding, which it expects to be about USD15 million to be received this month. However, it adds that there can be no guarantee that this funding will be received, nor that it will be received on time. Further, Advanced Oncotherapy says it remains in advanced talks with a third-party investor regarding a short-term loan facility which would provide the company with additional short term bridge financing.
Current stock price: 1.93 pence
12-month change: down from 9.75p at February 2, 2023
By Tom Budszus, Alliance News slot editor
Comments and questions to newsroom@alliancenews.com
Bertie8
I've been following AVO for some years. I have virtually zero trust in the ability of the BoD to run a business. I am not a scientist and I don't have any specialist knowledge but I do have confidence in the LIGHT story and, by inference, the technology, because:
1. Proton therapy isn't new. It has been in use for many decades to treat cancers , using the hugely expensive cyclotron technology that requires purpose built housing with substantial shielding for them .
2. The LIGHT machine was initially developed by CERN and CERN scientists have been involved in its ongoing development as a vastly improved and very different machine for treating cancers using proton therapy.
3. Some of the BoD are reputable figures in the medical field of cancer treatment.
4. Many of the BoD are heavily invested in AVO and have not sold their shares. They stand to lose enormous sums if AVO goes under
5. AVO managed to persuade the owners of Harley Street to redevelop two of their properties, at their own expense, to house LIGHT.
I'm left with the options that LIGHT works or that the whole thing is a scam. I believe that LIGHT is not a scam but the BoD are unbelievably inept.
Ive been looking for proof that the LIGHT machine works, does anyone have some? Or are we just expected to trust the BoD in the same way we trust them with running the company?
Except, there will be no interim funding until the accounts are audited and showing that the company was a going concern when the previous funding was gathered. That’s the doubt, there is no other reason not to publish. Everyone knows that. There. Is. No. Valid. Reason. Not to file 2022. Every round from end 2022 until last spring must be investigated.
Im not sure what investor would put money in this company with the amount of debt they have, and lack of published results showing light even works! Even if it works you would imagine the knowhow is long gone by now.
That's a big ask, bearing in mind everything they have touched in the past 13 months has turned to crap. The outlook for the future doesn't seem much better either.
Tbf, the accounts won’t be updated until funding is received from the investor. I expect the order will be: interim funding received -> accounts updated -> recap plan presented and approved -> funds received -> shares relisted. Though as I’ve said, I don’t think the investor is serious.
That’s what happens when you don’t file your annuals and interim reports. Tick, and then some. Every institution has them at zero value. And these days, a shotgun wedding is no excuse to accept surrender on any terms.
They have to pay the Tribunal verdicts. This capital won’t be enough to get the annual report and the missing interim report audited, either. And these are the documents the BOD will be charged with. Why on earth is the exchange allowing them being listed, is baffling.
This company is dead, all the directors should be disqualified for life
The endeavours of BoD are worhless without the real key players in this, the engineers/scientists and supporting staff. They haven't been paid and maybe they feel they never will.