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Is this even possible? If it ever came back and got listed again surely it would have another ticker symbol? and be a completely different company?
I am wondering if I could get some advice I have the shares just sitting in my ISA still - is there any chance I can do anything with them. I cant even sell them or get rid of them? does anyone else have a similar situation and is there even a small chance these shares may in 10 years become active again?
Sorry to disagree Tyche, but it is the same Company YOU invested in. It's just that you don't have any financial interest in it anymore following the wave of debt holder bailouts required to keep it going.......
Hi Tyche,
Im the type of person who always holds out hope, (rightly or wrongly)
going by past experience, one example is when i thought one of my investments had been wiped out because this company i had invested many thousands of pounds into de-listed, and there were all sorts of things going on, like accusations of corruption in the company, bad management etc.
Then a few years later, unbeknown to me, the company had been taken over, changed name, and re-listed on the aim market.
Then out of the blue some time later It suddenly appeared on my share dealing account, and all of a sudden i was up by a few hundred pounds.
The amount was not much to get exited about, but i did make a profit, after having thought the company had died a death.
Maybe this is one of the reasons why im slightly optimistic...
Hi LongTrek, I think there is zero chance any PI will ever seen any money it should be written off. I follow Avanti they are doing well winning awards and some big business but its not the same Company we invested in.
Well it does seem that the business is still alive and kicking, but like you say, of no consolation to P.I.s or will there be?
Its kind of like a rebirth, if they can aquire $100 million per year than it looks as though theyll be on the road to recovery. asked if Avanti could reach this figure Kyle says' We’re a little bit short of that at the moment, but that’s what the revenue expectation will be for 2023 year-end. There are about four or five commercial initiatives we just need to deliver in the next 12 months and we’ll be there'. Well thats a good positive statement, now im not sure whether they ever will re-list, and if they do then the question is ; will we ever get back some or even all of our past investments?... or is it lost in space?!
https://spacenews.com/streamlined-and-ready-for-africas-growth-markets-qa-with-avanti-communications-ceo-kyle-whitehill/
Interesting article, admittedly 6 months old, but shows that the business itself is not fatally flawed, but the way it was financed, and the original retail focus was wrong. With the debt burden significantly reduced, it will be interesting to see whether the can turn it around (though of no consolation to PIs who got stuffed, albeit, somewhat predictably).
The negligible value has now been confirmed.
The process should be a claim through your tax return to register the capital loss.
Apparently, you need to do it through a tax return otherwise you can't use the loss as an offset against same year gains or against future gains.
Im no expert on tax affairs, but i believe you can phone up HMRC and tell them about the situation, that way hopefully they may offset it against your earnings.
You could also go online with HMRC and try do it that way. Good Luck with that.
Wondering if anyone can help point me in the right direction.
I have lost thousands with this sham- wondering if is it possible to contact HMRC and inform them for tax reasons.
if so what benefit does that actually entail and 2nd how do I go about that is there a form that needs to be completed?
Many thanks!
So it looks like this is the final nail in Avanti's coffin.
No doubt Im on of many who feel like weve been scammed by this outfit.
What a scam
And there you have it. The larger lady has finished her last warble and is exiting stage left. A complete shambles, but one that was increasingly likely once it was clear that the EBITDA was never going to exceed the interest payments given the growth of revenues. Those PIs who learn the lessons here will be better investors going forwards, though admittedly, that's a very scant silver lining behind a humungous black cloud!!
In case anybody still living in hope of some money for shareholders. Page 14 of the administrators document says: "There will be no return to the Companies' shareholders as there will be a material shortfall to the Companies' creditors".
I will just leave this here...
A bit of a disgrace for senior management getting paid millions
https://www.erieri.com/executive/salary/kyle-whitehill-51hj
I don't think any management bought in and purchased any shares at all so they couldn't care less they were just looking after themselves and focusing on screwing over the old shareholders.
Dan, you're right - I hadn't heard of a PP before - everyday' s a school day I suppose! So, do we think that the management will buy the Company on the cheap, or just that the debt holders have finally pulled the plug and will try and get what they can for the assets?
Well this has been a disaster from day one. I have held a large number of these and seen them drop through the floor. Still holding a few but shall have the prospect of a CCT trade.
It’s called a Pre-Pack. It is a disaster.
Usually involves sh**ting the shareholders. Management failed but carry on patting each other on the back for a job well done
They couldn't even manage their liquidation properly! In March we we see a notice saying Solus has no interest. Then on 13 April we get this happy-clappy announcement from Avanti saying all is well, we've just done another massive debt-for-equity swap, Solus is now a principal holder, and ending with 'Avanti will continue business as usual, but with a stronger balance sheet. There will be no change to the Avanti team or Avanti’s business activities, assets, and technical capabilities'
Then 6 days later, the administrators are called in!! What a disaster!
Yes indeed, I have received Companies House notifications that 2 receivers have been appointed, "details to follow".
So - that's that dream dead. At least my holding of 100,000 will be of use in any capital gains calculations, about £3,800. So may be of some use sometime. Best do it before election (no matter which parties), because they will need to target CGT to raise some of the £400bn. Need to look at this back through history and see if I need to learn lessons here. I might have lost a bit, but some have lost millions.
Administration
I am wondering the exact same. They have not really disclosed too much info just "Don't worry we wiped of 550mil" when you go on avanti's site they don't link back to JP Jenkins anymore so I am not sure what is going on
Has that diluted our share holding to next to nothing ?
https://spacenews.com/avanti-sheds-550-million-of-debt-to-free-up-growth-plan
amazing for posting this tyche100..... how can they just all of a sudden get more than half their debt wiped out? Surely this is a good thing for investors although they are still something like 260+ in debt. But it should surely change/ impact the price for the positive unless they hid something bad in this restructure. Any thoughts
https://www.avantiplc.com/news/avanti-financial-recapitalisation/