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Hello Jayber,
Yes, I was in contact with Petrunka at AVO who kindly sent me an email confirming that I can attend. Probably it would be safest if you email her as well just to have a spot for you confirmed. I'll send you a direct message with her email address. Let me know if you don't get the message. And, I'd be happy to meet up before we attend.
Bill
Heya Billy. I’m working in London that day. If you are going maybe we could meet up before we attend. I did read the RNS and it appears to indicate there is a possibility of not allowing us into the meeting. Have you got confirmation they would allow us in ?
* Am I the only one on this board who is going?
Thank you, Vanilla
I did have that table copied into my own research notes. I just didn't join the dots up that some warrants had already been taken from the 20.5M @ 25p.
And, I called Charles Stanley this morning to purchase an additional 100,000 shares. But, they could only immediately deal in 50,000. I've got them on the hunt now for the other 50,000.
I just emailed AVO to check I don't need to register to attend the AGM on the 29th. Am the only one on this board who is going?
Bill
Don't know who the warrants belong to but below is the table from the 31st August 2021 RNS and from subsequent RNS's you can see about 4.5m 25p warrants have been exercised therefore leaving approx. 16m. This would have provided AVO with £4m of funds but now the recent fund raise has taken place to fill this gap I'm not overly optimistic that we will get news before the 19th July. If not at least the overhang of these warrants will have been removed although many more have since been issued and when the news does land there is a better chance of support for a higher sp with less 25p shares hitting the market.
Clarification regarding warrants
The following table summarises the warrants that remain in issue. The details in the table below are in accordance with the previous announcements made by the Company, although the dates of two outstanding batches of warrants have been incorrectly reflected in the last annual report due to a typographical error.
Issue Date
Final date of exercise
Exercise price
Number of Warrants
20-Jul-17
19-Jul-22
25p
20,468,687
26-Apr-18
25-Apr-23
70p
1,000,000
31-May-18
11-Jun-22
50p
450,000
31-Aug-18
31-Aug-23
100p
2,617,312
07-May-19
07-May-24
100p
3,500,000
31-Oct-19
31-Aug-24
100p
385,000
28-Jun-20
28-Jun-25
50p
5,000,000
Total
33,420,999
* Jayber
ayber: I appreciate your enthusiasm, but i think you are jumping the gun a bit. Its been a small rise and I'm not reading too much into it (yet).
Vanilla: Are you please able to say with which investor/institution those warrants sit?
Assuming the share prices stays in the mid 20s, its looking like I'll top out at about 550,000 shares. Naturally I hope they give a descent return. I do think the picture here looks much better now and the share price looks set to be driven by more 'whens' than 'ifs'. I see a lot to like. A novel/disruptive product, cheaper and more effective than the incumbent competition, close to be fully working, validated and regulatory approved for sale. Which will allow existing sales to be formally booked (and I think revenue to be progressively taken as they move through manufacture to delivery). And, achieving the near term milestones will probably see more sales drop - I'm sure AVO is talking to other prospective customers. Plus, quite a lot of warrants at 60p equal to about £50M.
If everything comes together, this could be in the range 60p-£1 by the end of the year.
I think the timing of your purchases may turn out to be a wise investment. I tried the same approach of buying lots (at too high a price as it transpired) as the price was falling from all time highs years ago but the sp just kept on falling but fortunately I have been able to considerably lower my average by buying quite a few in the 20s.
The situation is very different this time around with visible progress of a nearly completed machine. Not sure how the sp will respond if news arrives this week with 16m 25p warrants due to expire on the 19th July but after that there could be a significant gain from these levels.
Thank you, Max
And, I bought an additional £8k this morning also
Bill
Good for you Billy Bunter to be in a position to invest that sort of money, I hope your risk will reward you handsomely.
I hope you are right Max and I’m making the same assumption. In fact I bought an additional 50,000 shares this morning and plan to buy another 250,000 in the next couple of weeks.
Expecting to see sustain daily rise in the coming weeks with the anticipation for this major announcement of fully functional LIGHT machine news that could (hopefully....) drops any day soon....:)
Surely no more delays this time....again hopefully...
GLA
I’m a 30 minute train ride away from central London. I think I’ll probably go.
No wrong end of the country for me
P.S. is anyone on here intending to go to the AGM?
Bill
Tried to buy a further £10k of shares this afternoon, but I couldn’t make the trade. The largest size of could get was a lowly £1k. I’ll try again on Monday.
That is an excellent average BB unfortunately as I have not sold any since my original purchase some 7 or 8 yrs ago I've an average about twice that although, my HL account shows much lower as it doesn't take into account the share consolidation. I also have what I consider a significant holding a little less than you and my expectation is that this could easily be between £2 & £3 when those milestones are achieved and a full order book for the next few years of somewhere in the region of 16 systems. Still a long way to go and achieving 230MeV will be a huge breakthrough
P.S. Does anyone have any ideas on where the share price could land with a fully working 230MeV system, the regulatory approvals in hand and the 6 sales all formally taken? I've got my own ideas, but I'm interested to know what others think.
I noted the recent Hardman & Co 161p fully diluted)analysis.
Bill
I just went in for another £10,000 . Now sitting on about 300,000 shares with a 30p average.
Hoping that the up and coming milestones will lift the share price.
Bill
I've been adding too, but it's got to the point where I can't afford not to if I want to get anything out of this. The upcoming AGM will be very interesting. By then the outstanding warrants issue will have been settled and there may or may not be further technical update. Whatever, everyone gets to vote the Directors in or out and some of the larger holders may not be happy with what I'm calling a lack of truth from the present lot. Who are they and what exactly do they all do? - you can bet they're amply rewarded for it.
Yes I keep adding to when funds allow, may get a drop just before the big news, usual aim games.
GL
Thanks, AParky. That is in line with my thinking. I actually just bought £10K of shares, and am mulling over a purchase of an additional £25K worth. On the basis that we will see a SP lift when these near-term milestones are met.
Bill.
Hi BB , warrants, market volatility and timelines being stretched have probably all contributed to us being back to where we are sp wise, very low on a pre consolidation scale.
Even after validation and orders confirmed they will need major funding to get to production start up, unless we are snapped up beforehand.
What thoughts do other posters have on this BB regarding the possible need for another large fund raise by AVO?
It looks like AVO had about £4.5M on hand at the end of last year and have since raised a further £15M this year. Call its £20M. But, they are going through about £2.5M a month so I'm guessing they are down to about £5M in funds (please let me know if my calculations are off). And, a £10M loan coming due in November.
Assuming they get the FDA and CE approvals giving them a saleable system (plus of course the required 230MeV performance), I'm sure they will be able formally 'book' the proposed orders which may help the cash position. But even so, its looking like AVO will need some warrants to be exercised and issue more shares.
With the signals from the company on time lines for a fully working 230MeV system and regulatory approvals, I'm assuming they are hoping to get both these milestones in the bag, to see a increase in the share price (and probably more interest in AVO as a business) and then probably go for an additional large fund raise or other deal.
What do others on here think? I'm just trying to work out, is AVO likely at the share price bottom now, even accounting for some further dilution in the form of warrants and the issue of new shares once these near term targets have been met?
That's what I did at 22.5p hoping it will get me back to break even on my entire holding soon