Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Look at that spread nearly 60%. This is a gonner, get out while you can! I had and still have shares in a similar company which stated the same, delisted and went to JP Jenkins ...matched bargain facility, only trouble is you need someone to buy your shares and in my view it very rarely happens unless you have a hell of a lot of shares. Yes the problem is too many shares are held by institutions which makes trading difficult because of very little free float. I had shares in AVN five years ago and fortunately managed to get out with only a 18% loss before D4E happened. The company is in a much better position now but cannot see anyone riding to the rescue anytime soon, Sell!
A slight update to earlier posting.
This is going to go through almost without doubt.
The ten largest institutions hold 85% of AVN current shares - and the biggest 5 hold 75%.
The three biggest - Solus, Black Rock and Great Elm - hold 62% between them and they've already confirmed approval of the delisting. Just 13% more needed then.
That won't come from the existing directors though, who according to today's RNS only hold a staggeringly small 179,000 shares between them (or just 0.01% of overall AVN shares only worth a couple of thousand pounds). That is surprisingly tiny? Guess they never felt that a buy-in would be worth it.
I agree with MTB - in my view PIs need to rush for the door while they still can. Or risk being stuck with funds locked up in untradeable shares in an ongoing information vacuum.
AIMO.
Why are they going to go out of the market? Long-term reports are good news, and there are good results and results. Why can the company so irresponsibly say to withdraw, de-listing, you can do it immediately? Also, is September 18 the final date of revocation in the affirmative?
Yes PIs (and everyone else) will still hold shares. Yes they could theoretically relist at a later date. Yes they could theoretically get bought out while unlisted.
It'll be very tricky to trade in AVN shares (either buying or selling) if this goes through. And of course remaining holders won't be entitled to see nearly as much news or as many announcements if the company goes private.
I doubt they'll drop down to the NEX exchange. Liquidity/tradeability there is almost as non-existent as it is for a private company - and being listed on NEX does nothing for company credibility either. If anything, it'd be worse than going private IMO. NEX is not referred to as the lobster pot for nothing - investors can get in, but very rarely get out.
I expect shares will be moved to NEX
Am i correct that they are just delisting from aim .
We will still have shares in the company , possible they could relist in future , or taken over when unlisted ?
I don't buy what the BoD is saying. They're *****ing about the MCap being too low - and conveniently forgetting that the MCap is defined by the market, which looks at fundamentals such as P&L, balance sheet etc etc.
All that taking AVN private is going to do is save a bit of annual cost (no bad thing, I suppose) and also remove much of the need for disclosure. I don't think it's going to do anything for the company's credibility - in fact, quite the reverse.
Having said that, following the PI-crippling factor 15 D4E swap last year, it is indeed true that the vast majority of AVN shares are held by a small number of institutions, like Mast and the other holders of those bonds swapped for shares. And it's pretty much the same outfits that hold the remaining c. $500m of bond-based debt, so on that basis FROM A VERY GENERAL VIEWPOINT, this doesn't change the price of cocoa that much.
It is undoubtedly another kick in the teeth for remaining PIs though, although they only - I reckon - account for less than 7.5% of AVN's total shareholding. That's still £2 million potentially in private hands... and probably once worth many multiples of that. Not nice for long-suffering PIs to see impending illiquidity on those holdings.
Hopefully GCCRa won't now dare to come back yet again with his 865th "strong buy" recommendation - and if AVN does go off-market, at least fresh PIs won't have the opportunity to get suckered in. Got to be thankful for small mercies...
Is this not ripe for a takeover?
Would it not be beneficial for everyone if it happened?
Or are they awaiting for it to become a private company for a poss merger down the line to get a bigger slice?
Adrian, that was my first thought too, but they have said the cost of being a public company is too high, especially given very few shareholders hold a huge percentage of the shares. We do not get much news as a public company, heaven knows what it will be like as a private one! We should be a household name after all this time but cannot see it happening somehow.
Surely most of us were holding more in hope than confidence would turn us round.
My hopes relied on Paul Walsh having confidence in the company. He bought in around £2.20, and I topped up at a similar price to average down.
When he couldn't reverse our fortunes I really wrote this stock off. But held in hope that #3 and #4 would pay off.
Those numbers haunt me ... Lesedi #3 and #4 are CBM wells in Botswana (coal based methane) and I await gas flows there which could be curtains if they are terrible.
It remains intriguing how two posters will spend their time once this is private. They may become monks and take up a vow of silence. We can all dream.
Surely the company could do a Share Consolidation 500/1 for example to increase the share price without going private? The recent proposal should be voted against by all shareholders.
My take on this is that for the share price to rise back to the levels where a lot of people on this thread bought in at, it would take years of good performance. At least this way if there is an acquisition/merger/recap in years to come, PIs will get a return at a valuation that is fair market value instead of the undervalued share price. For PIs to get fair market value while the stock is still trading, the share price would have had to catch up with the intrinsic value of the company. Given recent news being more on the positive side lately but the share price still declining, it didn't look like this was going to happen. If nothing happens in years to come and performance doesn't pick up then PIs weren't going to get anything back anyway. Public or private, from where we are now, if PIs are ever going to get anything back it would probably be years from now whether the company is public or private.
Thoughts?
Calm down Brad - it's only money after all.....LOL!
Under suspension, they would still have to follow the same disclosure rules, so they'd lose some of the 'advantages'.
Why cancel and not suspend ?
Are the two cretins still posting? Two filters showing! One of each? Same vulture?
Carrion cretins! When are you ever going to f.o.?
Necrophiliacs! Descendants of Burke and Hare? No, both are Burkes.
Best thing is we won't have to continue to hear the swivel-eyed optimisim-with-no-foundation merchants harping on in the future. Actually, that's the second best thing. Not having a holding in this dog of a share is the best thing! Lol
There are no clouds - the sun is shining down!.
It crossed mmy mind to snap up double my holdings for £400 in the hope that my £400 was due to recover.
But then I thought about the 650M debt which has not been mentioned , and compared it with their savings from this drastic move.
I don't think I'll be here for long enough to see us become profitable. There are better prospects for £400+ to leave my kids.
Shame, I have been proud of their achievements in space, such a pity their sales technique was a waste of space for so long.
But why didn't Africa get the bug to have the internet? I'd have fallen into the same trap for sure - it seemed to be a matter of time and maybe it still is!
I am thinking of the practicalities here.
Will Avanti issue us with share certificates through our brokers?
Our holdings will presumable evaporate there? BUT, A BIG BUT, it says Jenkins will not deal with us directly but through our brokers.
Perhaps that covers my first point, our brokers will get us paperwork to replace our nominee accounts? And then Jenkins will deal with paperwork thereafter?
I look to have invested a similar amount to Wress which is worth less than £500 - most of the cash spent at £2.20 and above.
Hardly worth taking that poultry amount - just have to accept I bought a turkey and hope they try to look after us for once.
· The proposed Cancellation is part of the ongoing transformation of the Company as the Directors believe the currently market valuation does not reflect the recent progress the Company has made, the value of the Group's satellite assets, or the current market opportunity
· Recent results allow the Company to reaffirm prior guidance for FY19 and FY20
· Successful launches of HYLAS 3 and HYLAS 4 provide platform for continued growth
Best thing is we won't have to continue to hear doom and gloom merchants harping on in the future.
Every cloud has a silver lining.
Wress - you £40k is now less than £20k- Lorn knows what possessed you to throw that much into this!? did you not read this Board and discriminate between those with some degree of intelligence, and those without? If you stay here you will now be invested in a close-to-zero liquidity investment, and you'll be largely in the dark given the reduced information that will now be coming from the Company. £20k is better than nothing - I'd sell whilst the liquidity is there if I were you!
Not a complete wipeout, but can't be classed as good news by any stretch of the imagination.
However, I am keeping all of my shares. The eternal optimist will look at the net asset value of circa 8p against the <1p share price. The trend has changed and the company has been delivering on its recent promises. It is an unfair world with gremlins playing havoc so the BOD has done the best thing to recover and survive.
Looks like the remaining PIs are rushing for the door.