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Nothing surprises me about the Avanti Management. For years they insisted that they were fully funded and then crashed like a stone when it became clear that they were lying.
Why on earth is it still posting here...? Surely it's mission is accomplished by now ?
Rom, I hear where you're coming from, but I think you're misinterpreting the strict and legally obligatory purpose of RNSes. It's compulsory to issue an RNS when a company/BoD becomes aware of price-sensitive information.
Saying (or being compelled to say) "Hey, we're very liable to go into liquidation if we don't get 90 million bucks by June 30th" is certainly price-sensitive info, even if that RNS disclosure was a compulsory part of a wider subject disclosed. That is where we are at the moment - that is AVN's current position and status as disclosed to the market in general.
So, if that situation has changed or improved or been resolved, that's also price-sensitive information and as such must be disclosed. There can categorically be no doubt about that.
Which is why I believe AVN to still be in deep DEEP cashflow/funding doodoo. Because if they weren't, they would have had to announce that they no longer were, along with the actions taken to achieve such resolution.
That's the only logical and resasoned position to take and with respect, any puff or spin imparted by any company's "investor relations" glorified PR department ain't worth the spit it's been said with. It's RNS or nothing for me.
AIMO.
HIS, your points are valid. However, at the time the statement was made I feel it was 'pour encourage les autres' and seems to have done its job. The people that counted (not us smaller PIs) understood this and they are the ones that matter. As they are on the Board now they don't need an update and I'm afraid that it matters little what we do or say; the die is cast.
They've moved on from that statement on 9 April and so should we. The financial situation has improved from the stated position in the RNS otherwise they would have had to produce a fresh RNS. Perhaps the lack of one is a good sign! Better to call or write to the company than moan on this echo chamber.
Certainly plenty going on in the background as you say.
Total blind panic with them all running around like headless chickens probably.
Maybe so, Rom, but that's hardly the point.
The company's statement in the early April RNS absolutely obliges it to present updated information on the subject it itself raised, in my very firm view. So an RNS absolutely is necessary to clarify the financial/funding requirement issue.
It's not acceptable to force investors to make assumptions by saying precisely nothing. Shockingly poor and contemptuous behaviour by the AVN BoD.
.
Relax. I believe there was some arm twisting and persuading going on at the time so the tone of missives was to persuade the reluctant and what might happen if they caused trouble. I contacted Investor Relations mentioning this important date mentioned in the 9 April RNS and asked "As we've passed this milestone can I take it that we are now in the clear?"
The reply was "Yes that’s right."
A RNS is not necessary at this time imo. I suspect there is plenty going on in the background.
Ruman & JTIS, also my thoughts.
It's frankly staggeringly poor practice for any plc to announce on April 7th that unless it secures $90m of funds by June 30th ($40m of which hoped to come from a deal involving "infrequently recurring revenue"), it'll get put into liquidation by either the BoD or its creditors some time in Q3...
...and then to let the self-stated June 30th deadline pass without confirming anything at all regarding the securing of said obviously crucial funding.
But that's exactly what's currently happening. Unbelievable and hardly a strategy set to bolster investor confidence.
What are we meant to wait for now? A sudden RNS saying "it's okay guys - we've scraped together the $90m and here's how" or a sudden RNS saying "sorry guys, we've run out of cash and are now liquidating (before Orbital-ATK and/or Arianespace force us to do so)"
You couldn't make it up. P*ss-poor communications on what is literally a life-or-death subject that they themselves brought to light (because they were forced to, I'm sure).
Wait and see, I guess...
Hi Ruman,
I was thinking the same 30 June has come and gone and the fat lady has not started singing yet. I also note that the volume of trades remains very low. The recent news from the Company re contracts, partnerships, testing etc is quite positive, it would be nice to have something from them giving clarification on the financial position so that we know if there really is a future here. Be interesting to hear the opinion of others.
Anyway GLA.
Hi to LTH's
Can any one shed any light on this Statement from April ? 30th June has come and gone and RNS ?
The company, which is swapping its debt for equity, said if the restructuring is not completed by April 30, it will default on its bond interest payable under the existing bond indentures.
Avanti also added that if it is unable to raise additional funds of at least $50 million and secure $40 million infrequently recurring revenue in pipeline by June 30, it would be highly unlikely that the company would be able to pay its creditors within the three months following June 30. (Reporting by Radhika Rukmangadhan in Bengaluru, editing by David Evans)
GetSat - Avanti Partnership......to say this is an important tie-up is a massive understatement. It underlines the military applications of our technology and the confidence government military decision makers have in our technology - unlike some of the other pie-in-the- sky technologies out there. so as BUKO suggestes why on earthy is this stuff not right in the faces of the Market via an RNS? Surely AVN, we are obliged to inform the market !!??
A communications company they need to try better...
Avanti Communications Demonstrates Satellite on the Move Capabilities with GetSat’s MicroSat Terminal
Trade – Thursday 28th June 2018
Thanks Robbie, I'm a firm believer that self-interest is a big driver of decision making and a platitude from Europe about making Africa self-supporting will ensure that 'development' funds will be directed to that end. Of course reducing migration into Europe will reduce whilst more direct efforts to block migrants are put in place. Africa is a land of disasters. Not a political comment but just the way things are.
There was a dialogue with Facebook in the past but the demands from them were considered uneconomic (from a discussion at an AGM). We know how Facebook loves to pay tax and a fair price for data. They will continue to sniff around but with Paul Walsh at the helm I doubt they'll get any handouts. Its my opinion but I think the earlier approach from Facebook was opportunist and the fact that their business wouldn't fly because they're suddenly connected in Africa means they're lukewarm like most companies toward Africa but contribute to the narrative about the "potential" of Africa. More prosaic investors (China) accept it will be a long haul in Africa and so do I. What does have a bit of traction is the future of immigration from Africa to Europe. I think that will drive internet penetration to make the Continent self supporting and reduce the pressure of migration. Whether it will work or not is another matter. Of course the military side of things will always want a view from on high ground and you don't get much higher than space.
You went to a school where they gave gold stars for humorous comments? That explains a lot mate...;-)
if Avanti could get a deal with facebook then we are well on the way, in terms of business confidence.
Indeed the Viasat contract IS very encouraging especially as it's secured prior to H4 entering it's target geo stationary slot. I expect they finally realised that ..... Drones (you have to laugh), Hot air balloons, Mini satellite clusters, Alien Carriers, etc etc. etc. is all a load of bull.
Feel sorry for those operators who have been suckered into delaying their wholesale provider decisions on the back of that tripe. I would predict a flood of these delayed sign ups as soon as we're in our designated slot.
Watch this space !
Power, Did you see the price FB were paying for amos before it blew up? Was terrible. Lets see if the new CEO could get a better deal with them for Hylas 3 if it ever goes up!
If you were at school you would have got a gold star for that post. Well done LOL
Well Tyche, if I'm living in the past, but am 24 hours ahead of you regarding news flow, what does that make you I wonder...? ;-)
Using drones is a really silly idea. GEO Satellites provide a simple reliable transponder service with minimal infrastructure costs
Avanti.. for goodness sake, pick up the phone and call Facebook now.
you would have thought they were smarter than that, wouldn't you?
Did they ever think this could replace satellites?
http://www.hl.co.uk/news/2018/6/27/facebook-abandons-its-plans-to-build-giant-drones-and-lays-off-16-employees?cid=halDM33341&bid=146703626&e_cti=1862444&e_ct=T&utm_source=AdobeCampaign&utm_medium=email&utm_campaign=EONRM_Daily_newsroom_27.06&theSource=EONRM&Override=1