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HITS, all sensible.
It is the dedicated stalking by the obvious non-holders that is bewildering. I buy and hold and hope that my investment does well. I know the score on the door and I place my bet and wait. Please can you explain the rationale for the countless postings by these 'non-holders'. Matt says that he is a community-spirited type of guy but this just comes across as something much more because of the intensity and frequency that he and A N Other adopt whilst feverishly waiting for singing from a fat woman.
Dan, don't be ridiculous. Nobody here to my knowledge has "wished ill" on AVN... and even if they had, what possible difference would it have made?
All some have done - including me now and then - is look dispassionately at AVN, focussed on facts and fundamentals and as a result have presented a less than positive opinion on the company's prospects. Looking at yesterday's news, I would say that those of us with such opinions have been conclusively proven to be 100% correct, no?
And that's not stated as a self-congratulatory thing in any way. I'd of course have liked for AVN to be a success - it's a British company after all - and I have a deal of respect for Kyle Whitehill, who clearly has been trying to take the company in a far more sensible direction.
Unfortunately - as is now clear to all - the damage caused by the shocking mismanagement and profligate spending under the Williams regime was simply not going to be repairable in time. The historic hole beneath the waterline and the attendant debt millstone were both so massive as to make Kyle Whitehill's task an extreme long shot, no matter how good a go he gave it.
IMO, most right-thinking PIs' anger should be reserved for swivel-eyed fanatics like GCCRa who in the face of all the factual evidence have spent the last two plus years assuring everyone and anyone that AVN shares are an imminent multibagger and that riches are quite literally just around the corner, while simultaneously ****ging off anyone daring to express a counter-opinion. And let's face it, it's exactly that sort of mindless ramping that actually requires counter-opinions to be expressed.
Hopefully nobody ever listened to his endless "Strong Buy" recommendations and got suckered in by such endless ramping. I guess we'll never know whether he and his like were just delusionary or company shills - not that it really matters now.
Just a community-spirited type of guy I guess :-). If i've saved some unsuspecting investor a few quid, as opposed to them following the bilge that you GCC and the rest of the brain trust have posted, then it's been well worth it.
I must admit that I remain intrigued as to why certain individual(s) devote so much energy on something that they do not believe in. #spurned_lover
Dan - Even in the face of the Company's ultimate demise (from a share price perspective) you prefer to focus your ire on those here who have been proved right time and again. It is you who needs to move on I think. Good luck though :-)
Some critics (moaners) will get closure soon and finally be able to move on.
You do know who you are, because of the energy you have devoted on wishing ill on this company's efforts to progress and thrive.
I just thought if a company has invested 1.2 billion then there still might be something in the infrastructure to be worth it,.
Is there any hope the delisting will get overturned or do the big investers hold too much to make any influence impossible?
This satellite operator was an obvious basket case, for years, due to massively excessive debt, and trading losses. Shareholders were diluted by over 90% when the bonds were converted into equity. Given that the bondholders own the bulk of the company's equity now, there's little free float, hence no point in maintaining its listing.
Therefore it has decided to delist, becoming a private company. Therefore investors who cannot hold shares in a private company, will need to sell up for whatever they can get in the market, before the shares delist.
The last day for trading in the market is expected to be 17 Sept. That's one less rubbish company for me to report on, so I'll be glad to see the back of it.
Yes. Who the hell would want to take on the $500m debt?
The usual suspects continue to circle, keeping their beady eyes on AVN, hoping to get the assets cheap in the event of a fire sale caused by the company going pop. I'm hearing that the main thing the vultures are interested in is absolutely not the AVN orbiting hardware - that's hardly state of the art and has already been superseded in terms of its tech by satellites owned by AVN's competitors that are already in operation.
Nope, it's AVN's orbital position rights and frequency allocations/footprints that are much more of interest. But not anywhere near of enough interest to inspire any competitor to take that debt mountain on.
Unfortunately we are dealing with crooks and robbers. Important for all shareholders to vote against the resolution. We clearly need a new board of directors who actually care about shareholders.
Any opinions on why this hasn't been took over by now?
Surely a snip with steerable beams and invested setup?
Is the company made up of entrepreneurs or a bunch of crooks and robbers?
Why did 7 million shares end up being bought?
I was always afraid of this. We loose everything!
No satellites no aim all a big scam told you months ago.. gl
Well Rom, being brutal about this...
Getting off AIM and becoming private saves AVN about $500k in costs, according to today's RNS anyways. Although small beer in terms of other costs and debt interest, as the TV ad says, every little helps.
It also frees up management time not having to play kissy-ass with the City.
It allows AVN the freedom not to wash its dirty linen in public, because there'll be no need to disclose diddly squat.
It also allows AVN the related further freedom to operate in unregulated ways.
Although I think that this impending delist a) does the company's credibility no favours at all and b) is a game-ending smack in the teeth for all but the ballsiest of PIs, the fact remains that AVN clearly doesn't have a prayer of raising any meaningful funds - and we all know it needs plenty to keep the lights on - via a share issue.
So although this delisting seems to very definitely screw PIs right into next week, AVN doesn't give a rat's ass. about that. So it might as well go private and benefit from the advantages laid out above.
(I'm still not sure how it's going to go about raising more much needed funding though...)
I don't disagree HIS and being a very private, private equity model does have certain advantages. I've said before that we're here at the gift of the creditors/large shareholders and today has not changed my mind one bit. It does seem to indicate that they're dressing Avanti up to be more attractive [for sale] and give the management an opportunity to be decisive and bold. I cannot really think of a reason to stay on AIM.
Rom...
" If nothing else we are in good company because these creditors also paid a high price for the equity."
Very true. The bondholders involved in the D4E swap effectively exchanged roughly $500m of interest-bearing bond-based debt for roughly 2 billion shares (in back of a fag packet calculations).
So they "paid" 25 cents a share. Call that 20p a share, then compare and contrast to today's share value.
"To flush us away for good they need to relinquish their shareholding too. Maybe they can roll it into the remaining debt but that is far above my pay-grade?"
I can't believe that the institutions are going to look for an Equity for Debt swap, having only agreed the very painful reverse 18 months ago? Plus don't forget that the self-same institutions are still into AVN for a further c. $500m of interest-bearing bond-based debt. Can't see them wanting to advance further borrowing via an E4D swap?
Which then raises the issue that AVN is now only capable of raising funding via private borrowing...
We must unite! Resolutely resist the company's banditry!
It comes down to shareholders being treated as a liability. All the company needs to do is a 500/1 Share Consolidation which will raise share price dramatically. We are dealing with a disrespectful and corrupt board of directors. I urge you to vote against the resolution. They are trying to screw us.
All shareholders must vote against the resolution to take the company out of aim. This is a farce. It's clear that shareholders are seen as a liability by the current BOD
They can afford to pay 1m in bonuses but can't afford to pay for a AIM listing 'b******t'
They claim the company will prosper soon 'great so share price will naturally rise'
We need to vote against this corrupt BOD, then have a 500/1 Share Consolidation.
Closing an AIM listing because the company are embarrassed by a low share price is the greatest disrespect to shareholders. It's clear certainly people in the company need to be dismissed.
We have the power to join together in voting against this ridiculous resolution.
"Due to the conflict of interest presented by their position as representatives of Solus, BlackRock and Great Elm on the Board respectively, neither Craig Chobor, Michael Leitner nor Adam Kleinman participated in the Board's consideration of the proposed Cancellation."
But those voting would be well aware of the view of these 3 Directors and the decision was a foregone conclusion.
Like several here I wrote these off some time ago and the initial collapse today was due a lot to the fact that these shares are basically lock-up paper once we leave AIM (unless you sell them now for a pittance). That is not the same as worthless but you're in the same ball-park from certain view points. The problem for me is that these 3 companies control a high percentage of the remaining debt. If they wipe out remaining shareholders they can harm themselves or open up the litigation route. If nothing else we are in good company because these creditors also paid a high price for the equity. If there is any future value in the equity it will be because of the self-interest of these companies.
Today's news hasn't changed anything really IMV and is more an acceptance of where we are. The Creditors don't really want to run companies and Avanti will be nursed along until it can be sold. Whether there will be anything left for shareholders remains to be seen. They would rather see the back of us but we are (for now) inextricably connected to each other with the creditors holding a lot more share than us. To flush us away for good they need to relinquish their shareholding too. Maybe they can roll it into the remaining debt but that is far above my pay-grade?
It'd be a very brave day trader who bought in right now, that's for sure.
In less than a month's time, AVN is going to be the Hotel California for PIs... they can check out any time they like, but they can never leave.
Who's buying? Me of course - price finally got low enough for a punt.........
(only joking of course - LOL)
I wonder if HITS 62% is now 75%?
Expected to get just over £500 for my ISA but it was only just over £400 so declined!
90% in my ISA , my nominee account wasn't worth the bother but I my £50 would have only been £40 too if I did bother.
There is so many ways to be scalded in share-dealing - why did I ever start this sorry game?
3 of 5 startups down the pan - and the other 2 on the verge of the big time! And worth sfa today. Roll on tomorrow, whenever that is.