Firering Strategic Minerals: From explorer to producer. Watch the video here.
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https://www.avantiplc.com/news/avanti-financial-recapitalisation/
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://spacenews.com/avanti-sheds-550-million-of-debt-to-free-up-growth-plan
Has that diluted our share holding to next to nothing ?
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
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.
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!
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
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.
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?
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.
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".
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!!
What a scam