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And again, nothing from the BoD.
Https://find-and-update.company-information.service.gov.uk/company/05564418/filing-history
21 May 2024 First Gazette notice for compulsory strike-off
This document is being processed and will be available in 10 days.
Https://www.thegazette.co.uk/notice/4617599
Today is the day unless there has been a resolution. Can anyone comment?
"So if AVO take another year or two - or twenty - to get re-financed, shouldn't be a problem. "
Unfortunately there is a major problem; the company is almost about out of cash. They cannot survive much longer without new funding, and if their creditors call in the debt, insolvency beckons.
RNS 9th Jan
"As of 8 January 2024, the Company had negligible cash resources. The current liabilities of the Company include an estimated £28 million owed to trade and other unsecured creditors and £41 million[1] of financial debt."
And if black humour is any protection against serial disappointment, I might point out the following ...
The papers tell us it will take 685 years to clear the NHS backlog, currently at 7.53 million.
So if AVO take another year or two - or twenty - to get re-financed, shouldn't be a problem.
I can always leave my shares to my grandchildren - or to their grandchildren.
They are updating website - see recent 'AboutUs/NewsRoom' article.
Might also suggest Twitter (@AdvOnco) and LinkedIn (Company/advanced-oncotherapy-plc/).
Also, this board (if anyone hears anything please post).
Many thanks for the info, does anyone know how do we now get any news or information from the company? I have looked at their website and there is no updates on the situation.
Hi ac123,
As Meldrew44 has pointed out your holding of the shares has not changed. It is simply the share value and tradeability that has been affected by the suspension.
Every shareholder still owns the same percentage of the company's shares that they held before the suspension and later cancellation. If the company manages to get it's refinancing plan accepted by its creditors and potential financiers, then you will be asked to vote to approve the plan, but this is likely to involve a sizeable dilution.
Sadly, I can see no light at the end of the tunnel. Each RNS seems to repeats what has been said before, and move the target a month or two on.
Cancellation from AIM doesn't affect shareholders ownership of their shares or their stake in the company because AIM is merely a platform for trading shares. Ownership of the shares wouldn't change even if AIM, or the stock market, for that matter, ceased to exist.
Hi Kenj
Regarding 'approval by shareholders', 'shareholder vote', etc, do we actually still have a stake in the company now that our shares have been cancelled?
Or does the cancellation merely mean we can no longer trade those shares on a public platform (i.e. the AIM market)?
I suppose it depends on the solvency status of the company.
I would imagine most on this board own shares through nominee accounts held by their online platforms. My platforms have not provided any information on the status of the shares - they remain in my portfolio, though they cannot be traded and have zero value.
Anyone any clearer on the legal position here?
RNS 3rd May
"The Company and the Investor are working towards the initial tranche of funding being received by the end of May 2024. There can be no guarantee that this funding will be received nor the quantum or timing thereof."
"As previously announced it is also expected that as part of the Proposed Financing Transaction the Company would be required to restructure its financial liabilities with a view to providing a long-term financing solution for the Company to continue as a going concern. The Proposed Financing Transaction would also be subject to, amongst other things, approval by shareholders of the Company and consent from certain other stakeholders of the Company."
The second paragraph is the telling one.
To me, this says that receiving the first tranche, is dependant on the terms listed in the second paragraph, ie: the completion of the Recapitalisation Plan that the company announce 10 months ago. As this is dependant on a shareholder vote, how can they expect to achieve this by the end of May? It requires at least 4 weeks notice to call an EGM, so they would have needed to call the meeting when they released that RNS.
Ac123, You are right; the term ‘confident’ has not been used so far. Unfortunately, it still isn’t a definitive commitment. I don’t have much faith in the Board of Directors, but I’m trying to see it as something positive. From now on, the information should be made directly available on the homepage or another social media platform. I only know that the remaining employees don’t really know any more than we do.
This is becoming bizarre.
IWant, you're correct in saying that the LSE is not being consistent. There is more information in your link than was posted on the RNS which I read this morning.
Moreover, the Company says is it now 'confident' of receiving the first tranche, a word I do not recall being used in earlier RNS's (e.g. 03 May).
However, as we as shareholders no longer have a material interest, what good is it if the Company does keep us 'abreast of developments'?
Any thoughts?
The non- distribution of the information seems to be a problem by LSE. See here:
https://www.londonstockexchange.com/news-article/market-news/cancellation-of-admission-to-trading-on-aim/16461054
Yes
Does this mean the company is still alive?
Thank you for posting I see this was released at 0700 and surprised it was not on the AVO website also.
If the company does secure the funding transaction then delisting from AIM is not a bad at all. I cannot understand now why AIM took so long to delist some 11 months after suspension!
But nothing on AVO's homepage about it.
Here is the answer
https://www.sharesmagazine.co.uk/news/market/LSE20240509070009_5175051/cancellation-of-admission-to-trading-on-aim
This link maybe worth reading as AVO would possibly fit this scenario. What ever the outcome a further news release has to be made until such time the company is declared insolvent or ceases trade. In the event financial negotiations are near conclusion the petition to wind up on 15th May 2024 could be opposed.
https://www.hilldickinson.com/insights/articles/delisting-option-and-opportunity-some
Anybody around there on 15th of May to join this "event?
Petitions to Wind Up (Companies)
In the High Court of Justice
No CR-2024-001904 of 2024
In the Matter of ADVANCED ONCOTHERAPY PLC
(Company Number 05564418)
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named company of Advanced Oncotherapy PLC (Company Number 05564418) of 143 Harley Street, Ground Floor, London, England, W1G 6BH whose nature of business is other human health activities, presented on 28 March 2024 by SOFTCAT PLC, Solar House, Fieldhouse Lane, Marlow, Buckinghamshire, United Kingdom, SL7 1LW claiming to be a creditor of the Company, will be heard at The Business and Property Courts of England and Wales, The Rolls Building, 7 Rolls Buildings, Fetter Lane, London, EC4A 1NL on 15 May 2024 at 10:30 (or as soon thereafter as the Petition can be heard).
Any person intending to appear on the hearing of the Petition (whether to support or oppose it) must give notice of intention to do so to the Petitioner or to their Solicitor in accordance with Rule 7.14 by 16:00 hours on 14 May 2024.
The Petitioner's Legal Representative is Paul Abdey, Brachers LLP, Somerfield House, 59 London Road, Maidstone, Kent, ME16 8JH Telephone: 01622 690691, Email: paulabdey@brachers.co.uk (Reference number: 300/STA6120.7789)
The important aspect regarding this rule 41 announcement concerns a change made by the LSE I believe in 2015 which states:
Guidance on Rule 41 - the LSE is also proposing to amend this guidance to make it clear that the LSE may agree that shareholder consent is not needed to cancel the trading of AIM securities where the company maintains or will be admitted to trading in an EU regulated market or an AIM Designated Market. This replaces the current reference to "comparable dealing facilities"
Can anyone else comment on this, as of now the company has not been declared insolvent or ceased trading.
People always say you've got to be in it to win it, on aim you've got to be in it to lose it 🤪
Like the death of an aged relative, long expected though, when it happens, a shock nevertheless.
I sincerely hope no one here has lost more than they can afford to lose.
Good luck in your other investing activities, and best wishes to all on this board.