London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
I think that it is quite clear, if you follow the links Vanilla.
RNS 19 June 2023
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that it has received a conversion notice for a portion of the convertible notes, which were issued to a French counterparty, as announced on 1 March 2023, into new ordinary shares of 25p each in the share capital of the Company ("Ordinary Shares").
RNS 1 Mar 2023
Advanced Oncotherapy (AIM:AVO), the developer of LIGHT, the next-generation proton therapy system for cancer treatment, announces that is has entered into secured convertible loan note agreements to raise £4.975 million from new and existing investors, as well as certain Directors (together, the "Lenders") of the Company (the "Secured Convertible Note"). Total funds of £3.828 million have been received from investors under the Secured Convertible Loan Note as at the date of this announcement. The balance of funds are due to be received shortly save for £500,000 from Michael Sinclair (Executive Chairman) due to be received by mid March 2023.
Not trying to defend the BoD other than acknowledging that some have invested substantial funds. Don't think the warrants the BoD have received come with the compensatory shares as per the french counterparty.
All these cheap shares along with OAM forced into selling is compounding an already difficult situation. When it rains it pours but I'm hoping like the current weather we start to see some sunshine. Not sure what your investment here is but good luck as we all need it in this market.
Sorry about the incorrect space. That is 1,858,736 new shares.
Not sure why you are defending the board Vanilla.
Repeating my post of last week:
"I do not agree that it looks like a slight oversight from the BoD in setting up this arrangement. They knew exactly what they were doing when they issued these warrants. Some of AVO's directors also subscribed for these warrants. It is the shareholders that who failed to understand this complex deal. Hardly surprising when many of the RNS's are so opaque."
If they had lowered the nominal share value back to 1p as a previous lender (Bracknor) had asked, this would not have happened. They would also be able to issue new shares to ordinary shareholders at their stated price.
Instead a French company subscribes for 200,000 shares and is issued 1, 858,736 new shares. Is this an example of the non dilutive funding that the company talked about a while back?
Strange days trading with buys at over 4/1 but they play about with the spread
These conversions don't make for good reading must be like a kick in the teeth for the heavily invested BoD and lth's of which I am one. The only good thing is that as long as they aren't selling they see a profit in holding onto the shares which indicates some sort of deal will be agreed. If it is somehow I think it will be a long time before I see any profit but always intended to hold until successfully commercialised so will reassess then but fingers crossed for now!
That’s a hell of a closing spread…. Will have taken a few stops out
Just on Odey selling another 1m shares, none of us can be sure why but I’d note they’ve been selling down their holding in another tech stock, Bango. Yes it may be related to Odey’s internal problems but equally it could be a corporate reappraisal of tech stocks in their portfolio in general, or another reason. And if they did want to exit, I bet their 49m shares would be fairly swiftly snapped up if AVO can just get the funding sorted. It’d certainly allow us lot to buy loads more shares at a ridiculously cheap price.
Hi Ken, if they haven't broken ground at the facility I made need something a little stronger.
AParky. Don't blow all your profits in Cheshire Oaks, the coffee is expensive there!
Lol K
I paid £2,4912 for 95,809 shares at 2.59999p this morning. My buy shows up as a sell
Punters have paid Odey to look after their money and invest it wisely, buying at 25p and selling at 2.5p, nice. At least when we get it completely wrong on an Aim stock we only have our selves to curse at :( but it is free of commission to brokers.
Not that I'm saying they got it wrong regarding AVO, we will one day Rodney smile and say well done.
If I get the chance combined with a trip to Cheshire oaks pop on site to see if work has started on the pre-treatment room.
That would be fantastic news but I'm not so sure it is imminent. Money was required for additional building works to create the necessary patient facilities and UHB have a list of tasks to complete. Whether all of this is continuing at pace without long term funding set up is unclear. When the BoD gave a timescale of H2 2023 for 1st patient treatment from past experience we'll be fortunate if it happens in December and that's without the difficulties created by not having sufficient funds in place.
My hope is we get news of a satisfactory funding arrangement by end of this month with an operational update to detail progress from the last update but would not be surprised to hear of slippages. Having said that just the funding would stabilise the sp which has turned into a bigger risk than the unbelievably complex task of reaching 230MeV.
Credit Suisse and Odey sold due to their own internal problems, otherwise we would be over 10p. First patient to be treated imminently and then see what happens to SP
Could arrive at anytime. 50p+ for starters
Always a good trade in this but atm I can buy 1,000,000 at 2.7375p online so if you can buy 1 mil in one go online the true size available could be 5-10-15 mil so big old overhang but there was the same a short while ago at 2.5p then the price spiked over 8p
The LIGHT is dimming, but I am sticking with insiders who have invested mutiples of my pension
The selling by OAM won't be helping matters....just what we needed. A reassuring update would be welcome or even news that funding has been satisfactorily concluded with time pressing on need to hurry up.
Good luck with your holding you must have a great average. I've got way too much in these at a much much higher price and starting to hope for a miracle.
Everything has been said about the wonderful technology & huge potential seemingly close to ruin due to the dire financial situation. Considering mr serandour's background is in finance he seems to have been caught out like an ordinary mug. I know world events have been difficult and the response to achieving 230MeV the complete opposite of what they must have been expecting but there seems no contingency was in place. Hopefully someone comes to the rescue and credit to the board members who have continued with financial support but I'm starting to wonder about the value of the leadership steering the ship into this mess.
Proper “cursing it” that..LOL
Personal been adding heavily here.
Gla
Seems to have found a bottom this last couple of days (for now at least). Despite a great buy/sell ratio today is struggling to break 3p, seems there is some slack to take up
Yep I follow that I was just interested in the decision to convert now as the maturity date is February 2025. I suppose receiving around 3m shares instead of £150k cash is quite an easy one to make with £2.75m still outstanding. The thing is if I believed a positive outcome regarding funding would boost the sp I'd convert the remaining loan and would be sat with 65m shares. At just 10p a share that's £6.5m over 100% return. Alternatively if it all fails the shares will be worthless, not sure about loan notes in a worst case scenario. Probably difficult to read into what these early conversions could mean and we're just going to have to wait until the communication arrives but all these warrants and loan notes are not helping the sp.
"The conversion fee of £91,266 would be very expensive alongside the the £100,000 repayment if settled in cash."
Sorry that does not make much sense.
What I meant was that AVO would still have had to pay £91,266 as well as issuing 400,000 25p shares to settle this loan. If they are struggling to repay the £100,000 loan note in cash, they are unlikely to be able to afford the £91,266 compensation payment either.
I'm pretty sure that the option to pay the difference in cash or shares is down to AVO, not the converting noteholder. The conversion fee of £91,266 would be very expensive alongside the the £100,000 repayment if settled in cash.
Can't help you on why the Froggies chose to convert these warrants into shares, but the company is very short of cash, so repaying debt would be difficult. AVO may be actively encouraging noteholders to convert.
I do not agree that it looks like a slight oversight from the BoD in setting up this arrangement. They knew exactly what they were doing when they issued these warrants. Some of AVO's directors also subscribed for these warrants. It is the shareholders that who failed to understand this complex deal. Hardly surprising when many of the RNS's are so opaque.
Any thoughts on why the conversions kenj. I can only assume that whilst they can opt to have the loan repaid in cash obtaining all these shares will be more profitable assuming a satisfactory deal is secured. I'm sure they have a better insight in to what is going on than PI's so I'm hopeful this is a positive sign rather than just profiteering from what looks like a slight oversight from the BoD in setting up this arrangement.