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Vanilla is right.
The French company may be paying an exorbitant 25p to convert these warrants into shares, but there is a very generous amount of compensation shares issued as well.
" Total value of the convertible notes being converted: £100,000"
" Number of new Ordinary Shares issued from the conversion: 400,000"
So far so good, 400,000 new shares issued at 25p for a total of £100,000, now for the not quite so clear bit.
"As set out in the Company's announcement on 1 March 2023, if the conversion price is below the nominal value of the Ordinary Shares, the Company shall pay the noteholder a conversion fee calculated to compensate for the difference, which may be settled through the issue of new Ordinary Shares or cash. As such, a conversion fee of £91,266 (the "Conversion Fee") is to be paid. The Conversion Fee will be settled through the issuance of 1,877,904 new Ordinary Shares."
So the French company is paying £100,000, and receiving 400,000 + 1,877,904 new shares.
Hence £100,000 buys 2,277,904 new shares. This equates to 4.39p per share.
Is that 10m Sterling or in number of share lol
Blue?
Surely this is worth closer to a £100m, than £10m!
It's a great time to buy, so if you could just pop 10million in, we'd all appreciate it. Just let us know when you've done it
I’ve been in and out of this at some silly prices but decided it must be worth a punt at this price given it’s all proven and ready to go… buys showing as sells which isn’t unusual on LSE
Https://cerncourier.com/a/cerns-impact-on-medical-technology/
Probably a better article to get an appreciation of their involvement in proton therapy with both avo and ugo amaldi being mentioned. There will be many interested parties wanting this to succeed.
Who knows but it all seems a bit of a mess at present. If you read the attached article and see the numbers involved and the contribution that cern are hoping to achieve in medical imaging amongst other things it seems inconceivable that this breakthrough technology with Light will not be commercialised. Just need the avo BoD to manage the solution to the benefit of lth otherwise all these years and over 250m of investment will be snapped up for a pittance.
https://www.forbes.com/sites/alexknapp/2012/07/05/how-much-does-it-cost-to-find-a-higgs-boson/
Not bought these previously so not followed the date much. Is this a good time to buy and what do investors think this could possibly reach once everything settles
Down?
But they end up with more shares as the conversion fee to compensate for the low sp is paid in shares so effectively it's the same as converting at whatever the sp is for example in this case around 4.5p so no 800% gain. If they converted all the 2.9m loan at that price it would result in nearly 65m shares being issued. That in itself is a ridiculous outcome for the size of loan unless I've misunderstood. That's why I don't see them being able to sell them all so can only assume what they have currently converted will provide the value they are looking to achieve. If the sp gets above 25p they will start to see a profit on the remaining cln's.
They issue the shares at equivalent value to them paying 25p a share of whatever they had loaned. If they all converted now it would be the equivalent of them raising money at over 800% of the share price, I won’t be complaining about them issuing shares at that price, no matter how many it is.
I imagine most will hold onto the loan notes though and will make more but in the grand scheme of things avo should in theory have taken off by then and this is just to see them through.
Thanks for the clarification MP. Whilst these conversions provide avo a small amount of funds they're having to compensate with a substantial amount of shares. Not sure how I read this arrangement but having loaned just under 3m they're now paying 25p to convert to each share and are basically receiving a bucket load of shares in compensation. I don't think they'll be able to off load all the shares if the price remains this low. Hopefully they see value in what they have converted to date based on a soon to be announced deal.
No i think they pay the higher which is 25p a share. If I recall correctly they can convert at 20% discount to the next placing price which could be an exceptionally good deal if discounted but it doesn’t look like a placing will happen and the company have always done them at a premium anyway.
‘Conversion price: £0.25 being the higher of 90% of the lowest daily VWAP in 15 days preceding conversion notice of £ 0.0439965 or the nominal value of £0.25’
A second conversion of the French loan into shares. When this was originally announced I naively thought the conversion into shares would only take place at the new maturity date. But no - they’ve effectively just converted £100k of the loan into shares at the current crazily low share price, thanks to the protection mechanism afforded them by AVO. No doubt they’ll now sell these in the open market - and who is to stop them repeating tranche after tranche until their loan is recouped early? Perhaps they had no alternative to this structure but I suspect this is yet more mismanagement by the company, which I’m getting heartily sick of. More fund raising is supposed to arrive this month.....tick tock.
Morning and don't thing it is anything untoward and just issued as per the 12th Dec rns below. As IWTO has pointed out though it seems they didn't require a EGM which was clarified in the latest rns. Don't know who the lender is as you say.
Nice to get a summary of all outstanding warrants/shares hopefully it is because a proposed deal is going to be announced soon.
Under the terms of the Subscription, warrants to subscribe for 12,000,000 new Ordinary Shares will also be issued to the subscriber of the Subscription Shares by 15 June 2023 (the "Warrant Issue Date") with an exercise price of 25 pence per share, exercisable until 15 December 2027 (subject to the Company being granted the relevant share authorities at an Extraordinary General Meeting to be scheduled in the first half of 2023)
Morning Vanilla, it may be Odey tidying things up and taking advantage of there investment. Just a hunch as the 1.5m investor hasn't been revealed. We can only guess/assume, as per usual we are kept in the dark.
My mistake just reread the rns and the warrants have only been issued. No exercise has taken place therefore no receipt of £3m. Some funds are going to have to come from somewhere soon though!
Sounds like a very supportive investor handing over £3m for warrants when could of waited until Dec 27. Otherwise maybe outstanding warrants are going to be wiped out under any forthcoming deal so holding shares is a preferred choice. The option of trying to buy £3m worth of shares in the open market at around the current sp of 4p is probably not possible. I would say this is positive news if it is as appears a £3m purchase of 12m warrants 4.5yrs before they expire.
"Following this issuance of warrants the Company has a total of 199,061,873 warrants in issue."
"AVO also confirms that as at the close of business on 30 May 2023 its issued share capital consisted of 537,481,209 ordinary shares of 25 pence each."
If all these warrants are converted the company will raise almost £50 million and shareholders will be diluted by 37%, if my calculations are correct.
It's typical of some of AVO's difficult to understand announcements, but quite mild when compared to some of AVOs odd actions in the past. If it wasn't for LIGHT, the actions and announcements of the BoD would probably put me off investing in AVO.
What a curious RNS last night. The 12m warrants were awarded back in December “subject to the Company being granted the relevant share authorities at an Extraordinary General Meeting to be scheduled in the first half of 2023”. Now it says it has the relevant authorities and no EGM is required. Just a mistake or did something happen in the meantime?
Odey looking to sell or transfer some funds to other asset managers. Hopefully not resulting in a fire sale of their holdings. K
"Thrilled to be at PTCOG presenting posters on FLASH and breast treatment planning in upright position. Join our session on June 15th @ 9am CET!"
Well, at least we are doing a bit better on SAV.
Yep, I'm definitely putting that post in my top three well-timed posts of my career as a moderately unsuccessful share speculator
It was a mid-price (“Unknown”) in the transactions data so not clear they were two buys. Also two identical transactions of a very uneven number of shares with expenses deducted from one strongly suggests a transfer. But certainly there does seem to be more activity in the last few days. Not sure the scale of it warrants the drop in SP. Come on AVO, your management of this situation has been shambolic and reflects very poorly; get on with it.