The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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.
Are they still employing staff at the office headquarters?
I think you are getting confused between SI Capital (brokers in Godalming,jointly acting for BOD) and SI Capital (Spanish/UK Equity fund).
What makes you think SI Capital are involved? They seem to focus on renewable energy, not medical tech.
The RNS only states the names of the advisers. It still does not divulge the name of the Company it is negotiating with.
Negotiations apparently have been in advance stage for the last 3 or even more months yet nothing concrete signed 😑
The company unfortunately is in critical condition and I am no longer has much faith left,only hopes.....I really fear someone will snap the brilliant technology for next to nothing which will leave us with very very little if any.
Going without say, I really hope I am wrong 🙏
In that assumption.
The UK is unique among developed economies in not providing Government funding for anything worthwhile that might benefit the economy.
So the answer to your question is no. There isn't any Government funding available.
I wish it were otherwise
Hanging on by our fingernails
Given the cutting edge technology here and the huge potential in the product I wonder why government funding is not available. Perhaps it is. Does anybody know?
Good Lord, an RNS! Seems both the Recap plans and bridging loans are both at advanced stages. I’ll believe it when I see the money.
"and with the price dropping fast Avo had no option but to suspend trading. "
The reason AVO suspended trading was because they had run out of money and were also unable to publish its audited 2022 Annual Report by 30 June 2023.
'The Old Man and the Sea' - They are not going to let this one go
I wish I had your confidence on this one, lets hope you are right. Time will tell.
The ethos of Avo was that they could produce a proton therapy machine quicker, cheaper and more efficient, than anyting currently on the market. If we go into liquidation The Major shareholders et all will loose out big time. On the other hand, if a rescue plan is successful and a light machine can be validated for use in quick and timely manner , the share price will be many multiples of it's current value. Odey Asset Mgt needed to sell out for their own internal re-organisation and with the price dropping fast Avo had no option but to suspend trading. I have no doubt a re-financing deal will be reached and we can all breath a sigh of relief.
Still no news!
This really is going down to the wire, the cut off time this evening is 18.30pm or I guess between 7.00am - 8.00am tomorrow.
Clearly at this stage the company has not gone into administration yet as there would have to be an announcement so technically the shares could delist and be on OTC.
Delisting is automatic by the AIM and this will happen as of January 3 if financial reporting is not filed or extension is approved. There is still time.
Really don't know what to think.
I would have imagined that a lack of any statement regarding an extension by now implied that one had neither been sought nor given.
And that the shares were therefore cancelled, as the 6 month limit had been passed.
However, if that had happened, presumably an RNS would be required to state that?
Or is it that they are so broke that they can't afford to tell us either way?
[ Note: the site londonstockexchange.com still lists them as 'suspended'. Is that positive? ]
Let's hope they have at least put something together to warrant an extension of the suspension.
I hope you are right. I've got a lot of shares I bought just before they suspended themselves.
Happy and prosperous new year
Not yet it isn't
Until yesterday, HL, were recognising the amount I paid for my AVO shares. Yesterday they ceased to recognise that amount in my account.
Here's the statement.
"B) £10 million secured loan
Further to the Company's announcement on 30 June 2023 regarding discussions with a new lender to provide c.£8 million of additional financing for the Company, the Company remains in discussions with the same lender for a secured debt facility of an increased amount of £10 million (the "Loan"). "
Kenj, you may be right but I haven’t read anywhere that the two lenders are the same party. On 30th June we learned that the £8m loan was no longer available in the short term, and then on 17th July we were told that the company was in discussions with several parties about bridging finance - which sounds like different entities. In October discussions were still “ongoing”, presumably with one or more of these parties. In any case, it doesn’t matter that much. The larger $80m deal is the one we need to get over the line. It is ludicrous that it can take six months and tells me something is very wrong. And we still haven’t learned today whether shares are to be cancelled or not. Shameful.
IWTO,
I posted back in July, that the lender prepared to offer the £10m bridging loan, is the same party who had previously withdrawn a proposed £8m loan offer, which led to the cash shortfall resulting in the company's shares being suspended.
I suspect that they were unhappy for their £8m to be spent paying off old debt, so wanted most of this paid off before they were prepared to lend the company any more.