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Ive been looking for proof that the LIGHT machine works, does anyone have some? Or are we just expected to trust the BoD in the same way we trust them with running the company?
Except, there will be no interim funding until the accounts are audited and showing that the company was a going concern when the previous funding was gathered. That’s the doubt, there is no other reason not to publish. Everyone knows that. There. Is. No. Valid. Reason. Not to file 2022. Every round from end 2022 until last spring must be investigated.
Im not sure what investor would put money in this company with the amount of debt they have, and lack of published results showing light even works! Even if it works you would imagine the knowhow is long gone by now.
That's a big ask, bearing in mind everything they have touched in the past 13 months has turned to crap. The outlook for the future doesn't seem much better either.
Tbf, the accounts won’t be updated until funding is received from the investor. I expect the order will be: interim funding received -> accounts updated -> recap plan presented and approved -> funds received -> shares relisted. Though as I’ve said, I don’t think the investor is serious.
That’s what happens when you don’t file your annuals and interim reports. Tick, and then some. Every institution has them at zero value. And these days, a shotgun wedding is no excuse to accept surrender on any terms.
They have to pay the Tribunal verdicts. This capital won’t be enough to get the annual report and the missing interim report audited, either. And these are the documents the BOD will be charged with. Why on earth is the exchange allowing them being listed, is baffling.
This company is dead, all the directors should be disqualified for life
The endeavours of BoD are worhless without the real key players in this, the engineers/scientists and supporting staff. They haven't been paid and maybe they feel they never will.
I would suspect that fees owed to advisors, lawyers and others will mainly be made up in new shares issued.
I also believe it’s unlikely the investor is actually trying to run down the clock, if it is an existing investor this is a pretty small group of key investors who will know the IP and tech is worthless without key management and executives executing on the delivery.
That said big Creditors as some point could loose patience, the fact they have not yet would indicate there is still hope.
@Iwant,
That would not surprise me. The UK staff, now into their 10th month of not being paid but the BoD still can find money to pay high end lawyers and offices that house nothing of value to the organisation.
ADAM recently moved to a building not far from the previous one in Meyrin. Even if the expenses are lower, they have to be paid. The 50kCHF will certainly be needed to rent the premises etc
and thus for the survival of ADAM.
This supposed “investor” is just trolling the company. “Unexpected delay?”. Oh sure, right, that’d be the *planned delay* until AVO finally throws in the towel and the investor buys it out of administration. Nine months now, this search for new funds has been going on. Doesn’t the company’s spidey senses tell it something doesn’t feel quite right?
We did or still do have major share holder in Geneva Mr. Philippe Glatz's
Latest RNS moving in the right direction as well as the significant costs all parties would have expensed todate the potential investor has also just paid:
“The Investor has made a CHF50,000 (equivalent to c. £45,000) advance payment on the Proposed Financing Transaction which has been put towards the Company's general working capital requirements.”
Interesting this is Swiss Francs and I wonder if this gives an indication as to the investor and their domicile?
An initial £15m expected this month from the same investor on receipt would then indicate the transaction has been concluded.
It is a long waiting game but at least discussions are continuing and limited support from the potential investor while all the paper work is completed is a little more encouraging.
They are keeping going to the tune of Staying Alive
Yes but not out of intensive care.....critical but hopes are there ,just.
Still breathing
The Company is hopeful of receiving an initial tranche of funding from the Investor during January 2024, although there can be no guarantee that this funding will be received nor the timing thereof.
The above from 9.1. RNS, says it all.
Will today bring any news?
We are not dealing with children an encouragement has been amply provided. The real question is: where did the money go, focus on the responsibilities of the directors and ignore the company sponsored illusion maintained here that ‘something is happening’, the main purpose of which seems to be the production of fatigue, oblivion and that we just forget about it, when the final curtain goes down.
Well, I have said goodbye to my £4.5k investment. Hope there is a rabbit coming out of the hat but....
One more day to go
One more day of sorrow
One more day in this sad share
and good news comes tomorrow
”The major shareholders are working hard ” curious to hear what evidence is behind this. There is no public record of any proposal that the major institutional investors have to work with at all?
Https://www.youtube.com/watch?v=d9tfCQP6V1s
The major shareholders are working hard to not only save their money but to cross the line with ground breaking technology which will save millions of lives. Bankruptcy- nothing. Deal done- bright future