Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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We may be at the back of the Q, but they still have to get it past us, if it ever gets that far however and much we are left with.
I would not exactly say I am upbeat, however I am more hopefull that we are closer to a deal being completed. Heads of terms can be characterised as the following statement in the last RNS "the Investor signed an updated non-binding term sheet ". The fact that the company has not been delisted would require discussion with the LSE, the fact that the company has not been declared at this stage insolvent or in administration I can only view as positive. The latest RNS clearly still states negotiations are at an advanced stage. Have to remain hopefull too much at stake here for myself, all investors, directors and creditors who are clearly still supporting this process.
CuriousInvestor,
I fail to see why you are so upbeat on an RNS that says nothing of any significance, after 6 months of fruitless negotiations. Also I couldn't find any reference to your statement "the Heads of Terms are already agreed" in either of the last two RNS's. Perhaps you could explain what the Heads of Terms are and just who has agreed them?
AParky,
Their problem is finding a deal that their debtors will approve. Then agreement with financiers can be sought. Shareholder approval is way down the list, and they are likely to face a severe haircut, even if the company survives, imo.
I do not believe they are struggling to do a deal as the Heads of Terms are already agreed, the absence of a deal would be of more concern to shareholders being a case of getting some value or total loss. I should imagine that this is just an extremely time consuming and complicated process. I also note that amounts owing has increased now since 23rd October by £8 million £28 million (£22m) trade & other creditors, £41m (£39m) Financial debt which would indicate to me fees are being rolled up and as such those financial providers and advisors acting for the company one would assume are confident of a positive outcome.
It's more than likely that they are struggling to come up with a deal that shareholders will approve.
Might need to hire some staff first, Basil! I can’t imagine many of them are still there. Who can afford not to be paid for eight months? I expect some of the liabilities that is intended to be settled with shares relates to remuneration owed to staff.
RNS was great news. Harley Street is our new head office and the correspondence address for at least one major shareholder. We have a 50 year lease on the two converted premises ready and able to support installation of a LIGHT machine. Once installed and ratified,we have a full order book for treatment. Onwards and upwards for available capital cities of the world!
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.