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AsItReallyIs - Many staff are employed by the non-UK parts of the business which is why the company hasn’t been forced into administration yet despite non-payment of wages for ten months. Different regs apply.
I don't think Bertie8 was being serious, but a High Court will only issue a summons if there has been a suspected breach of law and a case has been prepared and submitted to the court by a lawyer. Whilst the BoD have been incompetent, that is not necessarily illegal unless they have been negligent or fraudulent in which case as directors they will also be financially liable. If that is so, let's hope they get what they deserve.
Looking back at previous RNS's we see that even back in October last year the shape of a deal was already in place,
including long term finance of $80M and short-term bridging loan facilities. From press reports we also knew the likely benefactor, entrepreneur Seamus Mulligan and his Nerano group.
So what's the holdup?
Yes it's a lot of money, but where's the sense of urgency? (And where was the foresight a year ago?)
We note that even if the company started trading tomorrow, timetables for first patient treatment and certification are going to be put back at least 8 months. What worries me as well is that vital equipment currently lies mouldering away in a forgotten basement, while hard-won skills are being lost by disaffected keyworkers who probably can no longer give a damn.
Come on AVO. Time to put us out of our misery. Or to get back to work.
@iwanthatone
Puzzled, if you have invested hard earned money and still don't know that AVO are a British registered company.
A high court summons for what? And which high court - does a UK court have jurisdiction over a Dutch / Swiss company?
Is this fact or speculation?
Peanuts for our benefactor?
A high court summons is on the way, its over for these tyrants.
If AVO goes under, CERN will a creditor in respect of the license for the RFQ technology agreed with ADAM, and the license may then end subject to its terms.
If AVO is sold, the new owner will almost certainly have to negotiate with CERN for a new license, since it likely won't be transferrable. CERN will be able to ask for anything they like, as LIGHT will be useless without it. Not an attractive proposition for any buyer, and no doubt any agreement will take a long . . . long . . . time . . .
I have little confidence in AVO's BoD but every confidence in LIGHT.
If AVO goes under, someone else will get their hands on LIGHT and bring it to market. They and their shareholders will reap the benefits of AVO's work. If I can, I will become a shareholder of that company.
Ahead..here’s hoping to a resumption of trading..on any terms!!
Gla.
Just a few more days in February before we’re told - shock horror - that there has been an unexpected delay in receiving funds from the investor but we really hope we’ll get something in March, folks!
Spot . It's beyond reasonable, we should know either way by now, is it alive or dead. K
The days and weeks tick by . . . .
I don't know what the procedure is for listed companies, but if one of the current creditors (and there must be some sizeable ones) runs out of patience and applies to the Court for a winding up petition to be issued, my understanding is that the Company must notify the exchange immediately, whether the debt is then settled or not. This must have consequences. WUO's tend to bring about prompt action of one form or another, and sooner or later one creditor will surely do this? How long can this state of limbo carry on?
The China issue may be more realistic than is currently believed.
A major investor comes from China (a pharmaceutical company, which has secured the distribution rights in China) and P-Cure, the previous supplier of the patient positioning system inclusive Philips CT, is financially linked to China, with a company that is already active in this field. P-Cure had massive financial problems and got involved with this Chinese company. Perhaps someone else here can explain more details.
In any case, P-Cure was financially reorganised but at the same time became a competitor.
The LINAC accelerator technology, which is much cheaper and better at the same time, is still missing.
The BoD also has more than just share packages, which may mean that other priorities play a role. Odey started a sold out of their shares (everyone knows why), which caused the last drop-down of the SP. No-one knows what's happening actually.
As the BoD does everything behind closed doors, there is plenty of room for speculation.
I think it's time that Nicolas Serandour lifts now the secrets that everyone knows where we are.
I fear unfortunately, that in this situation, it will hand up in the hands of America or China and make them handsome profits.
@PM44
Yes, I have invested and not a little. Because I know the technology and know that the system can work very well. There are no more technical showstoppers. The system is doomed to be a success once the prototype in Daresbury has been completed and a tumour or water phantom can be irradiated with it. The final financial investment is missing and that is solely the fault of the BoD and there the CEO as he is responsible for this task.
I Want, I think you have a very valid point and I wish I read this advice many years ago when I invested considerably. Are you invested?
A typical mistake is to underestimate the time needed for development and the certifications required in medical technology. The 230 MeV was an important milestone, the proof that the engine works. But before the "aircraft can fly safely", everything else has to be right. These are no longer unsolvable problems, that's sure, but it is a lot of work. And it was precisely for these tasks that time and therefore money ran out. On the other hand, you often can't tell investors the real development times because they don't have the patience to wait due to today's expectations that everything has to make a lot of profit very quickly.
A proton therapy system is the largest and most complex medical device in the world. The market for such systems is immense and so are the profits after market launch. But this requires investors who understand this and have the patience. And I think that's what the BoD is not ideal for to find them.
Michael Sinclair, former CEO, once said that he would never have agreed to lead this project if CERN had told him how big it would really be. But then, as it progressed and he realised it, he understood also the potential behind it. There are people I trust to convince investors for such large-scale projects. Michael Sinclair certainly has a good charisma for it and I hope he's still in an active role. Another person, not at AVO, but involved in high tech complex projects is Bertrand Picard, who I would have tried to get into the BoD. He is even not fare from CERN. I had the opportunity to meet him in person in Payern. He has the necessary charisma and vision plus the technology interest for such large-scale projects, which ultimately benefit the general public.
The frustrating thing is that the funding requirement didn’t pop out of nowhere, it would have been pretty well understood well before reaching 230MeV. Running costs were c£20m pa - so that’s £40m over two years - plus the cost of the building for first treatment, plus some manufacturing costs probably. I think they were just very slow at trying to raise the cash.
You are right, where did the huge funding need arise from all of a sudden. It looks like the BOD was already aware of not being going concern well into the end of 2022 and couldn’t get the audit signed and release the annual report . This is only explained by an attempt to somehow announce the debt load and not being going in disgustingly disguised manner, that it’s in the public domain, as they repeatedly tell. This is worthy of investigative reporting, don’t understand why it hasn’t been done yet.
It’s not AIM that’s shafted us, Vanilla, it’s the incompetent BoD. When the 230MeV milestone was met the share price was 24p and things looked great. Odey invested another £6m. Six months later the SP had steadily declined to 2.5p and a strategic review was underway. A major reason for this, imo, was the company blurting out some time after 240MeV that it needed another £70m or so over the next two years with no apparent plan of how to raise this amount. The BoD were asleep at the wheel and complacent.
It doesn't make any difference now but the BoD have been shafted by AIM like the rest of us. Don't think 1.9p sp after 230MeV was anticipated making raising funds almost impossible unless this potential investor has a philanthropic nature.
I had two friends who have died of 'inoperable' brain cancers. One of them died last month, the other two years ago. I believe that LIGHT might have saved at least one of them, if AVO had been in the hands of a more capable BoD.
Today is World Cancer Day. Imagine the contribution that AVO would have been providiing to saving lives, if only the.....