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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.....
I've been keenly interested in AVO for many years too, in fact before they were even AVO. I even designed some of the equipment and can see it in the videos. The problem has always been the BoD. All Scientists, Accountants and Medics, and nobody that knows anything about engineering and manufacture. Scientists are useless without the people who actually know how to get stuff made, and I suspect that AVO had too many of one and not enough of the other and nobody on the BoD could see it. Hence, it took way too long to get the machine made and they ran out of cash. Maybe now it's built those financial specialists on the board can use their skills to drum up the cash needed - but I bet they are pretty crap at that too. They need to be gone for this to go anywhere or it will all get wound up and sold for scrap. It's pretty heartbreaking to see - especially as I'm sat on several million shares . . . .
2/2/24
Advanced Oncotherapy PLC - London-based provider of proton therapy for cancer treatment - Regarding its recapitalisation plan, company works alongside investor towards initial tranche of funding, which it expects to be about USD15 million to be received this month. However, it adds that there can be no guarantee that this funding will be received, nor that it will be received on time. Further, Advanced Oncotherapy says it remains in advanced talks with a third-party investor regarding a short-term loan facility which would provide the company with additional short term bridge financing.
Current stock price: 1.93 pence
12-month change: down from 9.75p at February 2, 2023
By Tom Budszus, Alliance News slot editor
Comments and questions to newsroom@alliancenews.com
Bertie8
I've been following AVO for some years. I have virtually zero trust in the ability of the BoD to run a business. I am not a scientist and I don't have any specialist knowledge but I do have confidence in the LIGHT story and, by inference, the technology, because:
1. Proton therapy isn't new. It has been in use for many decades to treat cancers , using the hugely expensive cyclotron technology that requires purpose built housing with substantial shielding for them .
2. The LIGHT machine was initially developed by CERN and CERN scientists have been involved in its ongoing development as a vastly improved and very different machine for treating cancers using proton therapy.
3. Some of the BoD are reputable figures in the medical field of cancer treatment.
4. Many of the BoD are heavily invested in AVO and have not sold their shares. They stand to lose enormous sums if AVO goes under
5. AVO managed to persuade the owners of Harley Street to redevelop two of their properties, at their own expense, to house LIGHT.
I'm left with the options that LIGHT works or that the whole thing is a scam. I believe that LIGHT is not a scam but the BoD are unbelievably inept.
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.