Letter to Coughlin4 Mar 2025 10:29
As a concerned shareholder of Avacta PLC for five years. I am writing to address an issue that has come to my attention and raised significant concerns for myself and the wider investment community.
It has become apparent that selective and possibly "material" information is regularly being disseminated to a select group of shareholders within a closed Telegram group ( # Avacta Investment Discussion Group ), purportedly by senior company officers. The identities of these officers are now widely known within the investment community, as this news has become a topic on various social media platforms.
I want to remind all Avacta PLC officers of their responsibilities and obligations under regulations concerning fair disclosure. The Market Abuse Regulation ( MAR ) prohibits the officers of a public limited company from sharing non-public and material information with persons while excluding the markets; this could be deemed unfair and potentially illegal insider trading.
From an ethical perspective, regardless of whether this practice crosses the line into insider trading, it is undeniably unprofessional, unfair, unbalanced, disingenuous, lacking transparency, showing contempt for the wider Avacta shareholder community, and reflecting poorly on the company's management.
The selective distribution of such information creates an uneven playing field and raises questions about the integrity of our company's information disclosure practices and questionable public relations strategy.
As a publicly listed company, Avacta PLC and its officers must uphold the highest transparency and fair disclosure standards to ensure an equal playing field for all shareholders who rely on timely news updates.
Please reflect on these allegations of selective information disclosure and consider how to communicate more equitably and fairly with the market, including the loyal ,patient and well-meaning Avacta investment community that the board has chosen to neglect.
Additionally, if the company had a well-developed and strategic public relations (PR) approach, back channels to dictatorial Telegram groups would not be necessary.
Today's atrocious share price, which is at a five-year low in spite of the outstanding work of our scientists, undeniably speaks to a dysfunctional and ineffectual PR strategy from the company management. A robust PR strategy could positively influence market perception and address the current share price and market sentiment challenges.
In conclusion, because the Avacta Telegram group leaks like a broken sieve, consider how the information you have planned for your March “selective” communication might be better distributed. Your predecessor regularly communicated with shareholders via Vox Markets and directly with Mr Paul Hill on a one-to-one basis. This approach was well-received and equitably distributed, thus fostering a sense of inclusivity.