Member Info for CuriousInvester6

When is the GE meeting?

I guess it is finally the end of the road

https://www.hilcovs.co.uk/sale-list/oncotherapy/

Farewell fellow shareholders clearly a casualty of the defunct AIM market.

Thank you for posting I see this was released at 0700 and surprised it was not on the AVO website also.

If the company does secure the funding transaction then delisting from AIM is not a bad at all. I cannot understand now why AIM took so long to delist some 11 months after suspension!

This link maybe worth reading as AVO would possibly fit this scenario. What ever the outcome a further news release has to be made until such time the company is declared insolvent or ceases trade. In the event financial negotiations are near conclusion the petition to wind up on 15th May 2024 could be opposed.

https://www.hilldickinson.com/insights/articles/delisting-option-and-opportunity-some

The important aspect regarding this rule 41 announcement concerns a change made by the LSE I believe in 2015 which states:

Guidance on Rule 41 - the LSE is also proposing to amend this guidance to make it clear that the LSE may agree that shareholder consent is not needed to cancel the trading of AIM securities where the company maintains or will be admitted to trading in an EU regulated market or an AIM Designated Market. This replaces the current reference to "comparable dealing facilities"

Can anyone else comment on this, as of now the company has not been declared insolvent or ceased trading.

This is a new one for me as under Rule 41 notice has normally to be given and 75% of shareholders approve, unless I read the following:

It should be noted that there are circumstances where the Exchange may agree that shareholder consent is not required for the cancellation of admission of a company’s shares, for example (i) where comparable dealing facilities on an EU regulated market or AIM designated market are put in place to enable shareholders to trade their AIM securities in the future or (ii) where, pursuant to a takeover which has become wholly unconditional, an offeror has received valid acceptances in excess of 75% of each class of AIM securities. The company’s Nominated Adviser will liaise with the Exchange to secure a dispensation if relevant.

There must be more news to come. Not sure how this would impact SIPP and ISA holdings but hopefully a new listing / takeover. Could this be a Nasdaq listing?

Not neccessarily 7 working days to present a solution, the petition could be contested based on the same fundraising negotiation position as we preseume ADAM made in Geneva.

Winnifrith is a joke IMO, the main problem with AVO is that they didn't move from AIM a long time ago, it is not performing well for many companies in the UK market and is somewhat dysfunctional IMO.

When the company achieved 230 Mev if they had been a Nasdaq company the share price would have rocketed. Then we had the issue of Odey the largest shareholder at the time with 11% having to raise funds urgently and having to shutdown due to sexual misconduct. While I agree the company could have better funded themselves and prepared for such eventualities, Odey was a major factor out of the control of the company and collapsed the share price as a result.

As investors will know the technology is a revolutionary change in Proton therapy and should AVO survive they will be a major disrupter in the market. Having invested well over £200 million and all those with knowledge of LIGHT and the fact the company was progressing well with certification of a completed LINAC sysytem I sincerely hope they can conclude the financing arrangements. The fact that this has come this far is perhaps hopeful and also the fact that ALL other major shareholders and the board never sold any shares at all speaks to the confidence they had.

Winding up petitions:

“ From start to finish of a winding up petition, that is from the issue of the winding up order to the court making a formal order to wind up the company, it can take approximately 8-10 weeks. This however assumes that all of the steps proceed smoothly and for example, the winding up order is not disputed or adjourned.”

I guess AVO are still playing for time

Thanks I missed the link, I have no idea if Adam can be saved or bought out of liquidation? But I guess the fact that AVO has not gone into administration as of now means there is still hope.

ADAM I am certain has not been liquidated. Please can you provide proof.

If ADAM ceased to exist I am pretty certain AVO would now be in administration. In the present climate if anyone is involved in significant fundraising deals they are taking an extraordinarily long time to complete, if there was no hope the AVO BoD could get this over the line they would be immediately put into administration.

Really the BOD could have at least varied the announcement today and added a little more detail. For example why the delay? This transaction has been delayed so many months and each time the BOD give another month-end deadline that they miss. The fact that all parties are still engaged with the mounting advisors and legal fees is the only consolation I have that perhaps this deal could be consummated. I hope its this year!

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.

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.

This was posted on the Take Over Panel Disclosure table week ending 19th January 2024:

OFFEREE: Advanced Oncotherapy plc

Offer period commenced: 07:00 18-Apr-2023

25p ordinary ISIN: GB00BD6SX109 NSI: 542,573,869

Senior secured fixed rate convertible loan notes 11 January 2024 ISIN: NSI: 6,379,725

No named offeror

It was perhaps because of this that HL restated the suspended share value. My own portfolios have continued to show share suspended.

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.

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.

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.

As the saying goes it’s not over until the fat lady sings.

By tomorrow close either news, extension granted or securities cancelled.

There must be last minute negotiations as all parties so far would have expensed significant fees and at any time up to now if negotiations had failed the company would have had to announce administrators as they would instantly be insolvent.

typically the BOD are leave timing until the last minute.

If a deal is done I would hope a Nasdaq listing would follow and welcome removal from AIM. Still hope this disaster can turn around.

I believe we have to have an update next week either 27th, 28th or 29th December which could be the company seeking an extension as after 6 months of a share suspension the company could be delisted...unless an extension is granted.

Like many I remain optimistic that no news is good news and that clearly at this stage all parties involved in a financial re-structuring would have expensed significant legal and admin costs to this point.

Ever hopeful, Happy Christmas all and lets hope we can eventually celebrate with AVO and move into a prosperous New Year

True, but there are very few new AIM tech companies that have revolutionary and disruptive technology that have met early time lines to launch. There were a number of technical challenges that were perhaps not envisaged, then unfortunately the events following compounded an already delayed launch.

At the end of the day if the company can conclude it’s re financing to enable first patient treatment and certification in 2024 what ever the share price is on concluding this transaction they will IMO soar. 🤞