Excellent!11 Apr 2018 10:07
Excellent talk-down work by the emerging trolls ! Yet another top up opportunity !
Just in case some are hesitating to buy, this is an extract from the January RNS, so we have to ask again...what's new? It was all spelt out a couple of months ago and AVN are merely delivering on that plan. OF COURSE the bond holders will convert to share-holders and of course they'll support us as necessary. Who cares if it sounds like blackmail.
Extract from the January RNS.......
Update on Outlook
The Company has been advised by Orbital ATK Inc. ("Orbital"), the manufacturer of HYLAS 4, to expect delivery of HYLAS 4 in early February 2018. Arianespace has confirmed a launch date for HYLAS 4 of March 16, 2018. The Company expects services to commence in July 2018. As at 30 June 2017, the Company had incurred approximately $237.4 million and expects to incur an additional $121.8 million in connection with the construction, launch and insurance of HYLAS 4.
HYLAS 3 continues to experience delays and the European Space Agency has now advised Avanti not to expect a launch until the first three months of 2019. The Company is currently exploring the best options for the exploitation of HYLAS 3. As at 30 June 2017, the Company had incurred approximately $49.5 million and expects to incur an additional $37.5 million in connection with the construction and launch of HYLAS 3.
The directors forecast that revenue for the current financial year will not be less than $50 million. In addition, there is a large infrequently recurring transaction in the pipeline that, if it closes, would add a further $40 million to Group revenue, with $18 million of associated costs, in the current year. With effect from the end of the current financial year, the Company expects substantial growth in revenue driven off the introduction of HYLAS 4 to the fleet opening up new markets in sub-Saharan Africa.
Excluding the costs associated with the potential large transaction referred to above, underlying costs remain in line with prior guidance at approximately $75 million per annum. In the following two years, underlying costs are expected to grow at c. 6% per annum subject to exchange rates and the mix of bandwidth revenues compared to kit and project revenues.