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What date is the court case? I can’t see anything online.

One further point worth making here is the relevance of the timing of today's ONT announcement.

https://taxscouts.com/glossary/fiscal-year/

"Just to be confusing, the financial year in the UK is 1st April to 31st March. The UK government uses it for the Budget. For any new regulations brought in during the spring or Autumn Budget, the government will usually introduce them from 1st April in any given year."

So the ONT settlement will come from the 2022 budget, of which today marks the first day. Had they announced it yesterday then it theory it would have had to come from last years budget.

Also remember that the disputes for ONT, NCYT & ADBX were all communicated last April, so again they coincided with the start of the 2021 financial year.

The fact that ABDX already have an agreement in principle makes it highly likely an RNS won't be too far off (IMO)

Has the restrictive covenant on the Oxford loan been discussed? Note 6 of the financial statements:

"The loan includes a restrictive covenant that requires the Group to maintain a cash balance of at least $7.5 million if the Group does not meet the conditions of the equity event. The equity event requires the issue of equity securities and other receipt of income from other partnering transactions, in certain combinations, of at least $45 million before 1 April 2022."

Of note is that the deadline for meeting the conditions of the equity event is today...

Given ABDX already has a settlement agreement in principle I'd take today's news from ONT as a major positive... Settlement would be worth >7p a share alone, but worth far more in reality due to the strategic flexibility it would give ABDX

"The Department of Health and Social Care (DHSC) and Oxford Nanopore Technologies plc (ONT) reached an amicable resolution of the dispute relating to the contract dated 30 July 2020 for the supply of certain LamPORE™ devices and testing kits and associated services by ONT to DHSC. DHSC and ONT entered into a settlement agreement without any admission of liability, which included agreement as to the contract being brought to an end and includes a payment of £50 million in full of amounts due to ONT under the contract."

Worth a punt at these levels I think, looking for a test of the 200 DMA at 33p on news of settlement being reached.

IMO this will get absolutely battered when NASDAQ opens, I can't understand why they haven't sorted a placing out off the back of last weeks news / before releasing the financials. Bizarre.

Same @donmac. The NASDAQ behaviour is just illogical. They raised at $7.25 so wtf is the price doing at $6.90? There were big buys in the UK this morning - many of 10k shares plus - why are we seeing no similar behaviour over there? Volume is dead - about $60,000 traded in the last hour...

As stupid as it sounds, they should delist from NASDAQ and stay on AIM if it remains like this - their share price would recover in weeks IMO. Never going to happen but it does make you wonder.

For what it's worth I thought to earnings call was excellent, guidance will be the biggie when it arrives as it'll give II's reason to buy in. In the meantime we can hope for a surprise that sparks a short squeeze.

This is being held back by embarrassing day trading at present - the second it rises it gets hit with sells from those taking 2/5/10% or losing money the other way - just spotted the following classic;

25598 bought at 11.19am for 82p, sold at 3.58 for 77.8p, nice way to lose £1075...

What are you doing?!

Research it, buy it, hold it for more than 5 minutes. It's not that hard.

"If they had found something disastrous, that would have shown up earlier, not when they were about to sign off."

Or the flip side it could be that SFOR left issuing the RNS until the last minute because they had been disputing the reason for the delay with PWC? As others say if PWC have raised a major accounting issue and SMS / SFOR don't agree then they are going to leave it as long as possible before communicating anything.

The other point is that if this was a simple delay due to timelines running over then why not include a date when the results will be published? On the 1st March then delayed by 30 days, this time it's indefinite.

It all points to an issue that they've been working out since at least 1st March which they hoped to clear up in a month but is now taking longer...

It's a very interesting company - my issue is understanding the risks that face EAAS given the current wild volatility in energy prices. This para in their interims put me off for now;

"There are clearly risks outside of the Group's control, including challenges to contracting new energy supply contracts in the current market environment and timing of customer decisions on Energy Efficiency contracts and installations. However, on balance, and given the full period contribution from UtilityTeam and the strength of the Group's pipeline of opportunities, the Board expects to trade in line with the current market expectations for FY22."

What happens if they can't contract new energy supply at a competitive price? Do they have to operate at a loss? What's the exposure & do they have sufficient capital to cover it?

All unknowns right now which make an investment feel quite risky to me, it's a shame as in normal times I'd be more than happy to have a punt here as it feels quite exciting.

It's the most spivvy RNS I've ever seen. They need to issue a clarifying statement ASAP, if they've got non trivial accounting issues they cannot be hidden from the market, the share price movement is disorderly. If they don't then that also needs to be stated. It's quite simple really - tell everyone why you couldn't release the results...

How on earth is the company allowed to issue statements like that to analysts before formally confirming it to the market? Absolutely stinks of letting those in the know out before the **** hits the fan...

https://www.bloomberg.com/news/articles/2022-03-31/sorrell-s-s4-capital-audit-delay-no-longer-down-to-covid-impact

“We do not yet know the precise details of what the problem is, but believe that PwC is unlikely to have taken the decision lightly,” said Conor O’Shea, analyst at Kepler Cheuvreux. “While it would be too much to say that this has echoes of Wirecard, at first sight it may be similar to the accounting issues that besieged Atos in 2021.”

"French firm Atos issued a string of profit warnings over the past year, after it found accounting errors at two of its U.S. entities."

Ouch.

A couple of days ago I saw someone on twitter saying they'd sold out of PDL to focus on BRD, unbelievably bad decision. Not saying PDL are a safe bet either but the BOD look like angels compared to these boys... This type of placing has happened before here, it just keeps the gravy train flowing, avoid at all costs IMO.

Indeed, whoever at Millennium thought it a good idea to short a company trying to achieve genuine positive change is about to get their just desserts. What p*ssed me off the most is that they weren't interested in shorting it last year at the highs of $30-35, they waited until the medtech market was on it's knees and quite literally put the boot in. It's disgusting behaviour and they deserve to lose a chunk of capital.

Very exciting future here, I think the last couple of weeks fit the saying "the darkest hour is just before dawn" to a tee.

You don't wait until 3.56pm to issue that RNS if it's just PWC being slow with signing off the accounts, that sort of standard delay would have been flagged at least a week ago. That's why the market has reacted the way it has. Uncertainly creates panic and that's exactly what happened in the last half hour!

I'm sure that's true as the price action suggested as much - the current rise began on very low volume before chunky buys arrived this morning. If the seller had been gone then the market makers wouldn't have started walking the ask back down from 82p and the day traders might have held for another couple of hours ;) A matter of if not when this goes properly, at the moment it's still cat and mouse but the high volumes tell you this is way undervalued.

It's certainly innovative - impossible to gauge without knowing the terms though, if the semi annual coupon is at 10% + LIBOR then it changes the complexion entirely. I suspect the cost of capital will be very high for this type of debt financing but let's wait and see!

Almost certainly a buy GlenFidrich, the bid didn’t get over 74.5 on Thursday. I completely agree with your comments, at present we have a forced seller exchanging shares with a buyer, once the process is concluded this will bounce.

It IPO’d in 2019 at a £72m market cap with £10m cash, Covid has interrupted short term growth but supercharged the medium/long term, especially as they were savvy enough to raise £33m last year.

6-12 month hold for me with a target price of £1.50.

Really good call & interesting company that has clearly made a lot of progress in the last couple of years. I'm holding off investing until they've sorted out the balance sheet though, I don't care what the CFO/CEO said about alternatives to a vanilla equity placing, they would be mad to go down the route of debt financing at the present time. I suspect a £5-10m placing at around 150p would do the job nicely and result in a strong move higher in the aftermath.

One thing that drives me nuts with technical traders is that they often know absolutely nothing about the share they are attempting to trade so they apply zero common sense in their opinions! The comment by Jatw falls into that category.

Here's a more informed opinion & article; https://www.investorschronicle.co.uk/news/2022/03/24/can-tech-save-healthcare/

"Deane Donnigan, manager of Polar Capital Global Healthcare Trust (PCGH), says a company she thinks looks particularly promising for the way in which it harnesses AI in diagnostics is Renalytix (RENX), which spun out of EKF Diagnostics Holdings (EKF) in 2018. Renalytix uses a machine learning algorithm that checks blood markers and compares them against patient medical histories to provide a kidney health risk score. The company only recently became revenue-generating, but it has a large addressable market, with diabetes a major cause of kidney disease, providing an incentive for diabetics to test the health of their kidneys."

If RENX get it right and remain independent then they could be a 10+ bagger from these levels over time