Member Info for StarBright

Heights may have determined that the information on trial results shared publicly in AVCT's Jan 17th RNS means that they are no longer insiders. If so, any block on them dealing in AVCT shares would have been lifted from Jan 17th.

A discretionary election for partial early conversion would constitute a trading decision, not executable if they are (still) in possession of material non-public price-sensitive information. So the fact that they have made such an election indicates that they do not consider themselves (still) to be insiders.

A couple of answers:

- A large trade is a singular trade not a summary of trades already reported
- Yes, a market-maker can hold as many shares as their risk budget permits

Late trades aren’t late trades…. They are trades that are reported late because of their size relative to normal market size, and at the discretion of primary market participants. There is a sliding scale of just how long reporting can be delayed, with after close the next day the latest permitted.

Late reporting disrupts completely the simplistic process used by retail investor sites like LSE to classify trades as buys or sells. PI’s trying to use these sites and the aptly-named “dummy trades” to analyse market activity have only an incomplete picture of the liquidity available and a distorted view of orders filled. As a result most of what you read on boards like this regarding individual trades is rose-tinted nonsense, as someone pointed out earlier in this thread.

If Heights were shown material non-public information during their due diligence process then they will be prohibited from dealing in AVCT shares until all of that information has been released.

Either they made their investment decision without being shown any such info, or they are not an active seller. The latter is more likely; I expect they were made “insiders” during the bond issuance process.

The only other possibility is that they have material non-public information and are trading in breach of their obligations. That’s very unlikely.

There isn’t just one MSCI index. The index series that probably matters for AVCT is the Global Small Cap. Whilst there are quarterly reviews (one yesterday) the six-monthlies (May & Nov) rebalances are where the majority of additions and deletions occur.

No-one knows the new inclusion level “for sure” as the levels change. MCap when AVCT was deleted was closer to £300m, so I think a good chance of reinclusion in November but many moving parts.

It’s a complex process/topic, no simple answers…

This is fantastic news for holders, and a great vote of confidence for Deltic and its management team. Well done!

Nearly 100m shares acquired, at least 40m during the last few days. Janus Henderson are a proper active investment shop who will have all their due-diligence ducks lined up properly. The TR1 suggests the shares have been bought for their UK mutual funds, hopefully at some point we'll find out which specific funds (& more importantly fund managers) are involved.

It looks like nervous holders and traders have been rinsed over the last few days to provide a low-cost entry for JH. They only have themselves to blame...

Expect this to move up confidently from here.

@beinthelead, your question wasn’t anything more than a rhetorical point-scoring device. Pointless internet arguing…

It really doesn’t matter whether you or anyone else here “believes” or “needs more data”, whatever.

For the share price to move in the way all of us holders would like to see, many more professional investors will need to be persuaded to commit capital. Enough that the market moves from questioning whether “it works” to considering how and when it will be commercialised, and what may be required for that to be achieved. For them to commit will require Avacta to deliver a compelling narrative backed by solid data and likely some independent endorsement of the science.

We are all hopeful that the forthcoming science day will deliver this.

Here’s how a professional investor would answer that question:

“It’s for the company to determine what data to present. I’m interested to see what they say, but the evidence will need to be compelling for me to invest.”

“Chemo without side effects” is an exceptional claim, even when expressed carefully - as Avacta does - as a goal. Exceptional claims require the claimant to deliver an exceptional standard of proof.

Professional investors are orders of magnitude less credulous than the “it works” faithful posting here. They see companies with exceptional claims regularly, and know from bitter experience that these claims are rarely realised. They are a sceptical and difficult audience.

The challenge Avacta faces at its science day is to persuade more of these sceptical and difficult people to commit (in part) their reputations and track records alongside their investors capital. Don’t expect them to turn up with a clear idea of what they need to see…

Really? Another twitter”researcher” entirely unable to distinguish between something they’ve just googled and knowledge. To suggest that this provides an edge relative to “a market too inexperienced to calculate it” is beyond laughable. There is truly no limit to some peoples credulousness and naivety. A textbook example of Dunning Kruger…

All trades via market makers are reported as "Off Book". 813 of the 816 trades reported yesterday were trade type OB.

Not noteworthy or indicative of anything clandestine/interesting.

There isn’t “an” index. As I said…

Avacta is in some index series (eg UK Micro Cap), but not others (Global Small Cap). This may change tomorrow. We will have to wait for the announcement.

There isn’t “an” MSCI as such. A number of different MSCI indices are scheduled for review tomorrow. The announcement - the most interesting/relevant part of which is the lists of index additions and deletions - will be made late tomorrow evening, with changes as of the close on February 28th.

It’s not possible to say in advance what the required level of MCap for different indices will be.

If I were running a company that delivered a significant technological advance - and there was a danger that the market might consider it “too good to be true” - I’d organise a special day to talk a core group of relevant fund managers and analysts through it in detail. Alongside my own experts I would have invited guests who are very senior in the relevant field, and I’d look to run some sort of panel/q&a session where the fund managers could ask questions.

Hang on….

@MrRipley - most likely explanation is that Spreadex's prime broker has set exposure limits for them that are below the 3% level. In other words they will stop at 2% or whatever level they've agreed. The TR1 disclosure level of 3% is therefore irrelevant.

They won't own up to this with you, because other spread providers with different prime brokers may have better terms. Hence their economical answer that the 3% threshold isn't "...something that would restrict them from opening a trade".

I fully expect the SP to clear the placing level once the dust settles, and then to re-base somewhere north of 4p.

You only have to read the drivel posted here this morning to know that there are many mug punter traders active. Current price action therefore reflects more noise than signal.

Holders need do nothing more than hold.

@BuenaVista: "Using obscure subsidiaries or friendly institutional investment houses or firms in tax havens or venture capital set ups, etc that will pledge their shares to support the company's takeover bid. "

This would be a straightforward breach of the Takeover Code, revealed immediately in the Opening Position Disclosure required by Rule 8.

It's therefore very unlikely that a potential bidder would act as you propose.

THIS is what matters:

Deltic Energy Plc, the AIM-quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern and Central North Sea, is pleased to announce a significant gas and oil discovery at Pensacola on Licence P2252 in the Southern North Sea.

Highlights

· Pensacola could represent one of the largest natural gas discoveries in the Southern North Sea in over a decade.

· Deltic pre-drill volumetrics for Pensacola confirmed by well - P50 Estimated Ultimate Recovery ('EUR') of 302 BCF.

· Well opens a new Zechstein play in this mature basin.

· Flow test results inline with Deltic's pre-test expectations based on the reservoir parameters derived from the well.

There's a very good chance that another RNS with more detail will be released on or just before science day.

There's no time limit. If you are in privileged possession of market sensitive information, you're not allowed to trade the publicly listed securities.

Hilarious! You are too late, forget this one.

The RNS today will be the making of this company.

Oh yes! Fantastic news.

Holders can look forward to a memorable ride from this point.