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Advanced Oncotherapy: GOTCHA again - another NED walks as predicted here

By Tom Winnifrith, The Sheriff of AIM | Thursday 26 January 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

On December 2 2016 I suggested here that Advanced Oncotherapy NED Tim Lebus had had enough and was walking. The lying snot-gobblers round at Advanced declined to comment. Guess what? He has walked with immediate effect today. It gets better, if you are a bear.

The Advanced board was already one NED light after Lord Evans of Watford "was resigned" after all that business with the uber-dodgy share dealings. So today we are told of two new NEDs coming on board. NEDs should be independent so that they can ensure that the executive team aren't up to no good.

That is especially the case with a company like Advanced where there have been very real issues over RNS statements that do not stack up and the non disclosure in a timely fashion of material and adverse information and where there is also the looming threat of insolvency.

So which "independent" bods have stepped forward? Er ...none. Instead we have Prof Steve Myers ( aged 70) who is a director over as ADAM SA and holds a material number of shares (50,569) in Advanced and Hans Henrik von Celsing ( aged 66) who must already be involved since he has a shed load of share options, albeit worthless ones as the strike is 250p. But options can only be granted to employees or consultants.

The point here is that neither of these old men are independent and likely to stand up to an executive team that needs scrutiny big time. Either the execs wanted pussy NEDs who would not hold them to account or they were forced to choose insider poodles because no credible external candidate wanted to jump on board the sinking ship. Either way it looks bad.

As I think of Hans Henrik I cannot stop my mind wandering to the famed vampire slayer Van Helsing. Advanced's non disclosure makes its shares  uninvestable. Its order book is zero, having gone up in smoke and it could be insolvent within weeks. Who will step forward to rub themselves down in garlic oil and stick a stake through the heard of one of AIM's living dead? 

Sell - target price 0p.

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