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By Tom Winnifrith, The Sheriff of AIM | Wednesday 22 March 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.
Drowning in debt Avanti Communications (AVN) is 'avin' a giraffe once again with a new announcement of deal with no financials attached which is almost certainly utterly meaningless. Today we head to Kenya.
We are told:
iSAT Africa and Avanti Communications Extend Partnership with New Contract for Satellite Broadband Services in 500 Schools in Kenya. Schools across the country will be equipped with reliable Ka-band satellite broadband connectivity, enabling Kenyan children to benefit from access to the digital world.
Hmmmmm. This is a two year deal and we are told "The partnership will focus on connecting the unconnected in remote areas across Kenya to increase educational opportunities for students and teachers at the 500 sites."
Hmmmmm. Right so these schools where class sizes average 38 and where standards and funding are, shall we say, not quite on a par with those of Cheltenham Ladies College will now be able to go online. Perhaps they would like to donate to Oxfam which is currently raising money becuase: "Millions are in need of urgent help in Somalia, Kenya, Ethiopia and South Sudan." Okay so these kids can see online pictures of their families starving to death thanks to Avanti. Famine porn - fabbo!
Seriously, how much is this contract worth? Sweet FA is the answer and if it is not (which is very unlikely indeed) why is the Government of Kenya spending cash on getting kids online rather than feeding starving folks?
As for Avanti, it is drowning in debt which it can never repay, guzzling cash and bond agencies say its is likely to default on its bonds. That makes its equity utterly worthless which makes spoof releases like this evn more shameful.
If God has a sense of humour he will ensure that Avanti's fat and bombastic CEO David Williams will be reincarnated as a malnourished Kenyan. Meanwhile shares in this edifice of excrement are worth 0p.
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