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By Tom Winnifrith, The Sheriff of AIM | Sunday 2 April 2017
Disclosure: Financial Investigative Media Limited, which is not owned by Tom Winnifrith but by a trust for his dependants, owns shares in companies mentioned in this article. 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.
Sadly I decided to rush up to Warwick to see my father on Friday so I missed out on attending the GM of Advanced Oncotherapy (AVO). The heading for bankruptcy company put out a statement which, needless to say, is a 100% rum and coke. Advanced was covered in the bears session at UK Investor Show on Saturday and we will have a video up of that in due course. Now back to that GM where the statement comes with our translation in bold
Advanced Oncotherapy plc (AIM: AVO), the developer of next generation proton therapy systems for cancer treatment, announces that at the General Meeting held earlier today all resolutions were passed.
Because if they were not the company would go tits up very soon rather than just soon.
As a result the Board now has authority to utilise the Equity Financing Facility provided by Bracknor, details of which were provided in the 22 February 2017 announcement.
Up to a point. If Bracknor's death spiral is utilised in full it would only be able to convert its loans into shares to dump within the now enlarged headroom if it converts at an average of 44p or better. The shares are now 29p mid. And with no reason to buy and Bracknor set to dump gazillions of shares on the market the stock is not heading higher so there is a real problemo.
The Company continues to consider a number of financing options in addition to the Bracknor facility and the financing agreement with Blackfinch Investment Limited that was announced on 27 March 2017.
I am also considering flying to the moon, propositioning the entire Dallas Cowboys cheerleading squad, etc ,etc. Back on planet earth... As part of its latest bailout loan, Advanced has had to pledge all its assts of note as security. It has nothing else to borrow against (no cashflows, orders, assets) so who on earth would lend it cash? As for the equity - who would want to invest, death spiral shysters Bracknor are the only game in town. This statement is pure bollocks and is another reason to sell before it is too late.
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