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Advanced Oncotherapy – asking for the fifth time, and another question

By Nigel Somerville, the Deputy Sheriff of AIM | Monday 16 April 2018

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.

This really is getting a bore. For the fifth time, I ask what is happening with the Blackfinch loan which had a 12 month term starting on 24 March last year, a loan which was secured on AIM-listed Advanced Oncotherapy’s (AVO) Harley Street premises. And for a fifth time I am asking if the company has actually received any cash at all from its white knight saviour Yantai Cipu in China. But first, there is a question raised by Drunken Sailor.

Drunken asks:

Why do AVO need to recruit their own electrical building services engineer. Most normal clinics would call an electrician when they needed the place wired.

"We need an electrical building services engineer with experience in innovative solutions for complex problems in supplying power and services to new build projects."

It sounds like the mains power available won't do the job so they need to come up with their own solution. They won't be able to plonk a dirty great diesel generator in the middle of London with all the clean air initiatives etc. Possibly an expensive problem to solve?

The reason he asks this because of THIS job advert showing on LinkedIn, where the above quote comes from. So has Advanced got a problem with the power supply for its new clinic?

Meanwhile, we have to guess at what is going on with regard to the Blackfinch loan. Surely if there was no problem, Advanced would have said so by now in an RNS?

And the subscription from Yantai Cipu for 29.9% of the company (the shares HAVE been issued) remains in some doubt as there has not been a TR-1 from Yantai. Indeed, all we were told on 16 February was:

the Company has been informed by Yantai Cipu that the Chinese authorities have authorised the transfer from China of the £13,500,000 payable by Yantai Cipu for the subscription for 45,000,000 new ordinary shares 

That, of course, is not the same as saying Advanced has received the cash. So whilst that February RNS describes the announcement as the completion of the Subscription the text does not seem to support it.

So has the money been sent to the UK? If so, has Advanced actually taken receipt of the cash, or is it held in an escow account?

And where are the boardroom changes promised, where Yantai got boardroom representation?

If there is nothing wrong, why won’t Advanced say so?

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