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By Lucian Miers | Friday 31 May 2013
Disclosure: The author has a short position in one or more of the shares mentioned. 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.
I welcome the damascene conversion of Tom Winnifrith to the bear case for Avanti Communications (AVN).
It has never satisfied me as to its interesting accounting policies and I remain short.
And I feel more encouraged by the lack of an Interim Management Statement.
I agree with Tom that the absence of an IMS (when there was one in May 2012) is good news.
For we bears.
If this image and share price obsessed company had good news it would be announcing it.
The absence of the IMS says a lot.
I have now had it confirmed officially that there will be no IMS.
But I note that various publications (iii week ahead, MoneyObserver) predicted an IMS for today (Friday).
That reference on iii then disappeared.
So what is going on? For a company that spends a fortune on corporate communications it strikes me that this is a bit of a muddle.
I shall leave that to Tom Winnifrith’s friend Kay Larsen at College Group to sort out.
The point is that if Avanti had good news we would know about it.
As such, we can now safely assume that it is not answering questions about accounting policies and almost certainly it is still burning cash at an alarming rate.
I stay short.
Never miss a story.
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