buy1get1free
20 May 2017
day late... see the first machine has been installed in Wales already
Kenj2
20 May 2017
Re: Last Tranch from Bracknor? Thanks for that info JakNife.I see that Bracknor have just converted a batch of loan notes, presumably when the sp was at 25p, but also gained another £37,000 in fees because the price had been lower in the 15 preceding days.Good business for Bracknor, a £37,000 return on loan of £200,000 (that's an interest rate of 18.5% earned in under 3 months), plus 800,000 new shares, and a further bonus of 24,000 shares.AVO will soon be bankrupt at this rate."Total nominal value of the CLN converted: £200,000Lowest VWAP in 15 days preceding conversion notice: £0.2135Conversion price: £0.25Number of shares issued from the conversion: 800,000Shares issued for the satisfaction of the conversion fees: 24,000Additional fees of c.£37,000 are to be paid to reflect the conversion price being below nominal value of the Ordinary Shares. These fees may be paid in cash or deducted from the net funds owing to the Company in the draw down of the next tranche from Bracknor."
JakNife
05 May 2017
Re: Last Tranch from Bracknor? Kenj2,You can read some summary terms of the convertible here:[link] On page 11 you will find:---------- ------Par value of Ordinary SharesUnder the terms of the Subscription Agreement, if the closing price of the Ordinary Shares is lower than 110% of their par value for a period of more than 10 consecutive Trading Days the Company must convene a general meeting of Shareholders within 45 days to propose a reduction of the par value of the Ordinary Shares by not less than half.---------- ------Expect an AGM soon. regards,JakNife
Kenj2
05 May 2017
Last Tranch from Bracknor? I believe that it not possible for a company to issue new shares at a price lower than their nominal value. The nominal value of AVO shares is 25p, but today they are trading around 21p.Unless the sp rises, I don't see how AVO can issue new shares to Bracknor in return for their loan notes. Consequently Bracknor would be unlikely to lend any more money to AVO. The Bracknor loan arrangement was never a good deal in my opinion, but without it AVO could fast run out of money.
JakNife
07 Apr 2017
Re: Pretty Impressive The market knows that there is a very material overhang from the avalanche of shares that are due to be issued under the Bracknor death spiral convertible of which another £100,000 worth have just been announced as issued at 27.89p:[link] £200,000 have been issued so far and the share price has cratered. Imagine what will happen when the remaining gazillion get sold!!!
Disorder
06 Apr 2017
Pretty Impressive That is a healthy quick 10% increase on buy vs sell price.And all because of just a few trades totaling less than £50kAnyone would think the market has walked this down to a position of being oversold. 
Disorder
06 Apr 2017
Re: director buying SP reflecting a bias towards sellers than buyers.Can sell 100k online, but can only purchase 10k.Interest will see a marked increase in sp.We see it all to often. Stifle interest only for the sp to explode.
Disorder
05 Apr 2017
Re: director buying Continuous buying by Directors and non exec's.They are certainly aligned with shareholders and appear keen to keep ploughing more in.Confidence maybe?
spankaroo
14 Mar 2017
Re: 1st Tranche I think the RNS of 22nd Feb needs clarification. I think the term tranches is misleading and it has been used just to make it easier to understand. As stated before each note as a nominal value of £10,000, so in the case of the 1st tranche 130 notes were issued. If it goes AVO's way at the GM (existing investors have no choice but to go along with it unless they want to come up with the dosh) it will get 1,300 notes issues (forget the 50% pay back side, just a sweetner) . It has converted 10 notes so far ie £100,000.It states in the circular Conversion: The Notes must be converted into Ordinary Shares within twelve months of issue at a ConversionPrice equal to the lowest Closing VWAP during the fifteen (15) Trading Days immediatelypreceding the Conversion Date. Upon receipt of a conversion notice from Bracknor, theCompany can elect to redeem up to half (50%) of the Notes which are the subject of the notice byway of a cash payment, instead of converting them into Ordinary Shares.It doesn't state anything about tranches just notes, so yes the notes must be converted into shares in 12 mths. Bracknor is controlling the outcome and it will want to sell shares before converting the notes, if it didn't it would soon be up to 29.9%, which (a) it isn't allowed to and (b) it would have to make a bid for the company, which it definitely doesn't want to do. Which to get back to "Drawdown of a trache of notes cannot be requested by either party without the written consent of the other unless (1) all previously issued notes have been converted in Ord shares" meaning AVO will not be allowed to draw down the next batch of loan notes until Bracknor's say so and that will only occur once it has sold the majority of the converted loans.Personally, shareholders are going to see mega dilution after the GM and if it doesn't insolvency. Why anyone is buying is beyond me
Kenj2
14 Mar 2017
Re: 1st Tranche "Drawdown of a trache of notes cannot be requested by either party without the written consent of the other unless (1) all previously issued notes have been converted in Ord shares"What I think this says is that AVO have the right to insist that Bracknor convert all previous loan notes before another £1.3m tranche is issued. However, this only applies if one party has not given their written consent to the next drawdown. The mandated conversion is within one year of issue.The document also says this:"Upon receipt of a conversion notice from Bracknor, the Company can elect to redeem up to half (50%) of the Notes which are the subject of the notice by way of a cash payment, instead of converting them into Ordinary Shares."This is really likely to happen, isn't it? A company that is so short of money that they borrow from corporate loan shark, is going to repay 50% in cash, rather than issue more shares. The only way this could happen is if they can borrow money to repay Bracknor, as they are two to three years away from being able to sell a LIGHT machine.
spankaroo
14 Mar 2017
Re: 1st Tranche ps re the conversion the whole 10 tranches need to be converted in the 12 months ie £13m worth. It can delay 2 of these tranches
spankaroo
14 Mar 2017
Re: 1st Tranche It's confusing. If you look in part II The Facility in the GM circular under timing it states Drawdown of a trache of notes cannot be requested by either party without the written consent of the other unless (1) all previously issued notes have been converted in Ord shares or (ii) a period of 5 days has elapsed since the date of transfer of funds to the company in respect of the previous tranche of note issued.A note is a CLN each of a nominal value of £10,000If resolution 1 fails not tranche 2 and I assume the company runs out of cash and thats the end of that
Kenj2
13 Mar 2017
Re: 1st Tranche Spankaroo,The way I read it is that they have one year to convert loan notes, and 4 years to convert the Warrants.- Minimum of 10 tranches of £1.3 million of convertible loan notes each, with the option - at the Company's sole discretion - to draw down up to 10 additional tranches within two years;- Each tranche must be converted into new or existing shares of the Company within twelve months of issuance ("Conversion Period"
;- Upon issuance of a tranche, Bracknor shall receive warrants to purchase shares with an aggregate value equivalent to 20% of the nominal value of each tranche. These warrants will be exercisable for up to four years from issue;AVO cannot draw down the second tranche until they get approval from shareholders at an EGM.
spankaroo
13 Mar 2017
1st Tranche Still no conversion! Weird, because if I'm reading the conditions of the CLN properly, it has the convert tranche 1 before it can move on to tranche 2. The skeptic in me thinks maybe nothing is going to be converted before the GM to try and keep the share price stable, but that means a lot to be converted in April
