When shareholders in a company are this moronic you just know that it is right to remain bearish.
My best friend from Oxford, the charming Elaine, worries that, despite my degree, some folks might start thinking that I am a bit of a pseudo intellectual for pointing out that attacking an article you have not actually read is a sign of innate stupidity. But it is and on twitter it seems to happen about 20 times a day. Yesterday one star tweeter was a shareholder in Canadian Overseas Petroleum (COPL)
You can tell a lot about a company by the quality of its shareholders. As such before we deal with interims from Avacta (AVCT) I bring you two posts one after another from the ADVFN Bulletin board before my thoughts and those of Evil Banksta:
I have written to the Oxymorons, more in hope than expectation, suggesting that AIM Regulation sanction Nomad Stifel and Avacta (AVCT) for issuing an RNS that makes a claim that cannot be backed up. I realise that Avacta needs to do a placing in the next few months but even so this is more than naughty. This is not about me or Avacta but abut whether AIM wants to apply its own rules.
Stifel Europe failed to get away a £10 million placing at 90p, no 80p, in mid June as I exposed HERE but, as I pointed out earlier this week HERE, Avacta (AVCT) MUST get away another placing before Easter in order to avoid its auditors flagging up a material uncertainty. Today we have news…
Folks reacted in various ways to yesterday’s factually accurate article about Avacta (AVCT) and the fact that it is certain to do a fund raise well before Easter. One chap wanted to beat me up as he announced on twitter. Others commented on my teeth – discoloured as a result of childhood illness. There were other personal attacks and last night this website was taken down by a DOS attack.
Back in June I revealed that Stifel was trying to raise £10 million at 90p then 80p for Avacta (AVCT). The company dissembled in its “refutation.” The fact is that despite having an outstanding £55 million death spiral in situ, Avacta needs to place, it is just a matter of when.
I wonder if Oliver Smith has a wife and kids. Or an employer. What would they think of him abusing a 22 year old girl on twitter as you can see below?
Yesterday Avacta (AVCT) and its Nomad Stifel deliberately misled investors about a placing it had had to abort after I revealed all on Saturday HERE. I have written to the Oxymorons at AIM Regulation pointing out that this is an active deceit and suggesting that both Stifel and Avacta should be sanctioned and forced to ‘fess up. I do so just to put this latest failing at the casino on the record, not in great hope that the Oxymorons will actually do anything. The letter is below
On Saturday, I revealed that Stifel was running a £10 million book build for Avacta (AVCT) at 90p HERE. On Sunday I reported that it might now be at as low as 80p HERE as the response had not been good. Today Avacta has dismissed the attempted placing as market speculation and says there is no imminent fund raise. It misleads. There is a partial fess…
Despite already having a £55 million death spiral in place, my City source tells me that Avacta is working on yet another, naturally discounted, placing. The shares falling by 3p to a new year low of 99p on Friday in decent volumes is NOT as coincidence.
I am a perma bear of Avacta (AVCT). I don’t rate its management and am sure the feeling is mutual. But the valuation is bonkers. I was bearish ahead of the placing in December in which Avacta tried to raise £15 million but raised only £9 million. I think the acquisition of Launch financed by a death spiral was crackers but for a while I was whistling in the wind as the shares were ramped to 183p. They are now back at 113p but that is still a nutso valuation.
Alastair Smith has been running Avacta (AVCT) for 16 years and after 16 years he has yet to launch an actual product. So on what basis are his pay increases calculated?
When not working out how to bankrupt me with a cunning Greek plan, the morons insisted that there was no placing coming from Avacta (AVCT). Well here we go, time to apologise morons. Today Avacta has raised £7 million at 95p and hopes that an open offer will bring in another £2 million and says “The Company consulted with a number of its major shareholders prior to the Placing and is pleased by the support it has received from both existing and new shareholders.”. I can reveal that is a big fat lie. Two folks who were made insiders havie confirmed that Avacta wanted to raise £15 million but could not. So to say it is “pleased” is just a lie. It gets worse.
My crime is to point out that Avacta (AVCT) needs to do a fund raise. My cats can do the maths. My one year old daughter can do the maths but still pointing this out is, among the faithful, seen as a crime in itself. But they have a cunning plan…truly even Baldric could not be this stupid.
