Shares in Avanti (AVN) peaked at c50p following the reports in the FT that Inmarsat (ISAT) might have considered a 140p bid, a claim that seems ludicrous given the fact that Avanti is drowning in debt and needs a refinancing within weeks or it is tits up time. The shares have now drifted back to 37.375p today. Folks are starting to panic...perhaps they have looked at the bonds.
I have commented on Avanti Communications (AVN) twice in two days on the bearcasts HERE and HERE. Today with the shares zooming ahead to a peak of 50p (they are now 44p) the company commented but said nothing at all. Ronan Keating would be proud.
Uber Bombast David Williams stated:
Avanti Communications (AVN) may try to con us into thinking that it is a bid target but the reality is that its best hope is that bondholders take a haircut in any takeover. that means shareholders face a wipeout. It is more likely that no-one bids and this is a zero. So when do you think Avanti is going bust. Vote now and before a midnight deadline in a reader poll. The shares are 22.5p today and falling. So vote early, vote often, vote below:
Three days ago Sky News reported that Inmarsat (ISAT) had approached Avanti Communications (AVN) with a view to making a bid. This was, as it happens, not true and today Inmarsat has exposed the lie in full. The story here is not only of the looming financial bankruptcy of Avanti but of its full blown moral bankruptcy too. This is shocking at every level, another milestone of shame for both Avanti and for the AIM Casino.
Moody's was damning enough on Avanti Communications (AVN) as I noted earlier. The clear takeaway was that the shares were worth 0p given Moody's view that bondholders were in for a haircut. Now I bring you what the other credit rating agency S&P says. It is equally bearish.
Moody's has downgraded its ratings on the junk bonds of Avanti Communications warning bond holders that they would probably get just 35-65% of their cash back. In that case the equity is worthless - note the explicit warning that Avanti will face a cash crisis potentially within weeks. Moody's states viz a viz the bonds " Moody's sees a default by Avanti over the next 6-12 months as almost inevitable." On that basis the target price for Avanti shares has to be ZERO. Sell while you can.
Oh dear, this is the end for you my friend....Avanti Communications (AVN) has announced a "strategic review". In other words it has admitted that it s well and truly fecked. Shareholders should, whatever the weasel words of the RNS, prepare for wipeout. This is - as we pointed out in a 25 minute presentation at UK Investor Show, a zero. The statement is typical King of the Bombast David Williams horseshit.
Shares in Avanti Communications (AVN), once the darling of AIM, collapsed by 60% yesterday amid all sorts of horrors emerging. It is a big story and most papers are covering it, at least with a mention. But in the Daily Telegraph there is nothing ....except
Yesterday I served up pictures of four Welsh folks and asked for the odd one out and - to the suprise of some readers, as you can see HERE, it had nothing to do with sheep. The four pictured taffies were: Cerys Matthews the gorgeous lead singer with the uber-Welsh group Catatonia ( part of the cool Cymru scene of the 1990s), Welsh windbag Neil Kinnock, Welsh soccer star Gareth Bale and David Williams the uber Welsh CEO of Avanti Communications (AVN) who had a rather bad day at the office yesterday and is going to have another shocker today
Yesterday Avanti Communications (AVN) issued a dire lack of profits warning. Having warned folks in a special 25 minute session at UK INvestor (HERE) that this one was heading for the knacker's yard, the bear community is vindicated. Our big call is looking good. But have you seen how the existing debt ( in which Avantis drowning) responded. It says the shares - down 60% to 24p yesterday - are near as damn it toast. The target here is 0p or very close to that.
Look back at our coverage of satellite disaster story and serial issuer of fascistic lawyers letters Avanti Communications (AVN) you cannot say that we did not stand up to bambastic bully boy CEO David Williams and warn you. Today there has been a pre close trading statement, the shares have crashed by 60% to just 24p and the Fat Lady is starting to gargle. My father & I will crack open the ouzo early today.
Having asked for readers tips for 2016 for the amazing prize of lunch or dinner with Tom Winnifrith (or the chance to fob it off on someone you don't like) HERE, the following is a monthly update on performance (to be eligible needed to have selected a buy & sell pick and those to be listed on the LSE or on the AIM Casino)...
On 16 May 2016 Avanti Communications (AVN) published a third quarter trading statement in which the company's bombastic, pompous and no longer credible CEO David Williams declared "Avanti is making good progress." Shortly afterwards he proudly boasted that he had bought shares in the company at 91.25p. Today, less than four weeks later the shares have collapsed to just 53.25p to sell. On a daily basis they are being marked lower and lower. What is happening and what must Williams announce on Monday?
Paid for researcher Edison is, of course most famous as being the employer of convicted felon Champagne Charlie Gibson but it is also there to take cash for helping ramp shares in piss poor companies. And few companies could be as piss poor as Avanti Communications (AVN) run by uber bombast David "not worth a million bucks a year" Williams. But not only does Edison publish crap research on Avanti with a target price of 427p. It also does video interviews. Cripes, the bird quizzing Williams makes Zak Mir look like Jeremy Paxman on steroids. As you enjoy this shite from Edison you will note the shares are now just 59.5p as Williams seeks emergency bailout funding. Oi, taffy its time for a statement!
On May 16 Avanti Communications once again (AVN) lied to its investors. Since then it has been scrabbling around trying to complete an emergency refinancing. As the shares have tanked from 90p to 64p (and falling) since the lie is it unfair to ask the company and its bombastic CEO David Williams how things are going? First, however, lets look at the lie.
It was just a few weeks ago that Avanti Communications (AVN) shares were in the decade of Blur and Oasis (the nineties) and bombastic CEO David Williams tried to spoof us all with a trivial share purchase costing him about all of two days of his obscene salary. Pretty quickly the shares slipped through the Maggie years and into the era of Abba and the Winter of Discontent. As I speak we are at Dana.
Avanti Communications (AVN) started its AIM career not as a satellites business but as a provider of screens for pubs and shops, the loss making tin cans in space business came later. At that point uber bombast CEO David Williams decided to "lose" the original business via a demerger. Shareholders in Avanti were given stock in both entitites. Now track what happens next.
At the UK Investor show last month, during a discussion of Avanti (AVN), I listed a random sample of the many instances where the company has made statements which later prove to be wildly optimistic, or are contradictory to earlier ones. Last week’s 3rd quarter update, 16 May, provides another gem: It states:
