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AVCT Avacta Group Plc

45.30
0.80 (1.80%)
24 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Avacta Group Plc LSE:AVCT London Ordinary Share GB00BYYW9G87 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.80 1.80% 45.30 4,437,570 16:35:10
Bid Price Offer Price High Price Low Price Open Price
45.00 45.50 45.75 43.25 44.75
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Pharmaceutical Preparations 10.06M -39.19M -0.1382 -3.27 128.34M
Last Trade Time Trade Type Trade Size Trade Price Currency
17:06:38 O 7,347 45.30 GBX

Avacta (AVCT) Latest News

Avacta (AVCT) Discussions and Chat

Avacta (AVCT) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-04-24 16:06:3845.307,3473,328.19O
2024-04-24 15:54:0245.303,3251,506.29O
2024-04-24 15:44:5143.41200,00086,818.00O
2024-04-24 15:44:1544.8080,00035,840.00O
2024-04-24 15:44:1544.6880,00035,743.75O

Avacta (AVCT) Top Chat Posts

Top Posts
Posted at 24/4/2024 09:20 by Avacta Daily Update
Avacta Group Plc is listed in the Pharmaceutical Preparations sector of the London Stock Exchange with ticker AVCT. The last closing price for Avacta was 44.50p.
Avacta currently has 283,614,110 shares in issue. The market capitalisation of Avacta is £128,335,385.
Avacta has a price to earnings ratio (PE ratio) of -3.27.
This morning AVCT shares opened at 44.75p
Posted at 22/4/2024 14:44 by jaknife
stockhunters,

"why issue shares at 42p when they turned down even more money in the 50p placing?"

Avacta issued a £55m convertible loan note 18 months ago:



The quarterly repayments under the loan can either be paid in cash or shares. If the company elects to repay with shares then there's a formula to determine the number of shares that are issued:

======================================
Share Payments:

For any interest and amortisation payments made in Ordinary Shares (which shall be subject to certain conditions including no potential event of default having occurred and maintenance of a minimum free float), the Ordinary Shares to be delivered shall be calculated by dividing the interest or amortisation amount due by the lower of (a) the prevailing conversion price, in each case on the applicable repayment date and (b) 90 per cent. of the Market Price per Ordinary Share (as defined below)

The "Market Price" is the lower of the arithmetic average of the VWAP for the Ordinary Shares: (i) on the ten (10) trading days, ending on the applicable date or (ii) on the five (5) trading days, ending on the applicable date, but in no event shall it be greater than the VWAP of the Ordinary Shares on the applicable date
======================================


"also can they sell the 42p shares instantly or are they locked in?"

Better than that, the investor into the loan note is a subsidiary of a large market maker (Susquehanna) and market makers are legally permitted to naked short (and are also exempt from the short selling disclosure rules). Hence, between them, the investor and Susquehanna can forward sell the shares!


PWhite73,

"I'm also puzzled as to where they've got the 42p from.

RNS 22/04/24 - "The 15-Day Reset Average Market Price is 50.83 pence"

42p is a drop of 17.5% on 50.83p"

You're using the wrong part of the formula. See above. You need to use the 10% discount to VWAP part of the formula, as I noted in posts 57,542 and 57,549.

JakNife
Posted at 22/4/2024 14:09 by pwhite73
RNS 18/10/2022:-

Conversion

Initial Conversion Price: 25 per cent. premium to the Offer Price

Reset Conversion Price: The conversion price may be reset down at the date falling 18 months after the Closing Date (as defined in Appendix III) (the "Reset Date") to the price per Ordinary Share equal to the higher of (x) the Offer Price and (y) the then current market price of the Ordinary Shares (determined by a 15-trading day volume weighted average price ("VWAP") of the Ordinary Shares prior to the day immediately preceding the Reset Date) if such price is lower than the then prevailing conversion price

Reset Clawback: Following a downward reset, the Company has the right to reset the conversion price back upwards to the previous conversion price if the daily VWAP of the Ordinary Shares on each of at least 20 trading days in any period of 30 consecutive trading days is greater than 130 per cent. of the Initial Conversion Price at any time during the 9 month period following the Reset Date
Posted at 22/4/2024 13:28 by pwhite73
JakNife - "Today's price of 42.10p was calculated using the "10% discount to VWAP" part of the death spiral pricing formula."

That's only because the share price is below the conversion reference price of 88.72p

Had the share price been 150p because a TR1 was released showing the European Health Care fund had taken a 20% stake there would be no 10% below VWAP conversion.

Death spirals convert at a discount at any price. This arrangement does not.
Posted at 22/4/2024 12:48 by pwhite73
JakNife - "Would anyone still like to argue that the convertible isn't a death spiral loan?"

I would still like to argue the point. For the following reason.

"the conversion price was reset to 88.72 pence(4), subject as provided below."

Death spirals don't have a fixed conversion price. They are set at 10% or whatever below the average weighted volume over X number of days. The fact that the share price is falling is giving credence to your death spiral theory but this is an illusion.

The share price is falling because of the lack of credible evidence to the claims they are making about AVA6000 not as a result of any death spiral in place.
Posted at 28/3/2024 08:27 by hamidahamida
Placing happy loss making companies Share price always collapses to half of placing priceFact check 2022 placing at 95pToday Sp under 50p Last placing at 50p Fully expecting share price to collapse to 25p Always happens
Posted at 29/2/2024 16:30 by pwhite73
There is sufficient liquidity for the bonds to have zero effect on the share price. The term date for the bonds is 5 years and conversion is quarterly. That's 20 payments over five years. £55 million divided by 20 is £2.75 million per quarter.

£2.75 million divided by 90 days is on average £31,000 per day. Look at the volume per day for AVCT. The share price decline has nothing to do with the bonds its the inability of the shares to gain traction on the clinical trial results.
Posted at 29/2/2024 15:21 by pwhite73
Aman - "A reminder - convis kill companies."

Wrong again. AVCT do not have a death spiral in place.

The CLN was announced in October 2022 when the share price was at 119p. The share price peaked to 186p in February 2023. It dropped to 95p in July 2023 and rose to 150p in October 2023.

There is no correlation between the conversions and the share price.

What has gone wrong here is that the share price has failed to respond to the progress the company claims AVA6000 is making. The reasons I have given a million times.

It is a mistake to blame the CLN for the decline in the share price.
Posted at 27/2/2024 07:29 by amanitaangelicus
Nasdaq ? Just seen a Welsh Saddleback flying over my vegetable garden. Today is rather important. We need to see where the convi reset price is. The insiders and convi boys know - they.ve just been positioning , resetting as of late. Of course, this could be incorrect. If a licensing deal has been struck( or serious discussions begun) the share price would be up at 120-130p plus, depending on what revenue/ resulting profit has been sacrificed. share price bouncing all over. Very difficult to read. Binary at this point in time. GLA.
Posted at 15/2/2024 19:10 by tickboo
Hi Log, yep the share price here disappointing for holders. That said, aside from a few months in 2022 we have been between 87p to 140p for over 3 years. I would of course like to be a lot higher than where we sit but I am not worried.We will need to raise cash I would think by March or latest end of April and certainly before their accounts are signed off. The recalculation for the CLNs take place end of April so if it isn't sorted regardless of data the share price will tank so yes they'd be much more confetti and death spiral will happen for sure (ever subsequent strike price lower so more shares issued each Q). I firmly believe there will be sufficient cash before second week in April (due to recalculation) and it won't be through retail. The comms here shocking but I think we'll be more than fine. I'm looking forward to AACR and am certain we will have some amazing results. Not long to find out old chap.
Posted at 21/1/2024 07:26 by tickboo
A conversion RNS on Monday, conversion likely to be around 95p so lower than the last although around the same price as raise. Question is will the share price be put under pressure. Only 1 of the last 4 quarterly conversions resulted in a falling share price after (July conversion). The share price has tended to increase after one. That said we know cash will be sought likely before Easter. Question is will it be through licensing deals or dilutive? That will be key as will the April conversion where the prices can be re-set. Cohorts 6 and 7 data due and we have AACR so I suspect Avacta will present the new data there. Fortnightly will surely dose soon. I doubt Chris would have joined a sinking ship in a full-time role and one suspects she has bought in to the tech. An interesting and pivotal few months ahead. Always DYOR and if invest do so with what you are comfortable with.
Avacta share price data is direct from the London Stock Exchange

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