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Avia Health Informatics has revealed the details of its plans to become a shell focused on advanced materials and emerging technologies businesses.
An initial £56,000 is being raised at 2p a share but the company requires between £300,000 and £500,000. If £300,000 is not raised then Avia will not have sufficient working capital to be readmitted to Aim.
The HMRC is the largest creditor and an initial payment agreement ended up proving impossible to fulfil. A Company Voluntary Arrangement (CVA), which will be handled by Antony Batty of Antony Batty & Company, is proposed. There are unsecured creditors of around £400,000. The plan is to offer unsecured creditors 1p in the £1. The approval of creditors owed at least 75% of the cash is required.
The CVA proposal is available from:
Avia will pay £50,000 to its healthcare software subsidiary Plain Healthcare in return for the novation of the £350,000 of convertible loan notes held by Advanced Computer Software, which will acquire the business for £1. Intra group indebtedness will also be released.
Additional cash is required to pay the costs of the proposed CVA and the placing.
The new investing policy says that the “focus will be on applications of graphene, nanotechnology and industrial biotechnology, with markets ranging from chemicals, aerospace and microelectronics to smart and sustainable buildings”.
Former Allenby corporate financier Rod Venables, TXO boss Tim Baldwin and nanotechnology expert Tim Harper will become directors.
Avia, which is changing its name to Cientifica, intends to publish its 2013 accounts on 17 October.
At the suspension price of 7.25p a share, Avia was valued at £470,000.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2013_48.pdf
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