I took a brief look at Avanti's results before popping out for the day, and revenues aside, the tone of the report looked upbeat. When I came home to see the drop in the share price, I assumed that both satellites must have fallen to earth later in the day, and that they hadn't been paying the insurance premiums.
Fortunately no such event had occurred, and I took the time to read the report more thoroughly. As I said in my weekend post, this is a speculative punt with a view to the long term. Can't see any reason to change my mind. I'll continue holding, and may add a few if the price dips again. Clearly the Directors still feel confident since the tone of the report is very positive, and five of them have been topping up their holdings at around the £3 mark.
On a separate issue, Disney and Celador were back in court again today. You can see a brief report on the day by following the link below:-
http://www.hollywoodreporter.com/thr-esq/disney-urges-court-appeal-overturn-377909
It would be fantastic for the court to uphold the original verdict, but since Avesco's SP doesn't contain any premium for the possible payout, in my opinion, it's all to gain and nothing to lose.
Avesco is a growing company that will be throwing off cash to its shareholders over the next few years. I think it's undervalued without any payout. Full year figures should be good, and the noises coming out of the company are encouraging. Richard Murray has been a recent purchaser of shares on two separate occasions.
Worth noting that if the Court of Appeal does uphold the verdict then I would expect the SP to double overnight. Although, I'm unclear whether further appeals are possible.
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