In a show of confidence, Enrico Vanni snapped up 100,000 shares at 27.5p a piece on Wednesday.
After the purchase, Vanni holds 1.02mln AVO shares, representing 1.4% of the company.
The non-exec has added to his holding two other times this month already. He purchased 75,000 shares on 3 April, before buying up another 25,000 the following day.
Conversion of loan notes
Earlier this week, AVO’s new lender, Bracknor Investment Group, told the company it will convert another portion of the first tranche of convertible loan notes.
The notes were issued to Dubai-based Bracknor as part of the financing deal announced back in February.
Bracknor will convert ten notes, worth £100,000, into AVO shares at 27.89p each – pretty much equal to yesterday’s closing price.
To satisfy the conversion, AVO is issuing 358,500 shares as well as a further 10,756 to cover the fees.
Under the terms of the deal, AVO receives 95% of the face value of each note. In this case, it will receive £95,000 from the lender.
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Bracknor has previously converted another 20 loan notes, worth a total of £200,000, a month or so ago.
AVO drew down the first £1.3mln from the new financing facility at the end of February, shortly after the agreement was announced.
The initial agreement is for financing of up to £26mln over the next two years, although the firm said there was an option for this figure to be doubled in the future.