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Similar story with AMTE the battery firm scam. A group of investors have got together to expose their scam dealings and the same should be done to Velocys. Total scam company who have robbed loyal and trusting investors. Anyone agree?
Hopefully you don't have to wait too long.
Your post led me to check with my online broker (iWeb) and the Velocys funds have been credited there this morning.
Supposed to be paid by 31 Jan, 14 days after 17 Jan stop trading date according to the Velocys announcement. To date I have received nothing. ii are on the case, I believe.
What is the mechanism for getting our funds back out of this disaster? Is it automatic or does it require action?
Good luck to all the genuine and morally intact among us.
We must endure injustice .
@MarketViking
A few of the companies that I seem to remember going this way, being taken private at the expense of shareholders:
Sirius Minerals
Carillion
Interserve
4D Pharma
Restaurant Group
Presumably the new owners all saw future profit.
Perhaps the new owners will give the management an ultimatum... either take your remuneration solely in shares or you can walk. You've got to have everyone on the same path or they'll get screwed same way we did.
Unfortunately the takeover is the best option for the board. They continue on their high wages and they get rid of all those annoying original investors who keep bothering them wanting updates. It's a win win for them.
Amount of capital required to deliver medium term plans is £31.434 million and a bridging loan of £3.5 million to ensure sufficient funds for Velocys to become effective. That is more or less £35 million needed for the company to succeed.
In its half year financial report issued in September, Velocys said it hired EcoEngineers to validate the reasonableness and accuracy of the life cycle assessment (LCA) of the proposed project. That analysis predicts the facility will be able to produce SAF with a deeply negative CI score of -389 grams of CO2 equivalent per megajoule (gCO2ei/MJ), which translates into a more than 500 percent carbon savings relative to fossil jet fuel.
There are 1,651,798,992 issued shares so Velocys need 2.1p per share to produce the fuel.
Should Velocys have asked if their shareholders could raise this money? 2.1p per share and say fixed priced warrants you could purchase after the company becomes a going concern.
Was feeling dumb for losing so much here .
Seeing £25 million was raised from institutions 26/11/2021 at 8p and I have not read they all got out made me fell a bit better .
Sirius energy all over again 😠
Just seen this news of near 0 takeover (0.25p )
Yet another AIM big loss and must be one of my largest share losses ever .
Patience did not work , early stop losses would of , averaging down on AIM a no no .
Only consolation is my broker did do me favor by not letting be buy more , have a note I would taken a further gamble at 2.3p. after the June 2023 placing at 2.5p.
I know nothing but why did the bigger boys buy the 2.5p placing just 4 months before 31st October news ?
-71% fall to 0.29p ( maybe with the spread pis would not of sold for much more then the 0.25p )
Velocys PLC - Oxford, England-based sustainable fuels technology company - Agrees bid from Madison Bidco Ltd which values each share at 0.25 pence. Madison Bidco is a newly formed company indirectly owned by a fund advised by Lightrock, a fund advised by Carbon Direct Capital, GenZero and Kibo Investments. In addition, Madison agrees to provide up to GBP31.5 million of growth capital to Velocys which is expected to ensure that Velocys and its management have the capital resources needed to deliver against Velocys' medium-term strategic plans. In connection with the deal, the Carbon Direct Fund agrees to provide a secured bridging loan of GBP3.5 million with a view to providing sufficient capital for Velocys through to the acquisition becoming effective. Bid values Velocys at GBP4.1 million on a fully diluted basis and provides a post growth capital valuation of up to around GBP35.6 million.
@ControlzFreak
If what happened here were in any way "usual" then I guess nobody would (ever) invest in anything?!
Yes, shareholders have been screwed big time. I think the root of this ugly situation is that Abramovich's fund (with suspected Kremlin links) owned a large position. I think that is why a lot of big banks, institutional investors, et al have been afraid to touch VLS with a 10 foot pole for the last couple of years. The little guy (retail investors) have been collateral damage in a stinking political s***show.
@annab what platform or broker/bank did you use to acquire shares?
@everyone else - what is the logic of the major shareholders who agreed who still will virtually make back nothing ?
AnnaB, from the money he has filtered out of Velocys, he can afford the best therapy.
I couldn't vote, my bank didn't send me any information and found nothing online. I was just wondering, isn't the CEO feel ashamed? If I was running a successful company to failure, I would feel embarrassed that I couldn't achieve, especially with a company with big future and potential. Not a good CV for him either.
No way of voting if you're with Trading 212. The whole process has been a stitch up.
It's time to walk away, the deal is done.
Is there anything else we can do? Or anything else we can do to ensure this was a fair process and all Ts are crossed and i’s dotted. Something does feel seriously odd about the lead up and the process. Especially if there’s any back handers or inside dealings
All too common. Can't even say "last one out switch off the lights". The new owners will keep the lights on... for a while at least. We're now relegated to observers.
Hindsight is a wonderful thing. I could have sold out with a decent gain several years ago, but I thought it was just the start of a solid future building. Oh well.
Well, that's the end of Velocys.
Had high hopes for them, but as usual shareholders fund the development, then it gets taken private at our cost.
When will the voting be complete and results announced? Make sure you get your votes in!
The big position has been removed at marketscreener - not visible anymore… hell what a theatre, fingers crossed that the voting is NO…
How can there be this many in such a small company? I count 98 in total. How does that work?
You would have thought that our dear (sic!) CEO, as a member of the Jet Zero committee and the recipient of the winning grant of £27 million (which the company, for reasons never disclosed, failed to find matched funding) from HMG, would have made a few useful contacts that could have helped with regard to the current situation. Instead we get total silence from the Velocys PR team, and a fait accompli takeover bid for peanuts, which both the Board members and Ervington have been forced to back if any alternative bid is made. As I recall, Ervington ducked out of the last two fund raises, so I would guess that their 300 million shares would have cost north of 10p each which equates to a loss of around £30 million on their investment. We can essentially ignore the directors' holding, but the Ervington one, had it been cast the other way, would have made the takeover virtually impossible if you add in the hostility of the PIs (75% majority required). So why would they do it - after all, they only stand to get £750K back on their investment. Anyone have any thoughts.