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IN BRIEF: Vela Technologies assets down, notes Conduit "collapse"

Fri, 30th Aug 2024 18:42

Vela Technologies PLC - Bingley-based early stage-focused technology investor - At June 30, says value of total assets is GBP2.8 million, down from GBP5.5 million at March 31. Says decrease attributable to unrealised loss of GBP2.8 due to "collapse in the value of Conduit Pharmaceuticals Inc".

Apart from Conduit, reports realised GBP8,000 in profit from investments valued at GBP78,000 at March 31 as well as unrealised gain of GBP137,000 from remaining GBP1.7 million in investments. Adds no acquisitions were made during the quarter. At June 30, fair value of portfolio excluding cash is GBP2.7 million, down from 5.5 million at March 31. Has cash balance of GBP57,000 at June 30, up from GBP53,000 at March 31.

Executive Director James Normand comments: "It is frustrating that events at Conduit Pharmaceuticals Inc have overshadowed a steady performance from Vela's UK portfolio. Vela's principal other investments are trading well; and it is the board's view that such results will in due course be reflected in their value on the listed markets."

Current share price: 0.0080 pence

12-month change: down 60%

By Aidan Lane, Alliance News reporter

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