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An update from another investor in Weshop/CSIL. Looks like the app is performing very well. For newbies, Vela owns shares in Community Social Investment Ltd which in turn holds the shares in Weshop and which should be distributed in specie to its investors. The intention is to also list Weshop on NASDAQ at some point.
https://www.investegate.co.uk/announcement/prn/iamfire-plc--fire/weshop-update-and-extension-of-conversion-dat-/7919702
Latest SEC filing
Vela is registered as a Selling Security SH alongside others, I found this comment interesting...
Although the currently outstanding shares of Common Stock that are being registered for resale in this prospectus do not represent a substantial percentage of our outstanding Common Stock, such shares do represent a significant portion of our public float, and the sale of such securities could cause the market price of our Common Stock to decline significantly
https://s3.amazonaws.com/sec.irpass.cc/2892/0001493152-23-043429.pdf
I was also wondering about next steps with £4m or dare I say £8m banked. BoD have acknowledged UK markets are depressed so investing further into AIM/Aquis stocks doesn't seem like a sensible near term play. I think one option is that they put up a for sale sign and go for an RTO - you heard it here first.
They will sell the whole holding as the investment now falls outside its investment policy.
Geographical focus
Investee companies will usually be based in the UK (including the Channel Islands) or derive a material proportion of their business from the UK. Conversely, investee companies may derive a significant proportion of their income from overseas but be based in the UK. It is unlikely that Vela would invest in a business headquartered overseas and deriving a majority of its business from outside the UK.
The Sept Quarterly Investment Update is due and should make for some interesting reading. Which stocks have been sold off to pay the Director Fees and keep the lights on? Probably waiting to see if there is any positive news on CDT like last quarter which was released 3 months post period end. Shouldn't really be the case as it is a NAV update at a point in time, not a forward looking trading update. Then there is the Half Year report as well, issued on 31/12 last year. Boom!!
I also agree with the last 3 posts - exercise anytime at minimum base price of $5 for 976k shares.
Must be another reason. I can't imagine they are monitoring this each day. Do they have advisors that will give them the nod of when to take action?
Agree THG, really want to be in legal possession of the shares in advance of any large SP moves. Once option is exercised, how long does it take for transaction to be settled? This from CIZ on 28 Sept, 2 days after they exercised their option.
Cizzle exercised its Option on 26 September 2023 and once this has been settled, the Company is expected to hold 395,460 shares in the NASDAQ listed business with no restrictions.
Http://www.velatechplc.com/wp-content/uploads/2023/11/Vela-AGM-notice-2023-FINAL.pdf
Recommendation
The Directors consider the Resolutions to be proposed at the Annual General Meeting to be in the
best interests of the Company and its Shareholders as a whole and accordingly recommend that
Shareholders vote in favour of the Resolutions, as they intend to do so in respect of their aggregated
shareholding of 1,500,000 Ordinary Shares (equivalent to approximately 0.01 per cent of the existing
issued Ordinary Shares).
0.01 per cent !!!!!!