focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
In my recent email to Novus, I did ask whether the Significant Shareholders section could be updated. I was told it should be up to date now, but I see no changes. If nothing by tomorrow, I will chase up and include this query re the SGS shares as well.
The share disposal RNS states:
The Board of Vela is pleased to announce that the Company's joint broker, Peterhouse Capital Limited, has today placed the entirety of St. George Street Capital's ("SGSC") 1,100,000,000 shares with a range of new and existing investors.
The SGS 2020 Accounts states:
Subsequent to the balance sheet date the shares in Vela Technologies have been disposed to Conduit Pharmaceuticals Limited.
I don't see how both statements can be valid, so which is it?
This from Interims end of Sept. Referring to Q3 trading period, sounds positive.
"The strong trading momentum that was experienced in the first half of the year has been sustained through the second half, reflecting underlying growth as well as the initial contribution from Pangea FX. Accordingly, we continue to expect to achieve significant revenue growth for full year 2022 and I look forward to reporting on our progress."
Placing?
Revenue is negligible so consider cash balance vs monthly cash burn rate. How long will cash last & when it is gone, only option is more fundraising/dilution.
From the Telegraph article
"The company, which only listed on the London Stock Exchange in June 2021, appears to be lining up PwC as administrators after a tumultuous year."
Yes, I was provided with an explanation but due to confidentiality, cannot share details further. You will need to update your spreadsheet as I have done for our next investment value comparison, due shortly, I hope.
Novus responded to my query on the CSFS and ENSI holdings. I can report that the holdings per the website are up to date.
http://www.velatechplc.com/investments/
AGM resolutions from page 40 onwards
http://www.velatechplc.com/wp-content/uploads/2022/09/Vela-financial-statements-31-03-2022-FINAL.pdf
Why does the Quarterly Update take so long to be issued? It is a simple update of investment value and some added meaningless fluff. The document should take no longer than a few hours to prepare, be reviewed and approved by the Directors. There is no reason why this cannot be issued within the 1st week after quarter end. Maybe they are still looking for the missing shares down the back of the corporate sofa!
How could the remaining directors possibly think they can successfully execute a corporate transaction? Their last 3 investments are Igraine (down 50% and investment in Oscillate this week at double mkt price - sound familiar), ENSI (don't know how many shares they own) & TSP (down 40% after being scammed).
557,799,500 shares 3.43% were held by Laiker and the balance of 420m shares 2.58% held by Bixx Ltd of which he is a director and significant shareholder. Funnily enough, do you know how Bixx likely funded this purchase - look where the ARB shares ended up.
.
Laiker gone and sold out full holding, this is more than just off to pursue other interests. What will Cooke do? Who bought and how did he manage 0.04p? I think many here would gladly accept that price now. Stategic update dead in the water.
The Investments page on the website has been updated. All 13 investments are now listed in a table with links to the investee companies. There are a couple of discrepancies though.
CSFS - RNS 6 Apr 21 states 400,000 + a further 245,902 = 645,902 shares. Website showing 595,902 shares, a difference of 50,000 shares. There has been no disposal RNS as far as I can recall.
Ensilica - RNS 19 May 22 states anticipated 1,764,788 shares. Website showing 1,676,135 shares, a difference of 88,653
shares. This could be down to the way the coupon interest and discount was ultimately applied but why state an actual number if not confirmed.
THG, any thoughts? We need accurate info for our Quarterly Investment Update check.
http://www.velatechplc.com/investments/
To the extent not converted, the Loan Notes will be repaid after 12 months which in this case is mid-July 2023. If no cash to repay, then may need another placing (or new CLNs) to raise the funds, either way it sems there will eventually be a dilution event. Revenue was only £0.5m in H1 so another placing in the near term may also be required in any case to fund existing operations.