Member Info for BigDave13

No News. It is now at the stage where one must ask what the point of Vela existing?

You can see why TSP tried to grab the £300k before investment was properly signed off. If that was not a red flag and yet they proceeded anyway. Probably time the BoD refreshed themselves with their own Investment Appraisal Policy that was posted here a few days back.

In the news again, for all the wrong reasons.

https://www.cityam.com/debts-disputes-and-a-shadow-ceo-the-curious-case-of-truspine/

Yeah, had a massive rise there at one stage,

Ya think - that turned into a complete cluster...!!!

Yep, we can agree on that point for sure.

I would expand on this by asking whether Vela BoD do any DD on the intended investee companies before investing? At least half the investments should not have ben made (clearly so at the time, not in hindsight), so I guess the answer is no!

Well worth a listen, from 13:30 for a summary of the Vela situation.

Clearly states that not only did Vela take part in the placing but that they also received warrants at the time. Subsequently, Vela (together with other warrant holders) agreed to surrender those warrants in March 24. Expected that new warrants will be issued to Vela in the future.

Shocking that Vela made no disclosure either on the issue or surrender of the warrants.

https://www.youtube.com/watch?v=fp1AocPMEWY

Take some action, it may just work. It did at Ridgecrest, JN NED appointment has been terminated.

https://www.ridgecrestplc.com/media/nakama-group-plc/client/2024_documents/268320_22%20April%2024%20RDGC%20GM%20circular.pdf

@ 45p. If there is any cash left from recent sale, maybe an opportunity for Vela to reinvest. Ensi sure do like their placings. Now a pattern is emerging here, the Board should take note and continue to sell down on any SP strength and look for opportunity to rebuy lower.

https://www.lse.co.uk/rns/ENSI/proposed-equity-fundraising-via-abb-j0733jyqa9nwg77.html

Here is one

Cornerstone has issued Vela with 400,000 warrants with a 5-year term, each warrant carrying the right to subscribe for one Cornerstone share at a price of 50 pence.

Comical indeed.

Note 7 from last Interim Results

The Company holds warrants providing it with the right to acquire additional shares in certain of its investee companies at a fixed price in the future, should the directors decide to exercise them. The warrants have been recognised as an asset at fair value, which has been calculated using an appropriate option pricing model.

There were some Aeristech warrants for a time but I think they have expired now. Can anyone remember whether any other investments came with attached warrants?

Big spike over there, maybe some news at forthcoming AGM?

Good summary, don't forget to include Igraine and GCON, portfolio needs all the value it can muster!

Indeed they have. The RNS at the time indicates it was part of the placing. Why the interest? Here are a couple of question to you.

Why is Vela not recorded as a TR1 holder? Did Vela formally notify TSP of their >3% holding? If not, why not and should they do so now?

Each TSP placing/subscription share had a warrant attached, was Vela formally allocated the rights to these warrants?

Selling CDT needs to be part of a wider strategic review and repurpose. One feels that more of the same would really be a pointless exercise.

On May 10, 2024, Adam Sragovicz informed the Board of Directors of his intention to resign as Chief Financial Officer of the Company.

Would like to see the portfolio refined further still. There are several other shares that could be exited. Bring it around 10 in total and then focus on these core shares. No need for new investments at this stage, more frequent trading activity is required to maximise returns.

Https://velatechplc.com/investments/

A brief review and this is what I see

13 investments now listed in total.

ENET fully disposed

CDT 10,000 shares sold

Typo on the Tribe Tech Shares held

@THG - updated value?

Anything else of note?

Website has been update as from 24 Apr 24 to reflect latest TR1s. Mr Cook is only individual named with 9.17%

They have declared the wrong number of issued shares though, failing to account of the new shares issued prior to the update!

Appears to be no change to investments/holdings page.

There have been further ENSI sales referenced in the last couple of updates. I would say now total holding around 900k shares. Buys were at 42.5p & 70p and Sale prices have been as high as ~90p hence why the breakeven is now relatively low. Overall in good profit on this one.

Agree @THG