Member Info for BigDave13

Yes, although ENSI on the way down at 55p. Can anyone remember what Vela last paid for this lot?

The Transaction in Shares RNS's report that MWE paid more for the Treasury shares than the sale price recouped. What am I missing here?

Now that Conduit hasn't panned out as expected so far, more fire sale of portfolio shares must be on the cards to cover £15k/mth for Directors fees til next summer whilst waiting for MODE to rise from the ashes.

Purged!

Where is JB?

ENET update, down 30% today

https://www.lse.co.uk/rns/ENET/update-re-subscription-agreement-notice-of-gm-141e6zim6ta4mda.html

This is public info already, in the admission document, subsidiaries is defined as TruSpine Technologies International Limited, TruSpine Technologies International Inc and Critical Flow Technologies International Limited. Then there is Critical Flow Ltd, another entity which appears to have been wholly owned by N Lott & which was also referenced at the time as a current directorship.

Sorry, crossed post!

The most recent Conduit Corporate Presentation is quite clear on this point (page 13).

Conduit has a 100% economic interest in all indications under the AZD1656 Co- Crystal, except for a 17% economic interest in AZD1656 for use in COVID-19, which was funded by UKRI and Excalibur Medicines Limited. Conduit does not intend to pursue AZD1656 FOR USE in COVID-19.

No mention of Vela's 8% interest, does this mean that the option has been exercised or is as good as done? Why have UKRI/Excalibur retained their 17% interest, for what reason, are they intending to fund & run the trials themselves? Where does this leave Igraine with their 2% interest in EML but with no apparent exposure to CDT and Vela's 28% interest in Igraine?

That does seem like a possible scenario. Although i think they will sell the lot as soon as they are able. But I just don't know where they could safely invest such a large sum of money in UK equities right now.

The first quarterly update for 31 Dec 21 had NAV of £7.12m. In the 18 months since to June 23, NAV reduced by £1.24m to £5.87m, a reduction of 17.5%. Directors must have extracted fees/salary >£250k over that timeframe.

Yep, more share sales on the way, maybe they thought they would be rich by now with the CDT option. They chose to use the last cash on Tribe which means they now need to sell anything they can at market bottom. Oh well, always 2024 to look forward to.

???

SGS are the 2nd largest SH in Conduit

https://www.marketscreener.com/quote/stock/CONDUIT-PHARMACEUTICALS-I-159626213/company/

No real news here and no mention of IPO. They say funds raised at £2.75 whereas in their previous Interims they claimed funds were being raised at up to £3.00.

SNT Accounts for June 23

Aeristech investmentSabien invested £100k in Aeristech in February 2021 at a price of £2.40 per share. The investment was made to support Aeristech's development of e boost technologies for hydrogen fuel cell, hybrid electric, and internal combustion engine powertrains. Since Sabien's investment, Aeristech has continued to make progress in developing its customer base and raised funds at up to £2.75 per share in February 2023.

Ok, who is going to kick off the CDT option debate today?

Agreed. Otherwise if the SP was sitting at $20, are people suggesting they could not exercise til the SP fell back to $15?

I do not know if prospectus is final and binding. It is now up to Vela to make the move, if they don't exercise, then CDT issues 976k less shares which is better for the existing SHs. I don't see that they really owe Vela anything, certainly not £2.75m or $4m in cash. In fact, I would say Vela could have scored themselves a mega phoenix like deal. Doesn't look that way now but let's see how it plays out. IMO.

CDT were under no obligation to enter into the PUT option, could have left Vela hanging. Probably made the exit available as they were part of the initial investee group for the trials. Can't see any renegotiation happening now, it is all outlined in the recent prospectus, what is in it for CDT to pay out cash when they can just issue some shares.

I think that is right THG. Exercise option or be stuck with 8% royalty on nothing for years to come. Whatever happened to Mubadala, are they part of the 17% retained by UKRI/EML? Curious to know why this investor group are not part of the CDT option programme. Makes the Igraine investment less likely to gain from here.

Updated Corporate Presentation

https://www.conduitpharma.com/investors/corporate-presentation/

Conduit has a 100% economic interest in all indications under the AZD1656 Co- Crystal, except for a 17% economic interest in AZD1656 for use in COVID-19, which was funded by UKRI and Excalibur Medicines Limited. Conduit does not intend to pursue AZD1656 FOR USE in COVID-19.