Member Info for BigDave13

Oh, I see what you mean now. They need to refresh from MURF to CDT. There is a contact form there, drop them a line.

JB, check out yahoo finance, it looks fine there.

https://finance.yahoo.com/quote/CDT/history?p=CDT

CIZ interims released 28 Sept and included a note to say their option was exercised on 26 Sept. 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. Agree, I would also hope immediately on same day or next day if after hours. How long does settlement take and before Vela has control of shares?

This is the Vela BoD we are talking about, perhaps you can impart some of your trading prowess to them and supercharge the SP :-)

How does this play out? From the 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.

Okay, so does this mean that CDT falls outside this criteria and will be sold off pronto? In the recent QIU, the BoD listed a whole range of reasons for the poor performance and these factors seem to be worsening. On that basis, surely the near term strategy cannot be to invest in UK small caps. Would be happy if they place all the cash raised in a fixed term deposit at 5% for 12 mths, a strategy they made reference to ...many investors are choosing to place their funds in cash instruments for safety and the security of a meaningful rate of return...

Just did some digging and it is now clear that CDT dumped the 1.1bn shares in Vela shortly after the lock in expired and transfer in from SGS as per the prospectus.

The Company entered into an Agreement with St George Street to approve funding from Vela Technologies PLC (“Vela”) on October 20, 2020, whereby Vela agreed to provide funding to the Company via a purchase of future royalties an asset related to COVID-19 (the “Covid Asset”) totaling 8% of future revenue earned if the Covid Asset is commercialized (the “Vela Agreement”). Total consideration under the Vela Agreement was $2.9 million (£2.35 million), consisting of $1.6 million (£1.25 million) cash and the issuance of 1.1 billion ordinary shares in Vela, which based on the fair value of stock at the September 10, 2021, was $1.3 million. The Company received the $1.6 million (£1.25) million cash consideration during the year ended December 31, 2020. This consideration was recorded as deferred revenue in the balance sheet in accordance with ASC 470-10. The shares were received by St George Street and subject to lock-up agreement.

During the year ended December 31, 2021, the Company received the 1.1 billion ordinary shares in Vela from St George Street, upon expiration of the lock-up agreement, that were issuable as consideration under the agreement. On the date the Company received the shares, Vela’s equity securities had a fair value of $1.3 million and were recorded as a liability on the balance sheet. During the year ended December 31, 2021, the Company sold all 1.1 billion of its Vela shares for $1.2 million. The Company recorded a loss on the sale of Vela shares of $76 thousand to the statement of operations and comprehensive loss. The Company incurred placement fees of $0.3 million in conjunction with the sale of its investment in the Vela shares, which the Company recorded with the loss on sale of shares as other expense in the statement of operations and comprehensive loss. During the year ended December 31, 2021, the Company did not pay any net sums to Vela for the commercialization of the Covid Asset.

https://www.sec.gov/Archives/edgar/data/1896212/000149315223027856/form424b3.htm

This ties in with the SGS TR1 16 Sep 21 which states ...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.

Got to be a strong argument for a mega share buyback at this price post exercise of option. Best way to generate a return for SHs instead of more dud investments.

Here is link to Investment Policy. Have all investments been made in accordance with these guidelines? Some of the investments seem a little dubious from the get go, so why do we see what they cannot? Investing in Tribe may have had a sound investment case but it forced them to then sell off other assets at a time when they are complaining about the weakness in the markets for a variety of reasons. Agree, there does need to be re-think in overall strategy.

http://www.velatechplc.com/about/investment-policy/

How are you calculating the vwap? From Google - VWAP is calculated using the cumulative total of the price of each trade, multiplied by the volume of that trade, and then divided by total volume traded for the day.

From memory, SGS issued a TR1 on sale/transfer but there was never a corresponding TR1 re the purchase. Along with the Laiker/Bixx shares, there is around 13% held by 'unknowns'

I vote for a portion of the monies raised be used to employ a fully qualified & experienced Portfolio Manager. Would pay for itself many times over by stopping the howlers.

What Is a Portfolio Manager? Portfolio managers are investment decision-makers. They devise and implement investment strategies and processes to meet client goals and constraints, construct and manage portfolios, make decisions on what and when to buy and sell investments.

I wonder if the SPV refers to St George Street Capital? Their last accounts refer to funding by EML £7m, Conduit and UKRI. Plus at the time of these accounts, SGS owned 11.25% of Conduit.

You are right about the change in SH. Refer to Confirmation statement made on 20 June 2023 per Companies House. It shows that IHS shares transferred to Chris Evans on 31 Mar 23. EML is now a standalone entity with 5 different SHs (incl Igraine).

That is a change from last year, maybe due to not being part of a group structure anymore. I do not see any reference to AZD1656/Patents or value being attributed to these items. How would you value the 2% holding based on these accounts given they report net liabilities and SH deficit?

That is a real interesting question on when the vwap period commences. I don’t think the RNS provides enough detail to know for sure, hopefully covered in small print of relevant legal docs. Pure speculation and I could be wrong here but I will go with the 10 days could include the pre-approval period.

The RNS states that the option is exercisable in whole at any time from the close of the Merger. If that has now happened and the relevant close conditions met, it seems that the option can be exercised on Monday. Unless that is restricted for 10 days but I do not see any mention of that. In addition, I read the info such that the existing legal entity continues to trade post combination but under a new name/ticker. I do not see any reference to a new legal entity being created and consideration payable made refence to MURF common stock rather than say, Newco stock. In which case, perhaps the previous 10 days of trade we have just had can be used as the basis for the vwap. Any other views?

I guess we will find out soon enough, let’s hope the BoD have all bases covered on this one.

I would say that it is due to Igraine only having a small equity interest in EML and it is not a direct party to any royalty/patent deal. It may not even know the terms EML has struck with Conduit, if any. As covered previously, EML is a private co. that does not issue its own accounts. I have always been curious as to how Igraine will ultimately benefit from any deal & how the market can attribute a value to this asset. Maybe EML declares a dividend which Igraine announces, any other thoughts?

There is probably a middle ground as well. The vwap is around 12 or so (estimate, not an exact calc) right now as it would include days when the SP was in the 10s. If the price hits $18 on Mon then that would boost the value by 50% straight off the bat. As each day passes now, the vwap probably increases as those lower value SP days drop off and are replaced by the current higher SP. All to play for ....

Do you think the Q2 update should be issued so late now as it is not really relevant anymore & the existing ptf values have decreased somewhat in the last few months? Maybe just wait til 01 Oct and provide a full and comprehensive Q3 update as you suggest to also include a forward looking strategy plan as well. Obviously if they exercise the Put option then that would need to be announced at the time.

My simple calculation is $4.8m / $15 = 320,000 shares allocated. Every dollar > $15 would add a further $320k to the value (or ~ £265k). At $20, well, the mind boggles....!!!

MURF has been trading in the $10s recently. Anyone know what the current vwap is? If in the region of $10, then option as of now could in effect be worth double, no?