Member Info for BigDave13

Initial investment of £2.35m + £0.4m option are already baked into NAV which means it will increase by the incremental uptick of £1.25m, not the whole £4m. On the plus side, the whole £4m becomes liquid and should help with the SP re-rate.

At least they could feign some enthusiasm by getting the qtr investment update issued in a timely manner!

Do you think SP will move once IPO hopefully confirmed next week or only once IPO happens?

Cash burn on Director Fees/Salaries/Social Security runs at ~£15k/month, that's £75k spent before any other costs. Odds on that some share sell down has occurred to fund this.

If they do sell some Conduit shares, I hope it is done as part of a wider strategic review. Too many non performing shares in the portfolio, so could look to consolidate down from 15 to 8 or so. Focus should be on early stage investments which has produced the best returns like CODE, ENSI & Conduit itself. Pumping money into cash strapped, already listed and failing companies (TSP & ENET among others come to mind) has proven to be a failed policy.

Do you think they will sell the lot on ipo or top slice a little to raise some much needed cash and hold the balance for longer term?

Set for Tues, £250k investment

https://profile.lsegissuerservices.com/upcoming-issues/TribeTechnology

£0.035

EML has an audit exemption for a subsidiary so not required to submit accounts separately. IT glitch perhaps, accounts past due date but exemption not processed?

Maybe, although there are more shares in issue now than when Vela first invested & probably still more shares to be issued as part of whatever restructure is potentially happening. Going to need a large MC > £50m to reach those dizzy heights once again.

Vela made the decision to spend the last of its funds on this share. Which meant that it had to replenish its low cash reserves to enable paying monthly Director Fees by selling off from its existing portfolio. Let's hope Tribe performs well and Vela ends up in at least the same position it otherwise would have been and not worse off.

31/03/23 - £6.27m (official)

30/06/23 - £ 5.72m (estimate)

15/08/23 - £ 5.67m (estimate)

Best performing share since Q1 update is ......TSP!

BouncersDream = Correct!

The £4m consideration is not cash, Vela will receive shares in Conduit which they can then sell on the open market any time post listing at their discretion. Any funds raised will then need to be converted from $usd to £gbp. The number of shares vela will receive has already been established. The £0.4m non refundable put option has now been paid and bear in mind that £4m is a notional number only.

Hi JB, Vela paid £2.40 for their shares so a potential small uptick in value but no idea when ipo will happen. There has been no news update from Vela in last 2.5 years on this one.

Extract from SNT accounts

Aeristech investment

Sabien 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 made excellent progress in developing its customer base and has continued to raise funds at up to £3.00 per share

Mr P, the NAV is now about £5.8m and that already includes £2.735 for SGS/Put Option. When Conduit lists, uptick will be another £1.25m, so let's call it £7m.

According to the recent confirmation statement lodged by EML at Companies House, 1Graine (sic) owns 409 shares which equates to 2.66%.

Igraine owns 10.2% of Oscillate, from memory at about 2x going mkt rate!

https://www.aquis.eu/stock-exchange/announcements/3778272

Aceinvestor, thks for the link. Lots of interesting content, a search on Vela (& Ciz) returns some good results, especially in terms of how the £4m is/was arrived at.

Per the Igraine website - Paul Johnson 21,312,460 24.64%

Poor judgement on initial investments combined with lack of portfolio oversight has had far more detrimental impact than market conditions.