Member Info for BigDave13

Or better execution of existing strategy would be most welcome.

Hindsight would suggest otherwise, AAA delisted for ~2 years, makes Vela look like a well oiled machine..!!!

https://aaacap.com/wp-content/uploads/Announcement-of-Board-changes-and-Strategic-review-22-12-22.pdf

https://aaacap.com/wp-content/uploads/Update-announcement-11-4-23-.pdf

Igraine investment is 80% down, RNS probably won't have much impact but an interesting development here. Vela owns 28.82% of Igraine who own 10.2% of Oscillate who own 25.67% of Igraine. So if I understand this right, if the resolution does not pass, Igraine will receive some cash and shares in Pysch and itself!

https://www.aquis.eu/stock-exchange/announcements/4104278

Its most notable investment is 2.7% holding in Excalibur Medicines Ltd. No doubt they have sold any AZD16565 royalty rights on to Conduit. The issue as I see it is that Excalibur is a private company and has an audit exemption. Makes it rather difficult for the market to value this investment. How does Igraine monetise this investment/relationship?

On a completely unrelated topic, saw this RNS today, one for the BoD to aspire to?

https://www.lse.co.uk/rns/PIRI/investment-portfolio-update-4emaz1w7thhsgiz.html

The RNS states that total consideration is £4.0 million but is silent on the number of shares being issued. Will this be calculated on the day or has this already been determined? Hope so as Murph SP is ticking up and GBP is in an upward trend so deal could be well north of £4m on ipo day.

Stop taking calls from Peterhouse Capital!

Now closer to the next quarter end than the previous one yet to be updated on.

Looks like a solid company and they continue to produce good results but never reflected in SP. About 35% down from buy in and SP has rarely been above. Investment held for > 2 years, how long should this be retained in Portfolio? Hold for another year or cut and run?

I would agree with that JB, the overall business model does need to change and history shows us that the current BoD are just not up to the task. I would spend a little each year to pay for a fully qualified investment manager with a 20+ year proven and successful track record. Give them some performance targets to hit and if they miss, then they are out, as simple as that. What about about a share buy back?

Self inflicted!

Is there any point to the quarterly investment update when it is released half way thru the next period? By my reckoning, the portfolio investment value has already dropped £225k since Mar 31. Curious to know the cash balance but if BoD can't or won't release this report in a timely manner (within 7 days of quarter end) then they should cease producing it. Anyway, let's see how they spin the Mode suspension, the TSP forthcoming General Meeting with resolution to remove the Directors and ENET SP implosion last week which could be the fastest failure of one of Vela's investments to date.

According to this RNS, Vela paid for and owns 6m shares giving them 5.07% equity.

https://www.lse.co.uk/rns/VELA/investment-in-truspine-technologies-plc-q901wy37xehyaua.html

It was part of a wider equity raise per this RNS

https://www.aquis.eu/stock-exchange/announcements/3584598

Does your shareholders list match total shares in issue 118,311,869?

These 2 companies look like a match made in heaven!! What a mess...

LSE doesn't seem to post RNS's for stocks listed on Aquis. Best go to Aquis directly for updates

https://www.aquis.eu/companies/tsp?securityidaqse=tsp

Significant shareholders listed on website. Why is Vela not listed? They reported 6m purchase being 5.07% holding when they got tricked into investing? Probably cause they couldn't be bothered submitting appropriate documentation to TSP. Some of the %'s listed are wrong and don't make sense based on number of shares held.

https://investors.truspine.org/investors/shareholder-information

Which way will Vela vote, yay or nay or will they even make the effort!!??

Any update on the Registration of Charge and what impact it may have on company operations/finances and on going viability?

Last roll of the dice!!?? Vela is 80% down on this investment.

https://www.aquis.eu/stock-exchange/announcements/4069890
https://www.aquis.eu/stock-exchange/announcements/4071342

You're right, we are all looking at this from different perspectives. Yes, focus on success but understand failings of the past and modify behaviour to hopefully minimise exposure to dud investments going forwards. What lessons have been learnt and will BoD change governance/due diligence process/oversight/controls etc?

MWE - failing/dud
GCON/RBBS - dud
Weshop - dud (9+ year hold & counting.
Aeristech - let's call it success

Agree.

Should the merger between Conduit and Murphy conclude and the Option be exercised, Vela will then be in a position to monetise its investment in SGSC, following which it would intend to redeploy such cash proceeds in accordance with its investing policy.

And therein lies the problem. The execution of the investment policy in recent years has been quite appalling with a raft of exceptionally bad investments and lack of investment portfolio oversight. What confidence does one have that the £4m will in the future be deployed and managed with a greater degree of excellence?

From SNT RNS today - Interim Results for the 6 months to 31 Dec 2022
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.

As part of initial subscription, Vela also received warrants but appears to have let these lapse.
In addition, Aeristech has issued Vela with 36,458 warrants with a two-year term, each warrant carrying the right to subscribe for one ordinary share in Aeristech at the issue price of £2.40.

£200k loan at 12%, moving to 20% if not repaid by July
8m warrants to be issued on loan repayment
CEO steps down but stays with company as an employee
SP now down 75%
Doomed, I tell ya!!
Can't but help reposting this from RNS at the time
James Normand, Executive Director, said: "We consider TruSpine and its products to be a perfect example, both of the type of business and of the disruptive potential of its products, of the type of investment in which Vela was established to invest".
Yes JN, all sounds swell but did you do any DD and review their funding/cashflow at the time?
https://www.aquis.eu/aquis-stock-exchange/for-investors/announcements?view_news_id=3961227

Mark Horrocks, a significant shareholder of the Company, was issued and allotted 3,461,538 New Ordinary Shares at a price of 6.5 pence per New Ordinary Share for the conversion of a loan note issued to him as part of the Company's fundraising announced on 5 August 2022.

Some of the other TR1 holders may need to issue TR1s to reflect revised TVR.

https://www.lse.co.uk/rns/CSFS/pdmr-shareholding-issue-of-equity-and-tvr-ftdvjgxztrzjh7n.html

Whatever the calculated "investment fair value" is, only about 50% is actually liquid and is what the current SP reflects. The balance is locked in with AZD1656, Aeristech and Weshop and the market effectively values this lot at ~Nil. There is some cash but I guess this is discounted cause the MMs know this will be eventually be lost on the next wonder investment!