Member Info for BigDave13

I wonder what level of DD Vela undertook when punting £300k on this t5rd. Did they realise that within 6 months TSP would be in financial distress? If funding does come thru it will be with massive dilution so may as well write this one off, SP already down 60%+. Big question now is who is first to declare Administration Mode or TSP?

Missed this bit earlier in RNS
RELATED PARTY TRANSACTION
Executive Director, Steve Winfield, owns approximately 46% of Larvotto Group Limited. Larvotto Group Limited itself will have a resulting holding of approximately 34% of Fixit (post Investment), and acts as an operational partner and investor of Fixit Medical Ltd.
There you have it!

HH, Similar to their investment in Oscillate (25% holder in Igraine) at 2x going market prices at the time. Only for Oscillate to then do an RTO to acquire a Fintech co. and suspend. How does that tie in with the statement they are focused on breakthrough innovative technologies and discoveries in the healthcare and life sciences sectors? Vela are majority shareholder in Igraine at 28.82%, be interesting to hear their thoughts on these 2 deals, did they have any input, are they pleased with these strategic deals? etc . RNS at the time of Igraine investment was somewhat positive...
· The Investment is part of Vela's growing commitment to be more active in identifying opportunities for 'fast-track' returns for Vela shareholders from the Company's investment portfolio
- With a healthy cash balance and as a co-investor alongside Vela in the AZD1656 Arcadia drug development programme, the Board of Vela believes that Igraine represents a compelling investment opportunity for the Company.
-Based on publicly available information, Vela has calculated that the net asset value per share of Igraine today exceeds the price that it has paid for the shares that it has acquired; and the Board of Vela is therefore of the view that Igraine's current quoted market price is not a true reflection of the underlying value of the business.
Investment at 1.8p, now 0.45p!!!

Investment at 5p and after todays financing news (or lack of), drops further to 1.89p. Another cracking investment brought to you by Team Vela.

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".

https://www.aquis.eu/aquis-stock-exchange/for-investors/announcements?view_news_id=3927260

Brent - 15 January 2013
JN - 26 August 2020
EW - 1 September 2021

Poor sentiment is due to BoD incompetence, not macro factors as they would lead you to believe. Why did they hold Mode from 80p to 0.5p when there were clear signs the business was struggling such as change of business direction and the affiliate programme screw up? Why did they sell Code at 240p/245p and then buy back at 300p? Why did they sell KNB at 23p and then hold from 40p all the way down to 1.5p? Why did they buy into TSP, just read the BB and you can see that company is a walking disaster? etc etc......

What about ENSI, sold at 61p average and SP recently topped out at 118p, which means they left about £325k on the table - oh well, maybe long covid made them sell up!. ENSI SP is now swiftly dropping back and currently sits at 96p. I say dump the whole holding now for £1.15m and bank the cash and look for a re-entry at a lower price once it settles. I would even consider re-investing a portion in say KNB, CSFS to lower average with view to hold these for another couple of years (but please, no more new cr@ppy investments). What would you recommend with ENSI?

It was a Special Meeting to consider various proposals, one of which was to extend timeline for deal to be executed thru to Feb 2024.

https://news.spacconference.com/2023/01/04/murphy-canyon-acquisition-asking-shareholders-for-another-year-to-seal-conduit-pharma-deal/

https://www.sec.gov/Archives/edgar/data/1896212/000149315223000134/formdef14a.htm

RDGC accounts for 31.03.22 lodged at companies house. From Chairman's statement "work on the RTO transaction is yet to commence" & "it is not expected that any RTO will occur until later in 2023"

Agree, very confused strategy. In addition to recent sale last qtr, previously sold 25k @ £2.40 and 50k @ £2.45. Holding less than acquired in ipo despite JN comment that they want to retain equity interest when prior actions suggest otherwise.

I am curious to know what the positives are here, I must have missed the memo.

It is the other way around, 14.33% is not in public hands (owned by Directors) which means the balance of 85.67% is generally owned by small PIs within Nominee Accounts as per the TR1 list.

It seems that only a small group of people understand the relationship between Vela and investee companies. Case in point last week when CIZ issued the Conduit RNS, there was no immediate reaction until Vela confirmed post market opening. I wonder if they will top slice a little more into this SP rise.

Oscillate plc is pleased to announce that it has signed conditional heads of terms (“HOTs”) to acquire 100% of the issued share capital of Hi55 Ventures Limited ("Hi” or the “Target”), which is a UK FinTech platform created to help companies unlock payroll and pay employees flexibly.

Change of direction then cause their website states Oscillate is the first public listed investment issuer in the UK with an approved investment strategy focusing on the medical psychedelic industry. As for Igraine, their website states Igraine business strategy is to source and develop breakthrough innovative technologies and commercially attractive discoveries in the health, medtech and life science sectors worldwide.

Vela owns 28.82% of Igraine which in turn owns 10.2% of Oscillate (which also owns 25.67% of Igraine). Igraine paid a large premium for those Oscillate shares and maybe this was the reason.

https://www.aquis.eu/aquis-stock-exchange/for-investors/announcements?view_news_id=3828453

@THG, Well done on getting a response. Presumably this means the £124k cash proceeds sitting in their broker account. Should have reported cash and cash receivable/equivalent or however they wish to classify it ito avoid this nonsense.

Cash burn of £126k is high although the Q2 cash burn was quite low at £18k (after allowing for the TSP investment). Averaged out across 6 months is £24k/month, seems ok if in addition to 3 Directors you include AL payment and maybe auditor fees for annual accounts.

Trading Update, good progress

https://www.lse.co.uk/rns/CSFS/trading-update-i51jyb72ow4ttqj.html

Good progress being made with FY expected revenue of £4.3m. H1 reported at £1.9m so about 20% increase in H2. I don’t think revenues yet at level to cover admin costs but on the right track for sure especially as new CEO has mentioned cost control as one of his objectives. Market should see this as positive.

HH, that was my thinking as well, Corvus may have come in since the last accounts disclosure.

Thanks for Murphy Canyon link, lots of good stuff there including ipo docs. Had a quick scan and picked up on this. Conduit has 2,000 issued and outstanding ordinary shares. Shareholders are Corvus Capital Limited 1,000 shares, SGS 225 shares and Algo Holdings, Inc. 445 shares. Corvus Capital Limited is headed by Dr Andrew Regan, what an interesting chap. Brings in a whole other dimension to this process, could they be the recipient of the Laiker shares?
http://corvuscapital.com/

I was thinking of the 1.1bn shares that should have been disclosed 12 mths ago. If we can eek out where Laiker shares went, that is a bonus. My take from the ipo update is that $136m will be allocated to phase II trials for the other indications (excl AZD1656 which is done). On the relevant schedule (page 24), there is a note next to Covid-19 which states 3. Successful Phase II Clinical Study - Licence Deal Conversations Ongoing. Maybe they are dependent on this merger, who knows, I just want a conclusion to these damn conversations!!

Hey Jimmy, I have contacted both Novus and SGS seeking clarification on this point. No response yet, would be good to get formal TR1 confirmation. Next step is a formal request to query the SH register.