Member Info for BigDave13

From the Telegraph article
"The company, which only listed on the London Stock Exchange in June 2021, appears to be lining up PwC as administrators after a tumultuous year."

Yes, I was provided with an explanation but due to confidentiality, cannot share details further. You will need to update your spreadsheet as I have done for our next investment value comparison, due shortly, I hope.

Novus responded to my query on the CSFS and ENSI holdings. I can report that the holdings per the website are up to date.

http://www.velatechplc.com/investments/

AGM resolutions from page 40 onwards

http://www.velatechplc.com/wp-content/uploads/2022/09/Vela-financial-statements-31-03-2022-FINAL.pdf

Why does the Quarterly Update take so long to be issued? It is a simple update of investment value and some added meaningless fluff. The document should take no longer than a few hours to prepare, be reviewed and approved by the Directors. There is no reason why this cannot be issued within the 1st week after quarter end. Maybe they are still looking for the missing shares down the back of the corporate sofa!

Should have gone to specsavers (Audiologists) LOL

Is this what your source was referring to the other week? Was there friction with Laiker, is she the 1bn share buyer? Looks like a good appt if it turns out to be true.

How could the remaining directors possibly think they can successfully execute a corporate transaction? Their last 3 investments are Igraine (down 50% and investment in Oscillate this week at double mkt price - sound familiar), ENSI (don't know how many shares they own) & TSP (down 40% after being scammed).

557,799,500 shares 3.43% were held by Laiker and the balance of 420m shares 2.58% held by Bixx Ltd of which he is a director and significant shareholder. Funnily enough, do you know how Bixx likely funded this purchase - look where the ARB shares ended up.
.

He is a stockbroker, a call to one of his mates - deal done.

Laiker gone and sold out full holding, this is more than just off to pursue other interests. What will Cooke do? Who bought and how did he manage 0.04p? I think many here would gladly accept that price now. Stategic update dead in the water.

I have contacted Novus seeking clarification on the shareholdings of these 2 companies and a couple of other issues. They have responded and said they will get clarification from Vela.

The Investments page on the website has been updated. All 13 investments are now listed in a table with links to the investee companies. There are a couple of discrepancies though.
CSFS - RNS 6 Apr 21 states 400,000 + a further 245,902 = 645,902 shares. Website showing 595,902 shares, a difference of 50,000 shares. There has been no disposal RNS as far as I can recall.
Ensilica - RNS 19 May 22 states anticipated 1,764,788 shares. Website showing 1,676,135 shares, a difference of 88,653
shares. This could be down to the way the coupon interest and discount was ultimately applied but why state an actual number if not confirmed.

THG, any thoughts? We need accurate info for our Quarterly Investment Update check.

http://www.velatechplc.com/investments/

To the extent not converted, the Loan Notes will be repaid after 12 months which in this case is mid-July 2023. If no cash to repay, then may need another placing (or new CLNs) to raise the funds, either way it sems there will eventually be a dilution event. Revenue was only £0.5m in H1 so another placing in the near term may also be required in any case to fund existing operations.

I would agree with that viewpoint. Both companies each have near term challenges to address which will probably keep their SPs around current levels for a while yet. CSFS has further dilution pending, the Q3 trading update due shortly is important to see whether revenues sufficient to cover costs or as I expect, more time is required.

Based on recent quarters, it should be close now, maybe this week.

Yes, it will be a long haul for CSFS to get back to anywhere near IPO SP, still burning cash, more dilution incoming and of course there is the £2m loan note that needs repaying in a few years. In the short term though, maybe there is a trading opportunity with Q3 trading update due shortly.

2 hours in and 1 trade on ENSI and 2 trades on MWE - BOOM!

Anyway, I have just noticed that Vela has a new twitter account. The old one was created in 2016 and the last tweet was in Feb 2020. The new account was created in July 2022 and probably managed by Novus. Strangely, a lot of the followers have no or minimal followers themselves, maybe they have been 'bought'.

https://twitter.com/velatechplc
https://twitter.com/velatech_plc

The last investment in TSP sums it up really. Got scammed and still went ahead with the deal. Bought at 5p and current SP is 2.88p/3p with recent sale at 2.2p. Down 40%+ within a matter of months. Just read the TSP BB and you realise what a dud this one is.

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".

And therein lies the problem.

Igraine announce investment in Oscillate (Mush). Looks like they paid double mkt price for this stake. SP of both companies are in downward spiral. Vela now down >50% on this investment.
https://www.aquis.eu/aquis-stock-exchange/for-investors/announcements?view_news_id=3778272