@Joey, there isn’t sufficient liquidity to sell up and recoup investments.
There is no liquidity in TSP and unless VELA directors use their votes to remove former directors from office, reject the issue of 200m shares and demand the new Chair addresses legacy issues, I doubt VELA will have any chance of a return.
@Joey, I emailed Emma Bailey on 15 May on this specific issue
@Madbull, that kind of crazy makes one take a closer look. And with Peterhouse distancing themselves from the first RNS that indicated VELA were subscribing in the Placing, could lead one to think, VELA didn’t subscribe.
That would be very poor commercial judgment by the BOD and beg questions about their financial acumen and integrity.
@ hog bog, it’s disingenuous for you to claim there’s no evidence when the publicly available evidence has been set out and points to VELA not subscribing in the placing.
All the BOD need to do is state they categorically did inject £300k in to the TSP Placing and have 6 m warrants. It’s that simple.
VELA RNS apart from reporting the wrong date, fails to mention warrants. Its website and Financial statements are also silent on the warrants as is the BOD.
Seems increasingly like VELA did a market deal to secure 6 shares, did not contribute capital to TSP and did not secure 6 million warrants, it could have had with the placing.
VELA and TSP BODs are both failing to clarify where VELA got its 6m shares from. This might explain why VELA seem to have supported the failing directors at last May 2023 GM.
VELA directors should be holding Truspine directors to account but there is no evidence of this.
VELA bought 6 million shares in TSP in June 2022 after a botched RNS stating they subscribed in the placing but actually they had not. After Peterhouse distanced themselves, VELA announced on 28th June 2022 they had subscribed for 6m shares after all.
No mention of placing, nor warrants.
VELA do not show 6 million warrants on their website nor Financial Statements.
VELA has finally issued a TR1 concerning its TSP shares but no mention of warrants.
This looks like VELA did not subscribe in the May 2022 TSP placing and did not get warrants.
What would induce VELA directors not to subscribe in the placing, secure warrants and give its investee a nice £300k cash injection?
What could be in it for VELA directors to forego the warrants and cash boost and buy shares on the market instead. And who had a 5% block of TSP shares that had not been declared via TR1.
VELA shareholders need to demand their BOD explain their actions.
It's strange there is no transparency on the website of what shares and warrants they precisely own. Just begs questions.
A bit more than comical, me thinks.
If they subsequently took part in the placing, they would have warrants but none are disclosed. The Company spokesmen on here are refusing to clarify the position.
HL is easy, to the right of your holdings, below the Secure Messages is a link for Shareholder Meetings and a handy button to vote AGAINST them all.
AJBell you need to send them a Secure Message to vote AGAINST all the resolutions.
Truspine is worth nothing at the moment.
No they bought the shares in TSP in June 2022 after the placing but it's not clear whether they injected cash in to the Company and have warrants or whether they found 6 million shares on the market. The latter makes no commercial sense but the warrants have not been reported.
This is a question VELA should answer.
The RNS of 23 June 2022 said the Company had proceeded with a £300,000 investment in Truspine...is in the form of a subscription for 6,000,000 ord..."
No mention of the placing or warrants. No warrants are reported on the website nor any mention in the 2023 financial statements.
Your questions probably better addressed to Hogbog.
TSP still has complex issues and don't be fooled by a few RNS.
Perhaps you can answer my question: Did VELA buy 6m shares in the 31 May 2022 Truspine Placing or did they buy on market?
What of TSP?
Did VELA subscribe in the placing or buy on market?
Good to see some action ...