Member Info for Inquisitive2

It depends how much money has been frittered away. Don't forget the company had c. £32m when P3 failed in 2022 and they burned through £26m without making any evident clinical progress. They held c. £6m at the time of the 2024 Christmas placing which raised £18m.

IFF, big IF, it's reasonable to suppose half is returned to shareholders that would equate to c. 1p per share!!!

Like many shareholders, I was very saddened to read the announcement from SNG. It is a difficult time for everyone who has supported the company over many years and continued to believe in its potential.

Many shareholders will understandably feel that some of the concerns long expressed – including the consequences of delisting for minority investors – are closer to reality than anyone would have wished, particularly after the hope that had been encouraged ("we know it works") and assurances given by the Board at General Meetings.

While no promises can be made about outcomes, shareholders who wish to remain in contact and share information as events unfold are welcome to do so via: sng.ms.group@gmail.com

Good luck to everyone and I hope this news has not been too devasting for you and your families.

"TruSpine Technologies Plc, the medical device company focused on the spinal (vertebral) stabilisation market, announces a delay to the completion and publication of its audited accounts for the year to 29 March 2025."

The Company expects us to believe it is financially astute enough to dabble in BTC yet cannot publish its accounts on time. What could possibly cause a "delay" that could not be rectified before the publication deadline?

No doubt this will activate a further tranche of the AQSE fine.

The Company never makes anything clear. Why the distraction of BTC Treasury if its a nothing burger?

But interesting to see support for the "new management" from a VELA insider.

Am I right in thinking only one director has shares in VELA?

Yet they seem to have personal holdings in some of the investee companies, like TSP? And did they pay the same price as VELA?

What does that tell us?

In the interview with Green, Miller blamed the share price decline on the confusion around the Intellectual Property which is absurd as the controversy was not in the public domain.

In Cityam, Miller blames the delayed FDA application as a "large part of the reason for [Truspine's] share price performance". Here, Miller blames the operational /business strategy side and not the financial.

Whereas everything that is wrong with Truspine is derived from the capital structure, the share register, massive dumping of shares after listing, the handling of subscription money, the inappropriate related party transactions, the write-offs, the value attributed to intangibles in the balance sheet, dabbling in crypto instead of paying key vendors/consultants, failures to raise finance... all of which is financial in nature and the direct responsibility of the CFO who also happens to be a Fellow of the Institute of Chartered Accountants of England and Wales. Mr Lott FCA is entirely responsible for all this and it is disingenuous of Miller to keep him on the Board.

To suggest there are sides to the business is also a joke, it's a two-man band run out of a shabby office in Gatwick. Mr Miller could clean it up and set it up on a good path moving forwards but he refuses to look under the bonnet and establish what's really wrong with this investment vehicle. It's like your car won't start after a service but you refuse to look at the engine because the mechanic checked it over.

There is so much to unpack from that article, I haven't finished digesting it.

Despite its investment policy, it doesn't seem like VELA did any due diligence on TSP as documents at Companies House and the Admissions document beg many questions, not to forget the narratives weaved in to RNS'.

With a little effort, VELA should have learned enough to ditch this prospective TSP investment, yet it did not. Was this incompetence or worse? Certainly a failing in fiduciary duty to shareholders.

Add the muddle whether VELA were subscribing at all and Peterhouse running a mile...

Add the uncertainties over whether VELA subscribed in the placing and have warrants? Or bought on market without, seeing as VELA has never disclosed warrants in its financial statements, website or TR1s.

@BigDave, that's why you should care what happened with Truspine.

The Investment Policy says - In order to mitigate investment risk, the Directors will carry out a thorough appraisal of each potential investment. This appraisal may include site visits, analysis of financial, legal and operational aspects of each investment opportunity, meetings with management, risk analysis, review of corporate governance and anti-corruption procedures and, where the Directors see fit, the seeking of third party expert opinions and valuation reports. Vela will not have a separate investment manager.

If they had such close eyes on Truspine they would never have got in to that muddle about subscribing. a mistaken commitment, Peterhouse distancing themselves, investing after all but with missing warrants.

@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.