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Meant $ not €!!

Fast food: as per my reply on Ciz board:

They can get most shares when the 10 day average is €5. It can’t go below that ( in terms of working out allocation).

How the average is worked out is unclear . In my reckoning even if the share price is €2 at close the figure for the weighted average is still €5. Hence needs 10 days at or below €5…and there gave only been 6/7

Eg 5 days at €7.5 and 5 days at €2.5 would give €5…BUT any days below €5 would be calculated at 5, so the WAP would still be €6.75 in this scenario.

That’s the cautious view point but looks like by the end of the week we will be able to exercise at €5 if desired

They ca get most shares when the 10 day average is €5. It can’t go below that ( in terms of working out allocation).

How the average is worked out is unclear . In my reckoning even if the share price is €2 at close the figure for the weighted average is still €5. Hence needs 10 days at ur below €5…and there gave only been 6/7

If the market thought there was a genuine chance of positive news around the corner the price would currently be much higher. If any investor thinks the market is wrong then this is a steal.

On the bright side JB we will get the max share allocation, we have the opportunity to get in/get more at sub 0.02p and for both VELA and CDT the only way is up ⬆️ 👍

It was 400k of shares before Steve ? ( on a free)

This is very good news 👍

I would have thought so!

I think this is the news that many have been waiting for!

From igraine interims:

Despite the economic headwinds, our maiden investment with Excalibur Medicines Ltd (“EML”) continues to progress positively. Igraine owns a 2% interest in EML that was awarded the exclusive commercial rights to and owns the patents on a drug, AZD1656, which is being developed as a potential therapeutic for diabetics suffering from COVID-19. The Excalibur team is actively engaged in commercialisation discussions, with a preference for a potential trade sale. The Company will update the market in due course.

No direct record Joe, although they could be held in a nominee account . Interestingly 1.1 billion is just shy of 6.8% of the total shares in issue . The only individual shareholder disclosed is the mysterious Christopher Cooke …who holds 6.86%.

I think both are good bets. Vela is way undervalued anyway and managed to land a good deal out of this somehow ( and may well exercise at a lower price and get more shares).

CIZ are probably the better longer term bet and could be many many multiples down the line .

Both should have a better day tomorrow…

So basically we bought into 8% of SGSC's development of AZ1656 in COVID (only):

On 20 October 2020, Vela acquired an 8 per cent. economic interest in the commercialisation of the Covid-19 application of AZD1656 from St George Street Capital ("SGSC"), a UK-based medical charity. Under the terms of the agreement, SGSC agreed to pay Vela 8 per cent. of any proceeds received by SGSC in excess of £19.2 million and after the deduction of sums payable to the original major pharmaceutical company developer and to certain other funders and after provision for taxation ("the Economic Interest"). Consideration for the acquisition of the Economic Interest was £2.35 million, satisfied by cash of £1.25 million and the issuance of 1,100,000,000 consideration shares in Vela at a price of 0.1 pence per share. SGSC is a party to, and has consented to, the Option Agreement."

Conduit have bought that from us ( via the PUT option) but do not intend to develop if further. There is no indication that SGSC are continuing trials, having moved onto another aspect.

Hence we are quite lucky as they could have not offered the option.

But who knows what is actually going on behind the scenes on all this.

On the subject of the 1.1billion shares in VELA, from the SGSC accounts they appeared to have been transferred to conduit after the ARACDIA trial ( rather than sold by SGSC).

I've been sifting through all the merger filing documents. I would say VELA are probably quite lucky they were offered the put option as it looks as though Conduit have no interest in further investigating the covid aspect of az1656.....so the 'put' was a backstop in case it is developed/commercialised in the future as a covid treatment....

(3) Conduit does not intend to provide additional funding to develop AZD1656 for Covid-19. However, Conduit is entitled to a portion of the revenues in the event that AZD1656 is further developed by St. George Street or another third party and is monetized, whether through a sale, license agreement, or otherwise.

I was wondering why a lot of the info on the 'team' ant Conduit seemed to be written as if it is a UK based company.

Well Andrew Regan ( Corvus Capital) seems to have 60.7% of shares in conduit ( the same as he had in Murphy Canyon). James Bligh ( as highlighted in previous post) is also on the team at CORVUS and conduit. Both are British and have had ties with CIZ/SGSC etc etc

So basically Regan/Corvus owns conduit and presumably Murphy Canyon was set up to raise money to merge with conduit to create a big Pharma player on the US stage, but from a UK start point .

So we wait to see what the big thing is they have got to be worth all the effort.

Presumably AZ1656.......

Apologise for the link ( which I don't think works). Basically he was a director at SGSC until last week and is CEO of Conduit.

James Bligh:

Mr. Bligh’s prior transaction experience includes advising several special purpose acquisition vehicles in listing on the London Stock Exchange, including the listing of Bermele Plc, a special purpose acquisition vehicle, and the subsequent acquisition of Bermele by East Imperial Pte. Ltd., a global purveyor of ultra-premium beverages, in June 2019; the listing of Leverett Plc, which subsequently acquired Nuformix Plc, a pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing; and Cizzle Biotechnology Holdings Plc, a UK-based diagnostics developer.

MR DAVID JOSZEF TAPOLCZAY

David also worked extensively as an entrepreneur having now started or been involved with the creation or funding of 10 new life science companies here in the UK. Four of these successfully exited via trade sales, one was listed on the AIM market and one was listed on the London Stock Exchange. He has also served as a non-Executive director/Chairman in a range of Biotech and healthcare technology companies both here in the UK and internationally.

(link)

https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/yI4EXeAyqyJI60AuRP2CzwDsuve8pnac5fYAnbm4fsE/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=ASIAWRGBDBV3AB2T2A7Z%2F20230928%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20230928T193422Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEK%2F%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEaCWV1LXdlc3QtMiJIMEYCIQCh2AuwlXd3ikFYYIapRs65FS3FCehlC%2FiLogH0HEHWkwIhAMu8%2B6NOv2AIpqu9V7E0JYvOfbeYu2Kqe%2BUgikgJcEunKsQFCKj%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEQBBoMNDQ5MjI5MDMyODIyIgyAcSpq0riAmuLkDgAqmAWrB6Z98Cz%2F1M6jL5MTiQ3d5gmrCVsegMjiMv%2FZjoTnMjo%2Ff5gLy%2BbphRIH8nrHWopVKTbUJzKGKWgFGEIJ%2BrlhmbtJCmseswgVh8VGSWNUgGdJqtXdalvdZAp5jtROT6jtSQNRG4riSXxmnDMnhpb3E1EJIO%2FX2yVKAZZdwdfzB3E3Kpc62ptk6wD9XNu%2BsMycgCec%2BzOQxpfI9CpaVGRYpE6z1RZti%2FdN1wA%2FvwEewIvF%2BEUhISRfFcZrj1BtJDv6h7JrmPoMcSwKta7VTRlwO2yRZmZgrhYZjV8M3b%2BxaCTtFq53fcjP8Qu8ikLDFPIGRWJczzXufboFY2X5KcZi%2BKPa%2FwMMbNJRVPwi2N4WSpN7CKmojRIX909AkEuV60At5p%2FjzMSq31D%2BTwayaNyFzWyEOQqwdF2O5ZPpCO2QjE9iceqqJ%2F8xF61837gzsHkd7j0LQfgBAu8%2BrjED2Baz5eWHT2Xdj7ESIx0B%2Bzf8wJN9jJjezwHfiv45%2BdbVEKVkCtUFU%2BHF5THMcNQNW2CxS6WG0oF2%2BXUAiFbJSgIbrG38S9UxHM9NxrFdIqHGfgkSTqTtnPYSe6W0kpOnp2RbbDXcBE0JdD0QECxSbKi3yePM%2FB2ICyYbIS5DsFPouTfFzLuFNFZMdmGRyZTf7VHkZzRqAFMuorznasaEeckxJHYpAPjZWG8reM%2BeCTUIV%2BnRLFU0VGPzQtfX5%2BhXMzUGTD7X%2FneI8Z4B5kYw5t%2FfboMmlLx8Hnt2Y%2Fieb6sKgqvxTFWjj8b0pw1f48O0yERHz7XHuGZZr8Ola%2F4puqQpXkb4A%2BbjnHcim2BtDtb8nI4WO9rzs8Nu9pAlxdOiNciMiHjo9zt0wY18fldvgyy7qzsIgssUIAvyMKKr1qgGOrAB7ym8%2FH7NriCn8Cqq0jrJD4seuvTohRjRKS3DAHV9Q9bm7yyngK0uEPUu03aNcmV6v%2FBXt%2Fkpz4JCJOQMHGA1c7ESjSHOBuPEJNdYH%2FDPLQ7RBiWE1LgF9u0LKXJ5NXr1vtHS%2Bc9jXMtBegfFuVkwSyvpqIHq6fHiGsDDf2ITQO9m4Wz9XYtJixOsr1om%2BF94gVpvXZY6sQCAtTBt62PCLRjaAneXZGI9ZOUUBq2cwLM%3D&X-Amz-SignedHeaders=host&response-content-disposition=inline%3Bfilename%3D%2210537833_tm01_2023-09-

Bigger buys cost more Joe .

I would take it that the minimum price for the rolling average cannot be less than $5. So if on one day it was $4 on the market a price if $5 would be used that day for the rolling average . So if the price was averaging below $5 over 10 days the shares would be calculated at $5

Those 600,000 shares are worth a lot less than the initial buy in…but £75k more than a year ago