How is a competing Covid treatment for Diabetics helpful to Vela investors?
I think that's what Eddy meant.
There hasn't been any hint of a share consolidation so why are you even talking about?!
Good riddance Spaghetti, can't say I'll miss you ol' miseryguts.
I think about £1m.
no problem at all :)
Anyone who understands the warrant structure care to break it down for a laywoman like me?
I emailed Vela's Chairman yesterday for some kind of clarity on when we could possibly have news about the Arcadia trial. All he could confirm is that Vela have approached the company managing the trial for an update.
Make of that what you will.
Ok it just appeared on LSE. I saw it first on Twitter.
See below.
Vela Technologies plc
("Vela" or "the Company")
£200,000 investment in Cornerstone FS plc
The Board of Vela (AIM: VELA) announces that it has entered into a subscription agreement to invest £200,000 in Cornerstone FS plc ("Cornerstone"), a cloud-based foreign exchange and international payments platform, as part of a private funding round by Cornerstone to raise approximately £880,000. The funding round is expected to conclude shortly.
Further information on Cornerstone
Cornerstone is focused on the provision of cross border payment services for SMEs. On 9 September 2020, Cornerstone acquired FXPress Payment Services Limited ("FXPress"), following approval by Cornerstone shareholders and approval by the Financial Conduct Authority of the change of control in FXPress.
Cornerstone is a provider of advanced foreign exchange and international payment systems to SMEs. Cornerstone uses its proprietary technology platform to provide the payment services and, since 2018, has been actively building its trading business and client base. For the 9 months ended 31 December 2019, FXPress generated revenue of £1.24 million and recorded a net loss of £0.08 million. As at 30 June 2020, FXPress had unaudited net assets of £117,439.
The funds being raised by Cornerstone will support its operations and capitalise on market growth drivers to scale up its business.
Details of the subscription
Vela has entered into a subscription agreement with Cornerstone by which it has agreed to invest £200,000 in Cornerstone from the Company's existing cash resources. Vela has subscribed for 400,000 new ordinary shares of 0.01 pence each in Cornerstone at a price of 50 pence per ordinary share, valuing Cornerstone at £8.3 million. In addition, Cornerstone has issued Vela with 400,000 warrants with a 5-year term, each warrant carrying the right to subscribe for one Cornerstone share at a price of 50 pence.
Following completion of the funding round, Vela will hold 400,000 ordinary shares in Cornerstone, representing 2.4 per cent. of Cornerstone's share capital.
James Normand, Executive Director of Vela, commented:
"Cornerstone is pursuing an exciting strategy to consolidate this highly fragmented section of the financial services market using its proven proprietary technology to deliver scale efficiencies. We believe that its vision to deliver a streamlined payments solution to SMEs will ensure success and high growth."
Further announcements will be made by the Company at the appropriate time.
Is this today guys?
https://www.**********.co.uk/rns/announcement/57ee36e1-690f-4cd2-b027-f475509b4afb/
I'm waiting for 0.2p and will wait as long it takes. Years and years if need be.
First results of what vaccines? So you're saying we should buy before another spate of vaccines hit the news? How will that help us?
I'm genuinely confused.
10p?? That's madness. Or do you mean 0.1p?
Prelim results, I'm guessing.
Bitcoin dropped nearly a grand in the past hour.
lol Prosper!
No
I still think we will see 0.2p in 6 months.
Thank you Topprize!
If I remember correctly, it was mentioned in a previous RNS (October, I believe) that Vela is planning to appoint a new Director by the end of this year. Can someone confirm this, please?
I'm just kidding :)