St George Street lock in agreement5 Nov 2020 23:54
Under the terms of the Agreement, Vela will pay consideration of £2.35 million to SGS for the Economic Interest. Of the consideration payable, £1.1 million will be satisfied by the issue of 1,100,000,000 new ordinary shares in Vela (the "Consideration Shares"), at a price of 0.1p per Consideration Share, being a premium of 56.9 per cent. to the Company's closing mid-market price of 0.06375 pence on the day prior to this announcement.
The Consideration Shares will be subject to a lock-in agreement until the successful completion of Phase II of the trial, named ARCADIA, or for a period of two months following completion of the ARCADIA trial
They would have done due diligence on Vela (warrants etc) and they still agreed to a lock in