Member Info for Newuncle

No2 on today's movers board, trouble is that the losers list.

bear,

I agree, the RNS has been totally ignored today the market only seems to be looking the sale that was announced.

As far as I am aware the NOMAD for the company has to approve all RNS releases so wtf were they doing in allowing this misleading information being published and then CSFS only telling investors at the absolute last minute of their dire cash position.

After being appointed a NOMAD for a company, the advisor becomes responsible for advising and guiding the company on the responsibilities it assumes to be admitted to the AIM. The responsibilities mainly include (the AIM officially imposes 45 rules):

Retention of a Regulatory Information Service provider to ensure disclosure information can be notified as and when required (AIM Rule 10)

Trading Update Amendment

This is the new bit:

Related party transaction

The outlook for the second half includes a further statement of work from DeepVerge plc's subsidiary, Innovenn UK Limited, under the previously announced Manufacturing Services Framework Agreement ("MSFA") between the same parties (the "Further Order"). This contract has a value of approximately £600,000 and constitutes a related party transaction for Microsaic under Rule 13 of the AIM Rules for Companies, by virtue of its size and Microsaic and DeepVerge having two directors in common. At the time of entering into the MSFA and an initial order under its terms were fair and reasonable insofar as the Company's shareholders are concerned. The independent director also considers that the terms of the Further Order are consistent with the terms of both the MSFA and the initial order thereunder, and therefore considers the terms of the Further Order to be fair and reasonable insofar as shareholders are concerned.



Gerard Brandon and Nigel Burton, Non-executive Chairman and Non-executive Director respectively, are both directors of DeepVerge and have abstained from participating in the consideration of this new order by Microsaic.

fwiw helium still had some 304m shares as at end of June 2022.

today's sell would still leave them with 276m.

Date Time Trade Prc Volume Buy/Sell Bid Ask Value
04-Jul-22 15:18:59 0.07 27,314,428 Sell* 0.07 0.085 19.12k

Looks like Helium are still exiting and just another 27 million shares today for 0.007

I guess some will take what they can get regardless of the hit they are taking for whatever reason, some may trade on credit with T Trades that need to be settled.

Down another 15% and still the bod say nothing. Utterly disgraceful lack of clarification when clearly needed urgently

The company has changed the CLIN price twice before to lower prices.

They also said: CLIN could be converted at average mid-market price of the Company's ordinary shares on AIM for the five dealing days immediately prior to the date of the drawdown of the loan.

Given that we are only at day 3 today since the collapse it could be coming by the end of the week perhaps?

One scenario?

4,600,000 shares at £0.075 = £345,000

If he had to raise say £3m at £0.05 then the company would have to issue >70m new shares bringing the total shares to almost 95m (from current issue of 23.7m). God knows how he would get people to support that unless we get one those good old RNSs that says having consulted their BoD and Broker this action would be in the best interests of all concerned etc etc.

They still have access to an existing CLIN that they have not used to date, I would rather they use that to create some breathing space whilst they sort out their finances.

Some bottom fishing buys

THG,

Pretty sure they will want CSFS to explain themselves so hopefully they will have something to say about this. Right now we are all in limbo land with this stock. For all we know this could be the bargain of the year stock or on its way to oblivion and that aint right IMO.

And this from Jan 2022

Fri, 28th Jan 2022 12:00

RNS Number : 0145A
Vela Technologies PLC
28 January 2022

28 January 2022



Vela Technologies plc

("Vela")

Update re. investment in Cornerstone FS plc

The Board of Vela (AIM: VELA) notes the announcement made on 27 January 2022 by Cornerstone FS plc ("Cornerstone") regarding, inter alia, the results of the proposed placing (the "Placing") and subscription (the "Subscription") that was originally announced by Cornerstone on 26 January 2022. The Placing and Subscription has conditionally raised £0.87 million for Cornerstone at 26.5 pence per share.

Subject to customary conditions, Cornerstone is also due to acquire Capital Currencies Limited (the "Acquisition") which was announced on 26 January 2022. Part of the gross proceeds of the Placing and Subscription will be used to fund the initial cash consideration and integration costs of the Acquisition.

Vela holds 645,902 shares in Cornerstone which will, upon completion of the Placing and Subscription, represent 2.74% of Cornerstone's enlarged share capital. Cornerstone is a payments focused fintech business that makes managing currency simple for SMEs. It provides international payment, currency risk management and electronic account services using a proprietary cloud-based multi-currency payments platform.

An extract from the announcement issued by Cornerstone yesterday is set out below. The full announcement can be found here: https://www.londonstockexchange.com/news-article/CSFS/result-of-placing-and-total-voting-rights/15305483

James Normand, Executive Director of Vela, remarks:



'Vela is pleased to see that Cornerstone has been able to augment its cash reserves so that it can continue to implement the business plan set out in its admission document published last April. Vela has noted the progress made by Cornerstone since its IPO and remains persuaded by its 'buy and build' strategy.'

Even in their last updatedVela were not showing any concerns re CSFS:

Key developments in investee companies:

· In January Cornerstone FS PLC reported an annual growth in revenue of 38% (subject to audit) for the year ended 31 December 2021.

· In February 2022 Skillcast Group Plc announced a positive trading update for the year ended 31 December 2021. The Skillcast board expects turnover (subject to audit) to be no less than £8.3m (2020: £7.3m), the revenue growth being underpinned by strong growth of 29% in recurring subscription revenue alongside a stable performance from professional services.

· In March 2022 Mode Global Holdings plc announced changes to its board. Rita Lui was appointed as CEO. She will be responsible for driving Mode forward, focussing on its long-term vision to become a disruptor that bridges fintech and crypto. Jonathon Conway, its existing Chief Technology Officer, was appointed to the executive board.



Developments since 31 March 2022:

· In April 2022, in order to improve and supplement shareholder communications, Novus Communications Limited was appointed as Vela's PR and IR adviser.

· In April 2022 Cornerstone FS PLC reported its highest ever quarterly revenue for Q1.

THG,

Now that's very interesting. So Vela not only expressed their disappointment with CSFS but were give explanations and had discussions (along with the research note) that gave them encouragement at the time.

Well that's alright then, guess we and the market got this totally wrong last week as Julian says his strategy is delivering value for shareholders using CSFS expertise based on solid financial foundations in the right time and right place.

Hmmmm.......wtf happened then Julian?

Just dug this up, does make you wonder about the level of true diligence that AIM and the NOMAD/House Broker actually complete (if any) when a company lists on AIM. Anyway in this short but very sweet film Julian emphasises the very solid financial foundations of CSFS (I know you couldn't make it up could you). Seems like he fooled everyone or he just lied to everyone, can't really believe he got away with this and all the claims he has made throughout 2022 right up to 30 June. Anyway, if you can bear to watch it, here it is:

https://investors.cornerstonefs.com/

CEO Julian Wheatland talks about Cornerstone and its business strategy.

Just click on the play button

Let's see if Gareth steps up to the plate and fulfills his responsibility now.

As the head of the board, the chairman is an executive who wields substantial power. The chairman acts as a senior representative of shareholders, meaning their role is essentially ensuring the company is maximizing profits. In a real-world setting, the board of directors needs to balance short-term profitability goals with long-term stability.

As new chairman Gareth Edwards must see he needs to get this sorted and he has serious skin in the game.