Member Info for THGambler

It really is a crappy share to be in isn't it! We are not valued on our assets but mainly on our BoD incompetance, which is ironic as there could be £4m put back into the coffers for them to spend. Really not sure how this will play out. Personally I think we should leave the £4m in the shares for Murphy and let them try and grow our investment!

Agree Dave. No way should they have put that £250k into Tribe and left the cash balance in the position it is. Whilst there is some truth in the fact that some of the companies are valued lower than they perhaps should be, that doesn't offer them an excuse. They watched MODE go from 80p down to liquidation without mitigating any losses. There is no guarantee they will be able to raise the required funds if they did try and raise either.

I would like to think the BoD would of had a plan that did not require a raise before pumping £250k of the cash reserves into Tribe and leaving the cash balance so low, but you never know with this board.

Assuming this Chris Cooke is on the side of the directors. Otherwise with his % he could call an EGM on them.

To be fair the price didn't crash as much as i thought considering what the rns contained, investments down, cash nearly all gone but that is all the markets fault.

Not sure what you mean Joe? We have already paid £400k for the PUT option?

Just had a closer look at the cash balance etc. Not sure how they work all this out but as far as I can see:

Balance on 31st Dec £864,000

Bought shares in Ethernity (-£49,000) Running Balance - £815,000

Sold half for £600 profit (+£25,000) Running Balance - £840,100

Sold 150k shares in KNB (+£5,000) Running Balance - £845,100

Subscribed more share in ENSI (-£125,000) Running Balance - £720,100

Sold some shares in ENSI (+£114,000) Running Balance - £834,100

According to the recent RNS we had a cash balance of - £721,000, are the running costs of the company really c.£37,700 per month to account for the shortfall in the balance or have I missed something?

Secondly we have a current cash balance of £50k which if we take the balance from 31st March (£721,000) and take into account the recent investments and disposals:

£721,000

Purchase of PUT option (-£400,000) Running Balance - £321,000

Disposal of KNB shares (+£7,750) and ENSI (+£8,970) Running Balance - £337,720

Investment in Tribe (-£250,000) Running Balance - £87,720

As stated in the RNS our cash balance is £50,000. Judging by the shortfall in both balances this £50k will not last long at all.

Most worrying is the cash balance of only £50k left.

To be fair he didn't fully clarify, all he said was we had time to double our money on ITS, he obviously meant double your money if you short the stock! lol

Lol! You mean the Jimmy who told us all to invest in ITS yesterday, just the 8% down today! absolute clown.

Wheres Jimmy gone? Or does he only show on the days that rise and he thinks its down to him?!

Just to add some facts here. Even if Jimmy is right and the IPO goes ahead this week and our investment goes up 30% that would mean our holding in Aeristech will be £455,000. Whilst that would be great an extra £105k is hardly enough to move the SP too much considering they announced a PUT option which would add over £1m profit to VELA and that hasn't moved the SP too much!

It's over, just need the auditors to confirm it to put everyone out of their misery. Rememebr this from the fundraise last year:

The Loan Notes are unsecured, have a coupon of 8% and will be convertible into Mode's Ordinary Shares at a price equal to the lower of (i) 90% of the average mid-market ‎price for the period of 5 Business Days prior to conversion; and (b) 10p‎. To the extent not converted, the Loan Notes will be repaid after 12 months. Investors in the Loan Notes will also be issued with one warrant for every Loan Note held ("Warrants"). The Warrants are exercisable into Mode's Ordinary Shares for a period of two years from issuance at a price per share of £0.20.

No where near all the loan notes were converted, i think last check there was nearly £1.5m left to convert. So that means these loan notes are due for repayment in July. They surely have no way of paying these loan notes especially as there is zero income and they still have employees/directors being paid.

A miracle is needed that's for sure.

Yes but why is the last 2 days of May make or break for VELA?

Well joe you said vela should invest in it last week?

We shall see, fingers crossed this one comes good. Interesting that we have spent out £400k for the put option and another £250k on this investment so £650k in the last couple of months. If we had circa £900k in the bank then we have £250k left so I doubt we will see any more investments until we capitalise on the put option

Agreed Bouncer. The update will literally be along the lines of :

The value of the investments dropped by x% mainly due to the ENSI placing which we subscribed to. Cash balances (hopefully) increased to £900kish.

Developments since last quarter - we have signed a put option blah blah.

Don't be expecting any new news in the update, the cash balance is what i am most looking forward to hearing.

Just to reiterate the quarterly update will not hold good news, the value of the investments will have fallen which we all know about. What we are intrigued to see is any relevant news since the quarter and the cash balance at the end of March.

Agree on this Dave. There is no reason the quarterly update should take so long after the quarter ends, it's an hours work tops.

Obviously the last quarter won't be very good but as you say we are all intrigued by the cash balance. Looks like this isn't going anywhere until the put option is exercised or a better deal for the drug materializes.

I see you have turned again Joe. Have a day off