Member Info for THGambler

No Hogbog, what you are saying is not right.

''Hamak's ordinary shares are listed on the standard segment of the Main Market and therefore Hamak's ability to issue new ordinary shares to Vela may be limited until the publication of an FCA approved prospectus by Hamak.

Hamak has additionally undertaken to redeem £75,000 of the Loan Notes by making cash payments to Vela at a minimum rate of £10,000 per month, or such higher amount to a maximum of £25,000 per month, with the first payment due to be made on 31 July 2024.''

so what happens if they give us £25k per month for 3 months, what do we do after that as the max amount payable is £75k. And £25k does not cover the running costs unfortunately as you will see from previous cash burns on the quarterly RNS(s). Also what happens if Hamak do not issue a FCA approved Prospectus in the near future?

Remember, with the new issue of these 2.4B shares the BoD has given away 13% of VELA for this 'deal'. This has a huge impact on existing shareholders due to the dilution.....

Hogbog £10k doesn't cover the wages and running costs so I ask again how does it sort the short term cash flow issue.

How does it solve the short term cash flow issue? We are locked in for a minimum of 6 months before we can possibly convert. What are we doing for cash in the meantime?

Interesting. Another 2.5B shares to be issued so further dilution.

Remember our Directors meet with CDT most quarters......

Yeah, code looking good provided we haven't sold too much of either.

No doubt. That's the problem with zero cash flow in the company. We have to sell when the market is down, haven't got the luxury of waiting it out. Hence why they should have sold some CDT at $5 which would have given enough cash flow to last a year and be able to time sells better rather than be forced to sell.

If you think CDT will recover then direct investment in them is the play. Least you control when to sell and reap any rewards (if there even is any reward) directly. Better than relying on VELA!

Our investment in CDT is currently worth circa £430,000! once again the BoD are watching over a car crash and not doing anything about it, remember MODE anyone?

I know Hogbog believes that Vela could not sell any shares in CDT until January but this from an Interim Results RNS dated 22nd December 2023 clearly states:

''Despite these negatives, post period end we were pleased to be able to exercise the put option in the economic interest that the Company holds in AZD 1656 into shares in Conduit Pharmaceuticals Inc. ("Conduit"). As previously reported Vela entered into a put option at a cost of £400,000. Following the exercise Vela received 1,015,760 new shares in Conduit, valued at the date of exercise at £3.75 million (the "Consideration Shares"). It is the intention of the Board to sell these shares in due course to augment its cash reserves. On 15 December 2023, Conduit issued a prospectus in connection with various share issuances, including the issue of the Consideration Shares to Vela. Following the publication of the prospectus Vela became able to trade its Consideration Shares on NASDAQ.''

So they could have sold shares in CDT from 15th December and which point the price was in and around $5. We are now holding at $0.5! Obviously the Board gambled again and it has spectacularly gone wrong. for CDT to get to $5 it has to 10X from these levels and with no news on the horizon there is a high possibility that won't happen. As Dave said last week, the time to get VELA back on track has unfortunately been and gone.

Assuming the BoD have sold some more shares in something to keep themselves paid and office lights on, which they will continue to do until there is nothing left to sell.

Don't be surprised if the board are selling some CDT at these lows, wages and overheads to pay for remember.

20m sold at the all time lows, the writing is on the wall.....

Jekyll and Hyde back with full force this week!

Only person who will say they are selling their whole holding only to U-Turn into wanting to buy more!

It wasn't my phrase actually I was just quoting another poster on here who it so happens you agreed with....

Maybe check your posts.

I thought CDT was being run down by traders so it can do 250% on opening today?

That is not true hogbog. The CDT price was over $5 up until mid January 2024, vela exercised their option on 30th November with the shares registered (from memory) around mid december , VELA had ample opportunity to sell during this time and did not. They have shown they are completely inept and making investment decisions as evidenced by pretty much every investment they have made.

Bouncer, totally agree. It was said at the time to sell some while at $5 but there was also a few on here stating that CDT will go to $10 so no need to sell. Unfortunately the wrong choice was made (predictably) and here we are scraping around for funds while the main investments dwindles every day. Add it to the performance of the BoD

Exactly, i know this is sad but i had a bit of time and the BoD have really annoyed me, but from the end of the first quarter of 2024 to the 10th June, when we had the quarterly update there were 50 WORKING DAYS. Now lets say that each of the 8 companies that they meet with takes a day each (8 days total) and they take a whole day to dispose of the shares sold in ENSI we are left with 41 WORKING DAYS. We have no money to invest so we know they can't be looking at new investment potentials. so we have 8 working weeks of 3 Directors effectively doing nothing. There is absolutely no excuse for 1) the website to go a year without being updated (i know it is up to date ish now) and 2) they not be able to get the quarterly investment update out in a timely manner.

This is how imagine a working day goes at VELA:

JN (working from home): Morning Brent, much going on?

Brent: Yeah, i'm currently in a spa then have golf later

JN: No, i meant with VELA

Brent: No idea mate, thought you were looking after it?

JN: Not me mate, maybe that other director, um, whats her name, will have an idea

Brent: Is she still on the Board?

JN: I think so, lets have a coffee next week and discuss this further.

Jeez, the investments the BoD have done are simply terrible. They absolutely need to go, even if CDT has some miracle turnaround and we can get our money back I wouldn't trust the BoD to invest it in anything. Unfortunately looks like we can all write off our investments in VELA as this is going nowhere

I think thats the point now Dave. VELA exists to pay the wages of the directors. Whilst there are investments to sell they will carry on selling to pay themselves. They have not demonstrated they are competent to 1) invest 2) run the company. Its a shame we were unable to vote them out on the last agm. We were very close with Brent but nowhere near with the other 2. Chris Cooke must be tearing his hair out.

Exactly right.

And that is why the SP is where it is. The Directors are failing SH everyday they take a wage.