Vela Technologies PLC - Bingley-based early stage-focused technology investor - At June 30, says value of total assets is £2.8 million, down from £5.5 million at March 31. Says decrease attributable to unrealised loss of £2.8 due to ‘collapse in the value of Conduit Pharmaceuticals Inc’.
Apart from Conduit, reports realised £8,000 in profit from investments valued at £78,000 at March 31 as well as unrealised gain of £137,000 from remaining £1.7 million in investments. Adds no acquisitions were made during the quarter. At June 30, fair value of portfolio excluding cash is £2.7 million, down from 5.5 million at March 31. Has cash balance of £57,000 at June 30, up from £53,000 at March 31.
Executive Director James Normand comments: ‘It is frustrating that events at Conduit Pharmaceuticals Inc have overshadowed a steady performance from Vela’s UK portfolio. Vela’s principal other investments are trading well; and it is the board’s view that such results will in due course be reflected in their value on the listed markets.’
Current share price: 0.0080 pence
12-month change: down 60%
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