The wrong key
Having deduced what he now believed to be the correct equivalents for Voynich characters, Feely produced the following Latin translation: PERHUMMIFT RMIN PODERUMIN POEMIN IN PVESL VEN. PVESIN POEMIN RUMMIN PERUMIN VEST VNEMIN. ISTNC PEMMIN MMVEN IFN MMMIN PRVEDINT PRVESCIS VNEMIN.
NPERMMIN PVERSN IFN RMMIN PFEMIST MMMERMN OPERVT IUT FT PVESN FEMIN.
This, he believed, was a form of abbreviated Latin, which, when expanded into its full and grammatically correct form, would read: Perhumifactum raminat; post-derumpitur minus; post-eminus in prae-vesiculam venit. Pervesiculinatum, post-eminus ruminatur; peruminatum vestitur veneminis. Istinc posteminus movent inferne; mamminas provediunt pervesciculus veneminarum. Inpermmiantur: perversuntur inferne; ruminantur; perfemiscitur mammerminis; operavitur itant fit praevestinntur feminas.
Which seems all well and good, until one translates this into English:
"Well humidified, it ramifies; afterward it is broken down smaller; afterwards, at a distance, into the fore bladder it comes. Then vesselled, it is awhile after ruminated; well humidified it is clothed with veinlets.
Thence after a bit they move down below; tiny teats they provide in the outpimpling of the veinlets. They are impermiated; are thrown down below; they are ruminated; they are feminised with tiny teats. It is operated so that it happens that they are fully vested with femininity."