Please add the following to the KeyUp (or KeyDown) event of Text1
Place cursor at the beginning of a word and press F-12. The word will be selected, as expected.
' Key Up
Private Sub Text1_KeyUp(KeyCode As Integer, Shift As Integer)
' F-12
If KeyCode = 123 Then
SendKeys "^+{LEFT}"
End If
End Sub
If you break execution manually (Ctrl-Break), the Immediate Window will reveal the selection as made:
? Text1.SelText
? Text1.SelLength
Cut, Copy, Del, and other actions will also work.

However, if you try to peek at the the selection with MsgBox:
' Key Up
Private Sub Text1_KeyUp(KeyCode As Integer, Shift As Integer)
' F-12
If KeyCode = 123 Then
SendKeys "^+{LEFT}"
MsgBox(Text1.SelText)
End If
End Sub
Nothing will be shown as selected!
Obviously, the selection is made, but not at this point!

So, what is going on? And, more to the point, how could I trap and use the selection ?