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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Vela Technologies Plc | LSE:VELA | London | Ordinary Share | GB00BYZ9XC29 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.012 | 0.011 | 0.013 | 0.012 | 0.012 | 0.012 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investment Advice | 0 | -378k | 0.0000 | N/A | 1.63M |
TIDMVELA
RNS Number : 6227C
Vela Technologies PLC
18 April 2017
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR")
18 April 2017
Vela Technologies plc
("Vela", the "Company" or the "Group")
Completion of investment in BTL Group Ltd
Further to the Company's announcements of 23 March 2017 and 7 April 2017, the Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, is pleased to announce that its follow-on investment in BTL Group Ltd ("BTL") has now been completed. Vela has invested a total of C$135,000 (equivalent to approximately GBP82,700) in BTL's current funding round.
As Vela announced on 23 March 2017, BTL has been conducting a fundraise (the "BTL Fundraise") pursuant to which BTL has issued 1,150,000 equity units ("BTL Units") to investors, each BTL Unit comprising (i) one common share in BTL ("BTL Common Shares") at C$2.70 per share, and (ii) half a warrant ("BTL Warrants") to subscribe for further BTL Common Shares. The BTL Warrants are exercisable at C$3.25 per warrant and expire after 24 months following the date of issue.
Pursuant to the BTL Fundraise, Vela subscribed for 50,000 BTL Units for a total consideration of C$135,000 (equivalent to approximately GBP82,700, after costs). The investment has been funded from Vela's existing cash resources.
To date Vela has invested a total of approximately GBP296,980 in BTL. Following the investment, Vela holds 683,100 common shares in BTL, equivalent to approximately 3.7 per cent. of BTL's issued share capital. BTL is listed on the TSX Venture Exchange, on which the closing mid-market price on 17 April 2017 of BTL's common shares was C$4.91 per share, which values Vela's shareholding in BTL at approximately C$3.35 million (equivalent to approximately GBP1.98 million at the prevailing exchange rate*). In addition, following completion of the BTL Fundraise, Vela now holds a total of 66,666 warrants in BTL. 41,666 warrants are exercisable at a price of C$1.50 for a period expiring on 17 December 2017 and 25,000 warrants are exercisable at a price of C$3.25 for a period expiring on 6 April 2019.
For the 9 months ended 30 September 2016, BTL generated revenue of C$226,591 and incurred a net loss of C$1,301,927. As at 30 September 2016 BTL had net assets of C$1,084,448.
*Based on the exchange rate as on 18 April 2017 of C$1: GBGBP0.591297.
For further information, please contact:
Vela Technologies plc Brent Fitzpatrick, Non-Executive Chairman Tel: +44 (0) 7802 262 Antony Laiker, Director 443 Allenby Capital Limited (Nominated Adviser) Nick Athanas/Katrina Tel: +44 (0) 20 3328 5656 Perez/Nick Naylor Smaller Company Capital Limited (Broker) Tel: +44 (0) 20 3651 2910 Rupert Williams/Jeremy Woodgate
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGGUQUCUPMGCR
(END) Dow Jones Newswires
April 18, 2017 10:07 ET (14:07 GMT)
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