Vela Technologies PLC Further partial sale of holding in BTL Group Ltd (7170C)

TIDMVELA

RNS Number : 7170C

Vela Technologies PLC

19 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")

19 April 2017

Vela Technologies plc

("Vela", the "Company" or the "Group")

Further partial sale of holding in BTL Group Ltd

The Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, announces that, on 17 April 2017, the Company disposed of a further 20,000 common shares ("BTL Common Shares") in BTL Group Ltd ("BTL") at an average price of C$4.72 generating net proceeds of C$92,850 for the Company (equivalent to approximately GBP55,573.98 at the prevailing exchange rate) (the "Disposal").

Following the Disposal, the Company has now sold between 3 March and 17 April 2017 a total of 170,232 BTL Common Shares, generating proceeds of approximately C$603,324 for the Company (equivalent to approximately GBP362,204 at the prevailing exchange rates).

To date Vela has invested a total of approximately GBP296,980 in BTL. Following the Disposal, and the additional investment as announced by the Company on 18 April 2017, Vela holds 663,100 common shares in BTL, equivalent to approximately 3.6 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$4.80 per share, which values Vela's shareholding in BTL at approximately C$3.18 million (equivalent to approximately GBP1.85 million at the prevailing exchange rate*). In addition Vela 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 19 April 2017 of C$1: GBGBP0.581058.

For further information, please contact:

 
  Vela Technologies plc 
   Brent Fitzpatrick, 
    Non-Executive Chairman     Tel: [phone] 
    Antony Laiker, Director    443 
   Allenby Capital Limited 
    (Nominated Adviser) 
    Nick Athanas/Katrina       Tel: [phone] 
    Perez/Nick Naylor 
   Smaller Company Capital 
    Limited 
    (Broker)                   Tel: [phone] 
    Rupert Williams/Jeremy 
    Woodgate 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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April 19, 2017 05:37 ET (09:37 GMT)