Vela Technologies PLC Partial sale of holding in BTL Group Ltd (6486Y)

TIDMVELA

RNS Number : 6486Y

Vela Technologies PLC

06 March 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")

6 March 2017

Vela Technologies plc

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

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 3 March 2017, the Company disposed of a total of 63,332 common shares in BTL Group Ltd ("BTL") at prices between C$2.50 per share and C$2.99 per share and with an average price of C$2.69 per share generating proceeds of C$170,630 for the Company (equivalent to GBP103,109.64 at the prevailing exchange rate) (the "Disposal").

Following the Disposal Vela holds 720,000 common shares in BTL, equivalent to approximately 4.2 per cent. of BTL's issued share capital. BTL is listed on the TSX Venture Exchange, on which the closing mid-market price on 3 March 2017 of BTL's common shares was C$3.25 per share, which values Vela's shareholding in BTL at approximately C$2,340,000 (equivalent to approximately GBP1.425 million at the prevailing exchange rate*).

In addition Vela holds 41,666 warrants in BTL exercisable at a price of C$1.50. These warrants were issued to Vela in December 2016 and are exercisable for a period expiring on 17 December 2017. The issue of the warrants was detailed in BTL's announcement of 30 November 2016.

To date Vela has invested a total of approximately GBP214,300 in BTL.

The proceeds from the Disposal will provide additional working capital for Vela and enable the Company to take advantage of further investment opportunities as and when they arise.

ABOUT BTL GROUP LTD.

Operating from both Canada and the UK, BTL offers blockchain solutions to businesses across multiple industries, in particular the finance, energy and gaming sectors. BTL has built prototypes that showcase the capabilities of its Interbit platform, a proprietary blockchain based interbank payment network and settlement and asset trading solution.

Interbit is an open, multi-chain, asset settlement platform with a suite of APIs and smart contracts that allow businesses from across the world to provide global access to fast, secure, and auditable financial and asset trading services.

With offices in Vancouver and Canary Wharf in London, BTL is positioning itself as a front-runner in the blockchain ecosystem, providing advice and knowledge to industry leaders.

Website: www.btl.co

Twitter: https://twitter.com/blockchainltd

*Based on the exchange rate as on 6 March 2017 of C$1: GBGBP0.608599.

For further information, please contact:

 
  Vela Technologies plc 
   Brent Fitzpatrick, 
    Non-Executive Chairman     Tel: +44 (0) 
    Antony Laiker, Director    7802 262 443 
   Allenby Capital Limited 
    (Nominated Adviser) 
    Nick Athanas/Katrina       Tel: +44 (0) 
    Perez/Nick Naylor          20 3328 5656 
   Smaller Company Capital 
    Limited 
    (Broker)                   Tel: +44 (0) 
    Rupert Williams/Jeremy     20 3651 2910 
    Woodgate 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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March 06, 2017 09:56 ET (14:56 GMT)