Vela Technologies PLC Update re Rosslyn Data and Proposed Investment (4027D)

TIDMVELA

RNS Number : 4027D

Vela Technologies PLC

26 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")

26 April 2017

Vela Technologies plc

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

Proposed further investment in Rosslyn Data Technologies plc

The Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, is pleased to announce that the Company has conditionally subscribed for 1,111,111 ordinary shares (the "Placing Shares") in Rosslyn Data Technologies plc ("Rosslyn Data"), an existing investee company, at 4.5p per share for a consideration of GBP50,000.

The investment by Vela is part of a placing and open offer being undertaken by Rosslyn Data to raise up to GBP5.0m (the "Rosslyn Data Fundraising") in conjunction with the acquisition of Integritie (UK) Limited, details of which were announced by Rosslyn Data earlier today. The proposed investment by Vela is being funded from the Company's existing cash resources. The Rosslyn Data Fundraising, and therefore Vela's subscription for 1,111,111 Placing Shares, is conditional upon, inter alia, approval by shareholders of Rosslyn Data in a general meeting to be held on 12 May 2017.

On completion of the Rosslyn Data Fundraising, and assuming the open offer is fully subscribed, the Company will become interested in 1,411,111 ordinary shares in Rosslyn Data, representing approximately 0.75 per cent. of the enlarged issued share capital of Rosslyn Data. Rosslyn Data's shares are quoted on AIM, on which the closing mid-market price on 25 April 2017 of the company's ordinary shares was 7.875 pence per share.

For the six months ended 31 October 2016, Rosslyn Data generated revenues of GBP1,666,577 and incurred a net loss of GBP981,665. As at 31 October 2016, Rosslyn Data had net assets of GBP1,631,096. Further information on Rosslyn Data, including the announcement released today in relation to Rosslyn Data Fundraising and acquisition, is available on the Rosslyn Data website (www.rosslynanalytics.com).

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 26, 2017 06:17 ET (10:17 GMT)