Vela Technologies PLC Further partial sale of holding in BTL Group Ltd (7212G)

TIDMVELA

RNS Number : 7212G

Vela Technologies PLC

31 May 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")

31 May 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 30 May 2017, the Company disposed of a total of 50,000 common shares in BTL Group Ltd ("BTL") at prices between C$5.175 per share and C$5.59 per share and with an average price of C$5.26 per share generating net proceeds of C$263,106.15 for the Company (equivalent to GBP152,530.79 at the prevailing exchange rate (the "Disposal")). 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.

Following the Disposal Vela holds 610,900 common shares in BTL, equivalent to approximately 3.3 per cent. of BTL's issued share capital. BTL is listed on the TSX Venture Exchange, on which the closing mid-market price on 30 May 2017 of BTL's common shares was C$5.74 per share, which values Vela's shareholding in BTL at approximately C$3.51 million (equivalent to approximately GBP2.03 million at the prevailing exchange rate*). In addition, as previously announced, 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.

The Board of Vela is also pleased to note the announcement made yesterday by BTL regarding its Q1 2017 financial results. Extracts from the BTL announcement are copied below:

BTL Group Files Q1 2017 Financials

BTL is working towards the Beta release of Interbit in Q3 of this year, and continues to test and validate Interbit in the market with its pilot projects.

"The first quarter of 2017 has already been a busy and productive one for BTL," said Guy Halford- Thompson, BTL's Chief Executive Officer. "In addition to the ongoing pilots we are running, we are honored to have been recognized as a TSX Venture 50 Company during the first quarter of 2017. The Q3 release of the Beta version of Interbit is on track and benefiting from input and suggestions from key clients."

The full BTL announcement can be found via the following link:

https://web.tmxmoney.com/article.php?newsid=4816013184297752&qm_symbol=BTL

*Based on the exchange rate as on 31 May 2017 of C$1: GBGBP0.579731.

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          5656 
   Smaller Company Capital 
    Limited 
    (Broker)                   Tel: [phone] 
    Rupert Williams/Jeremy     2910 
    Woodgate 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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May 31, 2017 08:50 ET (12:50 GMT)