Vela Technologies PLC Disposal of holding in BlockchainK2 Corp (5344M)

TIDMVELA

RNS Number : 5344M

Vela Technologies PLC

22 January 2021

22 January 2021

Vela Technologies plc

("Vela" or the "Company")

Disposal of holding in BlockchainK2 Corp

The Board of Vela (AIM: VELA) announces that, between 12 January 2021 and 20 January 2021, the Company disposed of its entire holding of 272,000 shares in BlockchainK2 Corp ("BlockchainK2") at prices between CAD$0.86 per share and CAD$1.5255 per share and with an average price of CAD$1.19 per share generating net proceeds of c.CAD$322,855 (approximately GBP186,390) for the Company (the "Disposal").

Although Vela originally invested GBP200,589 in BlockchainK2 in May 2018 its book value in Vela's latest published accounts (as at 31 March 2020) was GBP14,396. Therefore, the accounts for the year ending 31 March 2021 will reflect a profit on disposal of c.GBP172,000.

Following the Disposal, Vela no longer holds any shares in BlockchainK2. The net proceeds from the Disposal will be used by the Company to make further investments in line with the Company's investing policy and for general working capital purposes.

For further information, please contact:

 
 Vela Technologies plc                         Tel: [phone] 
  Brent Fitzpatrick, Non-Executive Chairman     728875 
  James Normand, Executive Director 
 Allenby Capital Limited (Nominated Adviser    Tel: +44 (0) 20 
  and Joint Broker)                             3328 5656 
 Nick Athanas/Asha Chotai 
 Peterhouse Capital Limited (Joint Broker)     Tel: +44 (0) 20 
  Lucy Williams / Duncan Vasey / Eran Zucker    7469 0930 
 

About Vela Technologies

Vela Technologies (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. Vela's investee companies have either developed ways of utilising technology or are developing technology with a view to disrupting the businesses or sector in which they operate. More recently, Vela Technologies has also started to focus on existing listed companies where valuations may offer additional opportunities.

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January 22, 2021 02:00 ET (07:00 GMT)