Vela Technologies PLC Further investment in Northcoders Group plc (6971H)

TIDMVELA

RNS Number : 6971H

Vela Technologies PLC

28 November 2022

28 November 2022

Vela Technologies plc

("Vela" or "the Company")

Further investment in Northcoders Group plc

The Board of Vela (AIM: VELA), an AIM-quoted investing company focused on early-stage and pre-IPO disruptive technology investments, announces that the Company has purchased 33,333 ordinary shares of 1 penny each in Northcoders Group plc ("Northcoders") as part of the secondary placing undertaken by Northcoders, details of which were announced by Northcoders on 21 November 2022.

Further information on Northcoders

Northcoders is a market leading provider of coding and software development training for businesses and individuals. Founded in 2015, its business model operates a hybrid structure with a flagship site in Manchester and other sites in Leeds, Birmingham and Newcastle supported by a proven digital offering to support its students across the UK.

Powered by IP rich technology, Northcoders' coding school offers boot camp courses to individuals from a range of backgrounds, delivered through virtual and physical learning. The group also works with blue chip corporates across multiple sectors to supply innovative EdTech solutions for the upskilling and reskilling of employees and is also a registered provider of government-backed apprenticeships in the field.

With a keen focus of inclusivity, diversity and quality at its core, Northcoders aims to address the digital skills gap in the UK to meet the increasing demand for digital specialists from businesses and public agencies. It operates in a significant and growing market with structural growth trends further accelerated by Covid-19.

For the year ended 31 December 2021, Northcoders reported a loss before taxation of GBP0.52 million. Northcoders' unaudited net assets as at 30 June 2022 were GBP2.44 million.

Further details on Northcoders are available on its website at www.northcodersgroup.com.

Details of the investment

Vela has purchased 33,333 ordinary shares of 1 penny each in Northcoders, at a price of GBP3 per share for a total cost to the Company of GBP99,999, satisfied from the Company's existing cash resources. Settlement of Vela's investment is expected to occur on 28 November 2022, in accordance with the details announced by Northcoders on 21 November 2022.

Vela's investment is part of a secondary placing in Northcoders undertaken as a result of excess investor demand following an oversubscribed placing undertaken by Northcoders that successfully raised GBP2.1 million (before expenses) for the company.

Following this purchase, Vela holds 349,999 ordinary shares in Northcoders representing 4.55 per cent. of Northcoders' enlarged share capital following completion of its recent placing.

James Normand, Executive Director of Vela, commented :

"Northcoders has more than met the promise that Vela perceived at the time of its IPO in July last year. We were therefore keen to maintain Vela's equity interest in the expectation of continuing growth for Northcoders, boosted by the proceeds from this oversubscribed placing."

For further information, please contact:

 
 Vela Technologies plc                         Tel: [phone] 
 
  Brent Fitzpatrick, Non-Executive Chairman 
  James Normand, Executive Director 
 Allenby Capital Limited (Nominated Adviser)   Tel: [phone] 
                                                5656 
 Nick Athanas / Piers Shimwell 
 Peterhouse Capital Limited (Broker)           Tel: [phone] 
                                                0930 
 Lucy Williams / Duncan Vasey / Eran Zucker 
 Novus Communications (PR and IR Adviser)      Tel: [phone] 
                                                9839 
 Alan Green / Jacqueline Briscoe 
 

About Vela Technologies

Vela Technologies plc (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. Vela Technologies will also invest in already-listed companies where valuations offer additional opportunities.

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November 28, 2022 02:00 ET (07:00 GMT)