Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Vela Technologies Plc LSE:VELA London Ordinary Share GB00BYZ9XC29 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.0025 3.45% 0.075 0.07 0.08 0.075 0.0725 0.0725 31,630,439 13:45:55
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 0.0 -0.2 -0.0 - 11

Vela Technologies PLC GBP750,000 investment in Northcoders Group plc

22/07/2021 8:35am

UK Regulatory (RNS & others)


Vela Technologies (LSE:VELA)
Historical Stock Chart


From Jun 2021 to Jul 2021

Click Here for more Vela Technologies Charts.

TIDMVELA

RNS Number : 1186G

Vela Technologies PLC

22 July 2021

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

22 July 2021

Vela Technologies plc

("Vela" or "the Company")

Proposed investment of GBP750,000 in Northcoders Group plc

The Board of Vela (AIM: VELA) notes the AIM Schedule One released in relation to Northcoders Group plc ("Northcoders") at 8.00 a.m. today updating on the admission to AIM and fundraising for Northcoders ("IPO") and is pleased to announce that it is investing GBP750,000 in their IPO funding round which has successfully raised c. GBP3.5m.

Highlights

   --      Cornerstone investor alongside Amati Global Investors in forthcoming IPO of Northcoders; 

-- GBP750,000 investment represents second largest investment made by Vela since its strategic relaunch in August 2020; and

-- Investment has been made in line with the Company's investing policy and the strategic emphasis of delivering demonstrable value accretion for Vela's shareholders.

Further information on Northcoders

Northcoders, headquartered in Manchester, is an independent provider of training programmes for software coding. It offers a range of training and software development solutions to individual and corporate customers. Northcoders' offering includes 'bootcamp' training courses, government funded apprenticeships, bespoke training courses and software development solutions. In addition, Northcoders' proprietary IP in its platform allows the Group to streamline and automate elements of the delivery of its courses.

Northcoders operates a hybrid delivery model by providing its services in person, at one of Northcoders' regional office 'hubs' currently located in Manchester and Leeds, and also digitally via its online platform. The online element has been a growing part of Northcoders' offering since the beginning of the COVID-19 pandemic.

Admission of the ordinary shares of Northcoders to trading on the AIM market of the London Stock Exchange is expected to take place on 27 July 2021.

For the year ended 31 December 2020, Northcoders Limited ("NCR") (the principal operating subsidiary of Northcoders) generated a loss before taxation of GBP1.25 million. NCR's net liabilities as at 31 December 2020 were GBP0.54 million.

Further details on Northcoders will be contained in its admission document which will be available on its website at www.northcoders.com.

Details of the investment

Vela has invested GBP750,000 in Northcoders, from the Company's existing cash resources. Vela has subscribed for 416,666 new ordinary shares of 1 penny each in Northcoders, at a price of 180 pence per share, valuing Northcoders at GBP12.5 million.

Following completion of this investment, Vela will hold 6.0 per cent. of Northcoders' enlarged share capital.

James Normand, Executive Director of Vela, commented :

"Vela is pleased to participate in the flotation of a business that is helping to deliver the skills which the country will need as it emerges from the economic slump caused by Covid-19. Northcoders uses the remote communication methods with which we have all become familiar over the last 18 months and which give Northcoders the disruptive capability which is Vela's principal investment criterion."

For further information, please contact:

 
 Vela Technologies plc                           Tel: +44 (0) 7421 
  Brent Fitzpatrick, Non-Executive Chairman                 728875 
  James Normand, Executive Director 
 Allenby Capital Limited (Nominated Adviser   Tel: +44 (0) 20 3328 
  and Joint Broker)                                           5656 
 Nick Athanas / Piers Shimwell 
 Peterhouse Capital Limited (Joint Broker)    Tel: +44 (0) 20 7469 
                                                              0930 
 Lucy Williams / Duncan Vasey / Eran Zucker 
 

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. Vela Technologies will also invest in listed companies where valuations may offer additional opportunities.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCUUOBRAOUBURR

(END) Dow Jones Newswires

July 22, 2021 03:35 ET (07:35 GMT)

1 Year Vela Technologies Chart

1 Year Vela Technologies Chart

1 Month Vela Technologies Chart

1 Month Vela Technologies Chart
ADVFN Advertorial
Your Recent History
LSE
VELA
Vela Techn..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20210725 16:29:14