We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0125 | 0.012 | 0.013 | 0.0125 | 0.0125 | 0.0125 | 895,241 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investment Advice | 0 | -378k | 0.0000 | N/A | 1.63M |
TIDMVELA
RNS Number : 0793Y
Vela Technologies PLC
02 September 2022
2 September 2022
Vela Technologies plc
("Vela" or the "Company")
Strategic Update
The Board of Vela Technologies plc (AIM: VELA) today provides the following update with regard to the future investment strategy and direction of the Company.
Following the appointment to the board of Antony Laiker, a significant shareholder in Vela, it has been agreed by the Board that, while not diverting from the Company's underlying investing policy, Vela will consider other corporate transactions whereby Vela's assets might be utilised to effect one or more larger transactions. Such transactions may include, but will not be limited to: i) an acquisition which constitutes a reverse takeover under the AIM Rules for Companies; ii) a substantial investment by Vela in a trading business; or iii) an acquisition of a division of a listed/quoted or private company.
This strategy was previously outlined in the announcement, on 26 September 2019, of Vela's final results for the year ended 31 March 2019. Various discussions took place subsequent to that announcement, however the advent of Covid-19 prevented a transaction being able to be concluded, leading to the reorganisation announced by the Company on 31 July 2020. The Company subsequently expanded its existing investment portfolio and shareholders approved a revised investing policy, which was adopted by the Company on 24 January 2022, further details of which were set out in the Company's announcement of 30 December 2021.
The Board is now reinstating the strategy outlined in the announcement of 26 September 2019. The Board believes that the combined value of Vela's listed investments and cash resources may prove attractive to third parties. In addition, in current market conditions, such a strategy may provide more certainty and potential uplift in the value for Vela shareholders going forward. In the meantime, Vela will continue to realise funds from the sale of existing investments, where appropriate
At this stage, although the Company has had a number of informal discussions and received a number of approaches, it has not engaged in discussions on any potential transactions, as outlined above. In the event that such a transaction is identified, Vela will seek advice from its Nominated Adviser and, if necessary, seek shareholder approval for any changes required to ensure that the Company complies with AIM Rules for Companies.
As outlined in the Company's quarterly investment update released on 22 July 2022, Vela's investment portfolio comprises a total of 13 active investments of which two are unquoted, ten are quoted and the final investment is the interest in future royalties from the Covid-19 drug being developed by St George's Street Capital ("SGSC"). The unaudited fair value of Vela's investment portfolio as at 30 June 2022 was GBP5.97 million.
The Board will continue to update investors on the portfolio movements and valuation in the Company's quarterly updates, the next one being due for the quarter ended 30 September 2022.
For further information, please contact:
Vela Technologies plc Tel: +44 (0) 7421 728875 Brent Fitzpatrick, Non-Executive Chairman Email:info@velatechplc.com
James Normand, Executive Director
Allenby Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3328 5656
Nick Athanas / Piers Shimwell
Peterhouse Capital Limited (Broker) Tel: +44 (0) 20 7469 0930
Lucy Williams / Duncan Vasey / Eran Zucker / Lauren Riley
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.
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
UPDSSASMEEESEDU
(END) Dow Jones Newswires
September 02, 2022 02:40 ET (06:40 GMT)
1 Year Vela Technologies Chart |
1 Month Vela Technologies Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions