3LEG 3Legs Resources

TIDMVELA TIDM3LEG

RNS Number : 1699N

Vela Technologies PLC

14 May 2015

14 May 2015

Vela Technologies plc

("Vela" or the "Company")

Update on investment in 3Legs Resources plc

The Board of Vela (AIM: VELA), the investing company focused on early stage and pre-IPO disruptive technology investments, announces that the Company acquired a further 4,500,000 existing ordinary shares in 3Legs Resources plc ("3Legs") (AIM: 3LEG) on 13 May 2015 at a price of 0.215 pence per share.

Vela's resultant holding in 3Legs is 23,500,000 shares, representing 5.42% of the total voting rights of 3Legs. Vela's shareholding in 3Legs has been acquired at an average price of 0.213 pence per share for a total consideration of approximately GBP50,090.

3Legs is an Isle of Man incorporated investing company whose shares are traded on AIM. In February 2015, 3Legs completed a corporate reorganisation which included the adoption of a new investing policy to invest in and/or acquire companies within the technology sector or within the resources sector, particularly where a resource can be brought into production through the application of modern technologies. As part of the above reorganisation, 3Legs raised GBP800,000 through a subscription for new ordinary shares at a price of 0.232 pence per share, which valued 3Legs at approximately GBP1 million with the funds to be used by 3Legs in connection with the implementation of the new investing policy.

For further information please contact:

 
 Vela Technologies plc 
 Brent Fitzpatrick, Non-Executive 
  Chairman                            Tel: +44 (0) 7802 262 443 
  Antony Laiker, Director 
 Allenby Capital Limited 
 Nick Athanas/Katrina Perez/James   Tel: +44 (0) 20 3328 5656 
  Reeve 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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