3LEG 3Legs Resources

TIDMVELA TIDM3LEG

RNS Number : 6799P

Vela Technologies PLC

09 June 2015

9 June 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, notes the announcement released earlier today by 3Legs Resources plc ("3Legs") in connection with a subscription by 3Legs to raise gross proceeds of GBP500,000 at a price of 0.27 pence per 3Legs share (the "3Legs Subscription") and the appointment of James (Jim) Mellon and Gregory (Greg) Bailey as non-executive directors of 3Legs.

As at the date of this announcement Vela holds 23,500,000 shares in 3Legs which represents 5.42 per cent. of the existing voting rights of 3Legs and will represent 3.80 per cent. of the voting rights of 3Legs following completion of the 3Legs Subscription.

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. The board of Vela notes that 3Legs has announced today that, following the 3Legs Subscription and the board appointments, the directors of 3Legs intend to propose a resolution at the next annual general meeting of 3Legs to change the company's investing policy to focus on the life sciences sector.

A link to the 3Legs announcement can be found at: http://www.investegate.co.uk/3legs-resources-plc/rns/subscription-of-gbp500-000-and-directorate-change/201506090700145700P/

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 
  (Nominated Adviser) 
 Nick Athanas/Katrina Perez/James   Tel: +44 (0) 20 3328 5656 
  Reeve 
 
  Vicarage Capital Limited 
  (Broker)                           Tel: +44 (0) 20 3651 2910 
  Rupert Williams/Jeremy Woodgate 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCFLMITMBTMBFA

3Legs Resources (LSE:3LEG)
Historical Stock Chart
From May 2024 to Jun 2024

3Legs Resources (LSE:3LEG)
Historical Stock Chart
From Jun 2023 to Jun 2024