Vela Technologies PLC Partial sale of holding in BTL Group Ltd (6486Y)
07 March 2017 - 1:56AM
UK Regulatory
TIDMVELA
RNS Number : 6486Y
Vela Technologies PLC
06 March 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR")
6 March 2017
Vela Technologies plc
("Vela", the "Company" or the "Group")
Partial sale of holding in BTL Group Ltd
The Board of Vela (AIM: VELA), the investing company focused on
early-stage and pre-IPO disruptive technology investments,
announces that, on 3 March 2017, the Company disposed of a total of
63,332 common shares in BTL Group Ltd ("BTL") at prices between
C$2.50 per share and C$2.99 per share and with an average price of
C$2.69 per share generating proceeds of C$170,630 for the Company
(equivalent to GBP103,109.64 at the prevailing exchange rate) (the
"Disposal").
Following the Disposal Vela holds 720,000 common shares in BTL,
equivalent to approximately 4.2 per cent. of BTL's issued share
capital. BTL is listed on the TSX Venture Exchange, on which the
closing mid-market price on 3 March 2017 of BTL's common shares was
C$3.25 per share, which values Vela's shareholding in BTL at
approximately C$2,340,000 (equivalent to approximately GBP1.425
million at the prevailing exchange rate*).
In addition Vela holds 41,666 warrants in BTL exercisable at a
price of C$1.50. These warrants were issued to Vela in December
2016 and are exercisable for a period expiring on 17 December 2017.
The issue of the warrants was detailed in BTL's announcement of 30
November 2016.
To date Vela has invested a total of approximately GBP214,300 in
BTL.
The proceeds from the Disposal will provide additional working
capital for Vela and enable the Company to take advantage of
further investment opportunities as and when they arise.
ABOUT BTL GROUP LTD.
Operating from both Canada and the UK, BTL offers blockchain
solutions to businesses across multiple industries, in particular
the finance, energy and gaming sectors. BTL has built prototypes
that showcase the capabilities of its Interbit platform, a
proprietary blockchain based interbank payment network and
settlement and asset trading solution.
Interbit is an open, multi-chain, asset settlement platform with
a suite of APIs and smart contracts that allow businesses from
across the world to provide global access to fast, secure, and
auditable financial and asset trading services.
With offices in Vancouver and Canary Wharf in London, BTL is
positioning itself as a front-runner in the blockchain ecosystem,
providing advice and knowledge to industry leaders.
Website: www.btl.co
Twitter: https://twitter.com/blockchainltd
*Based on the exchange rate as on 6 March 2017 of C$1:
GBGBP0.608599.
For further information, please contact:
Vela Technologies plc
Brent Fitzpatrick,
Non-Executive Chairman Tel: +44 (0)
Antony Laiker, Director 7802 262 443
Allenby Capital Limited
(Nominated Adviser)
Nick Athanas/Katrina Tel: +44 (0)
Perez/Nick Naylor 20 3328 5656
Smaller Company Capital
Limited
(Broker) Tel: +44 (0)
Rupert Williams/Jeremy 20 3651 2910
Woodgate
This information is provided by RNS
The company news service from the London Stock Exchange
END
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