Vela Technologies PLC Update re. investment in Kanabo Group plc (7722P)
20 February 2021 - 12:22AM
UK Regulatory
TIDMVELA
RNS Number : 7722P
Vela Technologies PLC
19 February 2021
19 February 2021
Vela Technologies plc
("Vela" or "the Company")
Update re. investment in Kanabo Group plc
The Board of Vela (AIM: VELA) announces that, on 17 February
2021, the Company disposed of 1,000,000 shares in Kanabo Group plc
("Kanabo") at a price of 23.5p per share generating net proceeds of
GBP233,801 for the Company (the "Disposal").
As detailed in the Company's announcement of 16 February 2021,
Vela invested GBP150,000 in Kanabo (formerly Spinnaker
Opportunities plc), in conjunction with its reverse takeover
acquisition of Kanabo Limited and its admission to trading on the
main market of the London Stock Exchange. Vela originally
subscribed for 2,307,692 shares in Kanabo at a price of 6.5p per
share and therefore the Disposal reflects a net profit of
GBP168,801.
Following the Disposal, Vela continues to hold 1,307,692 shares
in Kanabo, equivalent to approximately 0.36 per cent. of Kanabo's
issued share capital. The net proceeds from the Disposal will be
used by the Company to make further investments in line with the
Company's investing policy and for general working capital
purposes.
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 / Asha Chotai
Peterhouse Capital Limited (Joint Broker) Tel: +44 (0) 20 7469
Lucy Williams / Duncan Vasey / Eran Zucker 0930
About Vela Technologies plc
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.
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