Vela Technologies PLC Sale of North Peak & update on investment activity (0265V)
09 April 2021 - 11:43PM
UK Regulatory
TIDMVELA
RNS Number : 0265V
Vela Technologies PLC
09 April 2021
9 April 2021
Vela Technologies plc
("Vela" or the "Company")
Sale of investment in North Peak Resources Ltd
Update on investment activity since August 2020's capital
reorganisation
Highlights
-- Disposal of holding in North Peak Resources Ltd generating
net proceeds of c.CAD$226,032 (approximately GBP130,112).
-- Since August 2020, Vela has invested c.GBP3.75 million in
seven new investee companies and realised profits aggregating
approximately GBP417,000 from the sale of investments.
-- Current portfolio of ten investments and available cash resources of c.GBP2.1 million.
The Board of Vela (AIM: VELA) announces that, between 24 March
2021 and 6 April 2021, the Company disposed of its entire holding
of 310,000 common shares in North Peak Resources Ltd ("North Peak")
at prices between CAD$0.70 per share and CAD$0.745 per share and
with an average price of CAD$0.73 per share generating net proceeds
of c.CAD$226,032 (approximately GBP130,112) for the Company (the
"Disposal").
The book value of Vela's holding in North Peak in Vela's latest
published accounts (as at 31 March 2020) was GBP53,211. Therefore,
the accounts for the year ending 31 March 2021 are expected to
reflect a profit on disposal of c.GBP76,900.
Following the Disposal, Vela no longer holds any shares in North
Peak. 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.
Since the 'hiving off' of half of Vela's assets at the end of
August 2020, Vela has invested c.GBP3.75 million in seven new
investee companies across a range of technology sub-sectors in
accordance with the Company's investing policy. GBP2.65 million of
investments have been made through the deploying of Vela's
available cash resources and GBP1.10 million has been satisfied
through the issue of equity in Vela as part of the St George Street
Capital investment agreement entered into by Vela in October
2020.
In the same period the Company has realised profits aggregating
approximately GBP417,000 from the sale of investments (including
the sale of North Peak announced today).
Vela continues to also hold investments in three unquoted
companies that were held prior to the re-organisation in August
2020 and which were valued at GBP533,145 in the 31 March 2020
balance sheet.
As at the date of this announcement Vela has a portfolio of ten
investments (of which five are quoted and five are unquoted) and
available cash resources amounting to c.GBP2.1 million.
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
and Joint Broker) 3328 5656
Nick Athanas/Nick Naylor
Peterhouse Capital Limited (Joint Broker) Tel: +44 (0) 20
Lucy Williams / Duncan Vasey / Eran Zucker 7469 0930
About Vela Technologies
Vela Technologies (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 also invests in existing listed companies where
valuations may offer additional opportunities.
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