Vela Technologies PLC Further investment in Northcoders Group plc (6971H)
28 November 2022 - 6:00PM
UK Regulatory
TIDMVELA
RNS Number : 6971H
Vela Technologies PLC
28 November 2022
28 November 2022
Vela Technologies plc
("Vela" or "the Company")
Further investment in Northcoders Group plc
The Board of Vela (AIM: VELA), an AIM-quoted investing company
focused on early-stage and pre-IPO disruptive technology
investments, announces that the Company has purchased 33,333
ordinary shares of 1 penny each in Northcoders Group plc
("Northcoders") as part of the secondary placing undertaken by
Northcoders, details of which were announced by Northcoders on 21
November 2022.
Further information on Northcoders
Northcoders is a market leading provider of coding and software
development training for businesses and individuals. Founded in
2015, its business model operates a hybrid structure with a
flagship site in Manchester and other sites in Leeds, Birmingham
and Newcastle supported by a proven digital offering to support its
students across the UK.
Powered by IP rich technology, Northcoders' coding school offers
boot camp courses to individuals from a range of backgrounds,
delivered through virtual and physical learning. The group also
works with blue chip corporates across multiple sectors to supply
innovative EdTech solutions for the upskilling and reskilling of
employees and is also a registered provider of government-backed
apprenticeships in the field.
With a keen focus of inclusivity, diversity and quality at its
core, Northcoders aims to address the digital skills gap in the UK
to meet the increasing demand for digital specialists from
businesses and public agencies. It operates in a significant and
growing market with structural growth trends further accelerated by
Covid-19.
For the year ended 31 December 2021, Northcoders reported a loss
before taxation of GBP0.52 million. Northcoders' unaudited net
assets as at 30 June 2022 were GBP2.44 million.
Further details on Northcoders are available on its website at
www.northcodersgroup.com.
Details of the investment
Vela has purchased 33,333 ordinary shares of 1 penny each in
Northcoders, at a price of GBP3 per share for a total cost to the
Company of GBP99,999, satisfied from the Company's existing cash
resources. Settlement of Vela's investment is expected to occur on
28 November 2022, in accordance with the details announced by
Northcoders on 21 November 2022.
Vela's investment is part of a secondary placing in Northcoders
undertaken as a result of excess investor demand following an
oversubscribed placing undertaken by Northcoders that successfully
raised GBP2.1 million (before expenses) for the company.
Following this purchase, Vela holds 349,999 ordinary shares in
Northcoders representing 4.55 per cent. of Northcoders' enlarged
share capital following completion of its recent placing.
James Normand, Executive Director of Vela, commented :
"Northcoders has more than met the promise that Vela perceived
at the time of its IPO in July last year. We were therefore keen to
maintain Vela's equity interest in the expectation of continuing
growth for Northcoders, boosted by the proceeds from this
oversubscribed placing."
For further information, please contact:
Vela Technologies plc Tel: +44 (0) 7410886830
Brent Fitzpatrick, Non-Executive Chairman
James Normand, Executive Director
Allenby Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3328
5656
Nick Athanas / Piers Shimwell
Peterhouse Capital Limited (Broker) Tel: +44 (0) 20 7469
0930
Lucy Williams / Duncan Vasey / Eran Zucker
Novus Communications (PR and IR Adviser) Tel: +44 (0) 20 7448
9839
Alan Green / Jacqueline Briscoe
About Vela Technologies
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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