Vela Technologies PLC Further partial sale of holding in BTL Group Ltd (7170C)
April 19 2017 - 4:37AM
UK Regulatory
TIDMVELA
RNS Number : 7170C
Vela Technologies PLC
19 April 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")
19 April 2017
Vela Technologies plc
("Vela", the "Company" or the "Group")
Further 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 17 April 2017, the Company disposed of a further
20,000 common shares ("BTL Common Shares") in BTL Group Ltd ("BTL")
at an average price of C$4.72 generating net proceeds of C$92,850
for the Company (equivalent to approximately GBP55,573.98 at the
prevailing exchange rate) (the "Disposal").
Following the Disposal, the Company has now sold between 3 March
and 17 April 2017 a total of 170,232 BTL Common Shares, generating
proceeds of approximately C$603,324 for the Company (equivalent to
approximately GBP362,204 at the prevailing exchange rates).
To date Vela has invested a total of approximately GBP296,980 in
BTL. Following the Disposal, and the additional investment as
announced by the Company on 18 April 2017, Vela holds 663,100
common shares in BTL, equivalent to approximately 3.6 per cent. of
BTL's issued share capital. BTL is listed on the TSX Venture
Exchange, on which the closing mid-market price on 17 April 2017 of
BTL's common shares was C$4.80 per share, which values Vela's
shareholding in BTL at approximately C$3.18 million (equivalent to
approximately GBP1.85 million at the prevailing exchange rate*). In
addition Vela holds a total of 66,666 warrants in BTL. 41,666
warrants are exercisable at a price of C$1.50 for a period expiring
on 17 December 2017 and 25,000 warrants are exercisable at a price
of C$3.25 for a period expiring on 6 April 2019.
For the 9 months ended 30 September 2016, BTL generated revenue
of C$226,591 and incurred a net loss of C$1,301,927. As at 30
September 2016 BTL had net assets of C$1,084,448.
*Based on the exchange rate as on 19 April 2017 of C$1:
GBGBP0.581058.
For further information, please contact:
Vela Technologies plc
Brent Fitzpatrick,
Non-Executive Chairman Tel: +44 (0) 7802 262
Antony Laiker, Director 443
Allenby Capital Limited
(Nominated Adviser)
Nick Athanas/Katrina Tel: +44 (0) 20 3328 5656
Perez/Nick Naylor
Smaller Company 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
DISKKLBFDZFXBBE
(END) Dow Jones Newswires
April 19, 2017 05:37 ET (09:37 GMT)
Vela Technologies (LSE:VELA)
Historical Stock Chart
From Apr 2024 to May 2024
Vela Technologies (LSE:VELA)
Historical Stock Chart
From May 2023 to May 2024