Vela Technologies PLC Update re Rosslyn Data and Proposed Investment (4027D)
April 26 2017 - 5:17AM
UK Regulatory
TIDMVELA
RNS Number : 4027D
Vela Technologies PLC
26 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")
26 April 2017
Vela Technologies plc
("Vela", the "Company" or the "Group")
Proposed further investment in Rosslyn Data Technologies plc
The Board of Vela (AIM: VELA), the investing company focused on
early-stage and pre-IPO disruptive technology investments, is
pleased to announce that the Company has conditionally subscribed
for 1,111,111 ordinary shares (the "Placing Shares") in Rosslyn
Data Technologies plc ("Rosslyn Data"), an existing investee
company, at 4.5p per share for a consideration of GBP50,000.
The investment by Vela is part of a placing and open offer being
undertaken by Rosslyn Data to raise up to GBP5.0m (the "Rosslyn
Data Fundraising") in conjunction with the acquisition of
Integritie (UK) Limited, details of which were announced by Rosslyn
Data earlier today. The proposed investment by Vela is being funded
from the Company's existing cash resources. The Rosslyn Data
Fundraising, and therefore Vela's subscription for 1,111,111
Placing Shares, is conditional upon, inter alia, approval by
shareholders of Rosslyn Data in a general meeting to be held on 12
May 2017.
On completion of the Rosslyn Data Fundraising, and assuming the
open offer is fully subscribed, the Company will become interested
in 1,411,111 ordinary shares in Rosslyn Data, representing
approximately 0.75 per cent. of the enlarged issued share capital
of Rosslyn Data. Rosslyn Data's shares are quoted on AIM, on which
the closing mid-market price on 25 April 2017 of the company's
ordinary shares was 7.875 pence per share.
For the six months ended 31 October 2016, Rosslyn Data generated
revenues of GBP1,666,577 and incurred a net loss of GBP981,665. As
at 31 October 2016, Rosslyn Data had net assets of GBP1,631,096.
Further information on Rosslyn Data, including the announcement
released today in relation to Rosslyn Data Fundraising and
acquisition, is available on the Rosslyn Data website
(www.rosslynanalytics.com).
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
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