Vela Technologies PLC Strategic Update (0793Y)
September 02 2022 - 1:40AM
UK Regulatory
TIDMVELA
RNS Number : 0793Y
Vela Technologies PLC
02 September 2022
2 September 2022
Vela Technologies plc
("Vela" or the "Company")
Strategic Update
The Board of Vela Technologies plc (AIM: VELA) today provides
the following update with regard to the future investment strategy
and direction of the Company.
Following the appointment to the board of Antony Laiker, a
significant shareholder in Vela, it has been agreed by the Board
that, while not diverting from the Company's underlying investing
policy, Vela will consider other corporate transactions whereby
Vela's assets might be utilised to effect one or more larger
transactions. Such transactions may include, but will not be
limited to: i) an acquisition which constitutes a reverse takeover
under the AIM Rules for Companies; ii) a substantial investment by
Vela in a trading business; or iii) an acquisition of a division of
a listed/quoted or private company.
This strategy was previously outlined in the announcement, on 26
September 2019, of Vela's final results for the year ended 31 March
2019. Various discussions took place subsequent to that
announcement, however the advent of Covid-19 prevented a
transaction being able to be concluded, leading to the
reorganisation announced by the Company on 31 July 2020. The
Company subsequently expanded its existing investment portfolio and
shareholders approved a revised investing policy, which was adopted
by the Company on 24 January 2022, further details of which were
set out in the Company's announcement of 30 December 2021.
The Board is now reinstating the strategy outlined in the
announcement of 26 September 2019. The Board believes that the
combined value of Vela's listed investments and cash resources may
prove attractive to third parties. In addition, in current market
conditions, such a strategy may provide more certainty and
potential uplift in the value for Vela shareholders going forward.
In the meantime, Vela will continue to realise funds from the sale
of existing investments, where appropriate
At this stage, although the Company has had a number of informal
discussions and received a number of approaches, it has not engaged
in discussions on any potential transactions, as outlined above. In
the event that such a transaction is identified, Vela will seek
advice from its Nominated Adviser and, if necessary, seek
shareholder approval for any changes required to ensure that the
Company complies with AIM Rules for Companies.
As outlined in the Company's quarterly investment update
released on 22 July 2022, Vela's investment portfolio comprises a
total of 13 active investments of which two are unquoted, ten are
quoted and the final investment is the interest in future royalties
from the Covid-19 drug being developed by St George's Street
Capital ("SGSC"). The unaudited fair value of Vela's investment
portfolio as at 30 June 2022 was GBP5.97 million.
The Board will continue to update investors on the portfolio
movements and valuation in the Company's quarterly updates, the
next one being due for the quarter ended 30 September 2022.
For further information, please contact:
Vela Technologies plc Tel: +44 (0) 7421 728875
Brent Fitzpatrick, Non-Executive Chairman Email:info@velatechplc.com
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 / Lauren Riley
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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