Partial sale of holding in BTL Group Ltd

RNS Number : 6486Y
Vela Technologies PLC
06 March 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")

 

 

6 March 2017

 

Vela Technologies plc

("Vela", the "Company" or the "Group")

 

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 3 March 2017, the Company disposed of a total of 63,332 common shares in BTL Group Ltd ("BTL") at prices between C$2.50 per share and C$2.99 per share and with an average price of C$2.69 per share generating proceeds of C$170,630 for the Company (equivalent to £103,109.64 at the prevailing exchange rate) (the "Disposal").

 

Following the Disposal Vela holds 720,000 common shares in BTL, equivalent to approximately 4.2 per cent. of BTL's issued share capital. BTL is listed on the TSX Venture Exchange, on which the closing mid-market price on 3 March 2017 of BTL's common shares was C$3.25 per share, which values Vela's shareholding in BTL at approximately C$2,340,000 (equivalent to approximately £1.425 million at the prevailing exchange rate*).

 

In addition Vela holds 41,666 warrants in BTL exercisable at a price of C$1.50. These warrants were issued to Vela in December 2016 and are exercisable for a period expiring on 17 December 2017. The issue of the warrants was detailed in BTL's announcement of 30 November 2016.

 

To date Vela has invested a total of approximately £214,300 in BTL.

 

The proceeds from the Disposal will provide additional working capital for Vela and enable the Company to take advantage of further investment opportunities as and when they arise.

 

ABOUT BTL GROUP LTD.

 

Operating from both Canada and the UK, BTL offers blockchain solutions to businesses across multiple industries, in particular the finance, energy and gaming sectors. BTL has built prototypes that showcase the capabilities of its Interbit platform, a proprietary blockchain based interbank payment network and settlement and asset trading solution.

 

Interbit is an open, multi-chain, asset settlement platform with a suite of APIs and smart contracts that allow businesses from across the world to provide global access to fast, secure, and auditable financial and asset trading services.

 

With offices in Vancouver and Canary Wharf in London, BTL is positioning itself as a front-runner in the blockchain ecosystem, providing advice and knowledge to industry leaders.

 

Website: www.btl.co
Twitter: 
https://twitter.com/blockchainltd

 

*Based on the exchange rate as on 6 March 2017 of C$1: GB£0.608599.

 

 

For further information, please contact:

 

Vela Technologies plc


Brent Fitzpatrick, Non-Executive Chairman

Antony Laiker, Director

 

 

Tel: +44 (0) 7802 262 443

 

Allenby Capital Limited

(Nominated Adviser)

Nick Athanas/Katrina Perez/Nick Naylor

 

 

 

Tel: +44 (0) 20 3328 5656

Smaller Company Capital Limited

(Broker)

Rupert Williams/Jeremy Woodgate

 

 

 

Tel: +44 (0) 20 3651 2910

 


 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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