Statement re First Investment under new policy
Vela Technology Plc ("Vela" or "the Company")
First Investment under new policy
15 August 2013
The Board of Vela is pleased to announce that the Company has completed its
first investment under the new investing policy adopted on 14th January2013.
Vela is acquiring 262,090 Ordinary Shares in eSeekers Ltd, which following an
agreed corporate restructuring will give the Company an equivalent interest in
Disruptive Tech Limited (DTL) a Gibraltar based holding Company which owns and
actively manages investments in a number of technology enterprises , including;
* Interest Labs Limited (www.interestlabs.com) an advanced technology
platform enabling high quality connections between brands and consumers.
* Nektan Limited (www.nektan.com) which delivers online gaming products and
services for commercial operators and government lotteries. Nektan has
recently acquired Mfuse Limited, a London-based specialists in mobile games
development for the gambling sector, for an undisclosed sum.
* VNU Capital LLC (owner of www.venue.com and www.emporium.com) a direct
retailer of consumer products via ecommerce and high yield consumer credit
solutions in the US.
* Freeformers Limited (www.freeformers.com) which helps global companies
understand and leverage technology by connecting them with developers and
entrepreneurs, providing Application training and development.
The investment of £250,000 will give Vela an interest of 0.63% of DTL's issued
capital.
The consideration payable to the vendor, Innov8 Social Media plc comprises £
125,000 cash and £125,000 satisfied through the issue of 8,333,333 Vela 0.1p
ordinary shares at 1.5p per share(the "Consideration Shares") representing a
discount of 14% to last night's closing mid-market price of 1.75p and
approximately 6.13% of the Company's enlarged issued ordinary share capital.
Application will be made for the Consideration Shares, which rank pari passu
with the Company's existing issued ordinary shares, to be admitted to trading
on AIM. It is expected that Admission will become effective on 21 August 2013.
Following the issue, the Company has 136,012,641 ordinary shares of 0.1p each
in issue, each carrying the right to one vote. The Company does not hold any
ordinary shares in Treasury. The above figure of 136,012,641 ordinary shares
may be used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of the Company
under the Financial Conduct Authority's Disclosure and Transparency Rules.
Non Executive Chairman Brent Fitzpatrick commented
This first investment marks both an exciting and positive step in the
development of the Company as an investor in innovative technologies, which has
been enabled by the £300,000 Placing announced on 9th August. Through our
investment in DTL we have gained exposure to a number of private and pre-IPO
investments in known high growth sectors whilst retaining a large proportion of
the Company's current cash reserves. There is a wealth of promising investment
opportunities in the technology sector in which I believe we are now well
positioned to participate.
For further Information
Vela Technologies plc e-mail brent@lowwave.co.uk
Brent Fitzpatrick
Non-Executive Chairman
ZAI Corporate Finance Tel 0207 060 0220
Nomad
Peter Trevelyan-Clark/Wei Wang
Peterhouse Corporate Finance Tel 0207 469 0932
Broker
Eran Zucker
Latest directors dealings
- 24 minutes ago Prudential
- 35 minutes ago Vanquis Banking Group 20
- 3 hours ago Frasers Group
- 3 hours ago Cavendish Financial
- 3 hours ago Diaceutics