£750,000 investment in Northcoders Group plc
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.
22 July 2021
Vela Technologies plc
("Vela" or "the Company")
Proposed investment of £750,000 in Northcoders Group plc
The Board of Vela (AIM: VELA) notes the AIM Schedule One released in relation to Northcoders Group plc ("Northcoders") at 8.00 a.m. today updating on the admission to AIM and fundraising for Northcoders ("IPO") and is pleased to announce that it is investing £750,000 in their IPO funding round which has successfully raised c. £3.5m.
Highlights
· Cornerstone investor alongside Amati Global Investors in forthcoming IPO of Northcoders;
· £750,000 investment represents second largest investment made by Vela since its strategic relaunch in August 2020; and
· Investment has been made in line with the Company's investing policy and the strategic emphasis of delivering demonstrable value accretion for Vela's shareholders.
Further information on Northcoders
Northcoders, headquartered in Manchester, is an independent provider of training programmes for software coding. It offers a range of training and software development solutions to individual and corporate customers. Northcoders' offering includes 'bootcamp' training courses, government funded apprenticeships, bespoke training courses and software development solutions. In addition, Northcoders' proprietary IP in its platform allows the Group to streamline and automate elements of the delivery of its courses.
Northcoders operates a hybrid delivery model by providing its services in person, at one of Northcoders' regional office 'hubs' currently located in Manchester and Leeds, and also digitally via its online platform. The online element has been a growing part of Northcoders' offering since the beginning of the COVID-19 pandemic.
Admission of the ordinary shares of Northcoders to trading on the AIM market of the London Stock Exchange is expected to take place on 27 July 2021.
For the year ended 31 December 2020, Northcoders Limited ("NCR") (the principal operating subsidiary of Northcoders) generated a loss before taxation of £1.25 million. NCR's net liabilities as at 31 December 2020 were £0.54 million.
Further details on Northcoders will be contained in its admission document which will be available on its website at www.northcoders.com.
Details of the investment
Vela has invested £750,000 in Northcoders, from the Company's existing cash resources. Vela has subscribed for 416,666 new ordinary shares of 1 penny each in Northcoders, at a price of 180 pence per share, valuing Northcoders at £12.5 million.
Following completion of this investment, Vela will hold 6.0 per cent. of Northcoders' enlarged share capital.
James Normand, Executive Director of Vela, commented :
"Vela is pleased to participate in the flotation of a business that is helping to deliver the skills which the country will need as it emerges from the economic slump caused by Covid-19. Northcoders uses the remote communication methods with which we have all become familiar over the last 18 months and which give Northcoders the disruptive capability which is Vela's principal investment criterion."
For further information, please contact:
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Vela Technologies plc Brent Fitzpatrick, Non-Executive Chairman James Normand, Executive Director
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Tel: +44 (0) 7421 728875 |
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Allenby Capital Limited (Nominated Adviser and Joint Broker) |
Tel: +44 (0) 20 3328 5656 |
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Nick Athanas / Piers Shimwell
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Peterhouse Capital Limited (Joint Broker) |
Tel: +44 (0) 20 7469 0930 |
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Lucy Williams / Duncan Vasey / Eran Zucker
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About Vela Technologies
Vela Technologies (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 listed companies where valuations may offer additional opportunities.
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