Vela Technologies PLC Placing to raise £750,000 (1577Z)
December 13 2017 - 2:00AM
UK Regulatory
TIDMVELA
RNS Number : 1577Z
Vela Technologies PLC
13 December 2017
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.
13 December 2017
Vela Technologies plc
("Vela" or the "Company")
Placing to raise GBP750,000
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 raised gross proceeds of
GBP750,000 through a placing of 115,384,615 new ordinary shares of
0.1 pence each in the Company (the "Placing Shares") at a price of
0.65 pence per share (the "Placing Price") (together the
"Placing"). The net proceeds from the Placing will be used by the
Company to take advantage of further investment opportunities as
and when they arise.
The Placing has been undertaken under the Company's existing
share allotment authorities approved by shareholders at the annual
general meeting of the Company held on 19 October 2017. The
Placing, which was oversubscribed, has been arranged by Smaller
Company Capital Limited as the Company's broker.
Subscribers in the Placing will be issued with 1 warrant for
every 2 Placing Shares (the "Placing Warrants") exercisable for a
period of up to 12 months from Admission at 1 pence per ordinary
share.
Antony Laiker, Executive Director of Vela, commented:
"2017 has been a busy year for Vela culminating in this
fundraise which will place Vela in a strong position for further
investments. There is a wealth of talent, drive and enthusiasm
among early stage technology businesses and we had been approached
by several investors who wanted exposure to our latest
transactions. These funds will assist us in discussions with
suitable investments as well as providing Vela with the ability to
act more proactively to increase shareholder value."
Details of the Placing and Admission
The Placing is conditional on admission of the Placing Shares to
trading on AIM. Following Admission, the Placing Shares will
represent, in aggregate, approximately 13.79 per cent. of the
issued share capital of the Company as enlarged by the issue of the
Placing Shares.
Application has been made for the 115,384,615 Placing Shares to
be admitted to trading on AIM ("Admission"). It is anticipated that
Admission will occur on or around 15 December 2017.
Total Voting Rights
Following Admission, the issued share capital of the Company
will consist of 836,973,115 ordinary shares with one voting right
per share. The Company does not hold any shares in treasury, and
therefore the total number of ordinary shares and voting rights in
the Company will be 836,973,115. This figure may be used by
shareholders in the Company as the denominator for the calculations
but 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 FCA's Disclosure Guidance and Transparency
Rules.
Market Abuse Regulation
The Market Abuse Regulations (EU) No. 596/2014 (MAR) became
effective from 3 July 2016. Market soundings, as defined in MAR,
were taken in respect of the Placing with the result that certain
persons became aware of inside information, as permitted by MAR.
That inside information is set out in this announcement and has
been disclosed as soon as possible in accordance with paragraph 7
of article 17 of MAR. Therefore, those persons that received inside
information in a market sounding are no longer in possession of
inside information relating to the Company and its securities.
For further information, please contact:
Vela Technologies plc
Brent Fitzpatrick, Non-Executive
Chairman Tel: +44 (0) 7802
Antony Laiker, Director 262 443
Allenby Capital Limited
(Nominated Adviser)
Nick Athanas/Katrina Perez/Asha Tel: +44 (0) 20
Chotai 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
END
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