Investment in 3Legs Resources plc

RNS Number : 9630G

Vela Technologies PLC

10 March 2015

 



10 March 2015

Vela Technologies plc

("Vela" or the "Company")

Investment in 3Legs Resources plc

The Board of Vela (AIM: VELA), the investing company focused on early stage and pre-IPO technology investments, announces that the Company has acquired a total of 17,500,000 existing ordinary shares in 3Legs Resources plc ("3Legs") (AIM: 3LEG) at an average price of 0.212 pence per share for a total cash consideration of £36,875. Vela's holding of 17,500,000 shares in 3Legs represents 4.06% of the total voting rights of 3Legs.

The shares in 3Legs were acquired in the market by Vela between 27 February 2015 and 9 March 2015 as follows:

Date of purchase	Number of ordinary shares purchased	Price per share (p)	Investment
27 February 2015 6 March 2015 9 March 2015	5,000,000 7,500,000 5,000,000	0.2 0.215 0.215	£10,000 £16,125 £10,750

3Legs is an Isle of Man incorporated investing company whose shares are traded on AIM. In February 2015, 3Legs completed a corporate reorganisation which included the adoption of a new investing policy to invest in and/or acquire companies within the technology sector or within the resources sector, particularly where a resource can be brought into production through the application of modern technologies. As part of the above reorganisation, 3Legs raised £800,000 through a subscription for new ordinary shares at a price of 0.232 pence per share which valued 3Legs at approximately £1 million with the funds to be used by 3Legs in connection with the implementation of the new investing policy.

Commenting on the investment, Brent Fitzpatrick (Non-Executive Chairman), said:

"At the time of the placing in February our stated strategy was to create a new platform from which we could continue to offer support to our existing investments and to broaden our portfolio in a diverse range of technology orientated companies.

We are pleased to have been able to make our first investment in 2015 and to further broaden our investment portfolio. The board of Vela believe that the investment in 3Legs offers Vela an opportunity to invest at an attractive price in advance of 3Legs embarking on its investment policy."

For further information please contact:

Vela Technologies plc
Brent Fitzpatrick, Non-Executive Chairman Antony Laiker, Director	Tel: [phone]
Allenby Capital Limited
Nick Athanas/Katrina Perez/James Reeve	Tel: [phone]

 

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