Investment in TruSpine Technologies plc

RNS Number : 9928P

Vela Technologies PLC

23 June 2022

 

23 June 2022

Vela Technologies PLC

("Vela" or "the Company")

Investment in TruSpine Technologies plc

Vela (AIM:VELA), an AIM-quoted investing company focused on early-stage and pre-IPO disruptive technology investments, announces that, further to its announcements on 14 June 2022, the Company has proceeded with a £300,000 investment in TruSpine Technologies plc ("TruSpine") following, inter alia, regulatory approval having been obtained by the Board of Vela.

TruSpine is an AQSE listed medical device company focused on the development of spinal stabilisation systems. The Company's £300,000 investment in TruSpine, which has been satisfied from the Company's existing cash resources, is in the form of a subscription for 6,000,000 ordinary shares, giving Vela a 5.07 per cent. equity interest in TruSpine. For the year ended 29 March 2021 TruSpine incurred a loss before tax of £651,181. As at 30 September 2021, and based on unaudited interim financial information, TruSpine had net assets of £3,009,471.

Further to the announcements released by the Company on 14 June 2022, the Board has made further enquiries of all parties about the reasons why Vela was issued with the new ordinary shares in TruSpine without formal Board approval. As noted in the announcement of 14 June 2022, whilst the Board had been considering a potential investment in TruSpine, it had not formally agreed to make an investment prior to the announcement made by TruSpine on 31 May 2022. The Board can confirm that on 26 May 2022, as a result of an administrative error, a placing letter was signed and payment made by the Company's retail stockbroker and custodian before the necessary regulatory approvals had been obtained. In order to prevent a recurrence of this procedural error, Vela has reminded its retail stockbroker and custodian of the existing procedures that are in place in respect of such matters and in particular has re-confirmed to its retail stockbroker and custodian that placing letters should not be signed on behalf of Vela without explicit instructions from the Board of Vela.

James Normand, Executive Director, said: "We consider TruSpine and its products to be a perfect example, both of the type of business and of the disruptive potential of its products, of the type of investment in which Vela was established to invest".

For further information, please contact:

Vela Technologies plc Brent Fitzpatrick, Non-Executive Chairman James Normand, Executive Director	Tel: [phone]
Allenby Capital Limited (Nominated Adviser)	Tel: [phone]
Nick Athanas / Piers Shimwell
Peterhouse Capital Limited (Broker)	Tel: [phone]
Lucy Williams / Duncan Vasey / Eran Zucker / Lauren Riley
Novus Communications (PR and IR Adviser)	Tel: [phone]
Alan Green / Jacqueline Briscoe

About Vela Technologies 

Vela Technologies plc (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 already-listed companies where valuations offer additional opportunities.

 

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