Issue of Equity and Change to Total Voting Rights

RNS Number : 9153F

Vela Technologies PLC

12 March 2020

 

12 March 2020

Vela Technologies plc

("Vela" or the "Company")

Issue of Equity

Change to Total Voting Rights

The Board of Vela (AIM: VELA) announces that it has today issued 30,000,000 new ordinary shares in the Company (the "New Ordinary Shares") to Align Research, in payment of a fee due for research services provided to the Company. The Company entered into an equity research service agreement with Align Research on 26 September 2019 (the "Agreement"). 

Under the terms of the Agreement, the Company has elected to satisfy the fees owed to Align Research through the issue of the 30,000,000 new ordinary shares, issued at a price of 0.1p per New Ordinary Share. Application has been made for the New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is anticipated that Admission will become effective at 8.00 a.m. on 17 March 2020.

Under the terms of the Agreement, the 30,000,000 New Ordinary Shares issued to Align Research shall be subject to a minimum six month lock-in period.

Following Admission, the total number of ordinary shares and voting rights in the Company will be 1,748,943,717. The Company does not hold any shares in treasury. From Admission, the above figure may be used by shareholders 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 pursuant to the FCA's Disclosure Guidance and Transparency Rules. 

For further information, please contact: 

Vela Technologies plc	Tel: [phone]
Brent Fitzpatrick, Non-Executive Chairman Antony Laiker, Director
Allenby Capital Limited (Nominated Adviser and Broker) Nick Athanas/Asha Chotai	Tel: [phone]

About Vela Technologies 

Vela Technologies (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. There are currently 12 investments in the portfolio which either have developed ways of utilising technology or developing technology with a view to disrupting the businesses or sector in which they operate. More recently, Vela Technologies has also started to focus on existing listed companies where valuations may offer additional opportunities.

 

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