Result of AGM and Completion of Investment

RNS Number : 1212U

Vela Technologies PLC

19 October 2017

 

19 October 2017

Vela Technologies plc

("Vela" or the "Company")

 Result of Annual General Meeting

Completion of investment in Vibe Tickets

The Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, is pleased to announce that at the Company's Annual General Meeting held earlier today all resolutions were passed.

Further to the announcement made on 16 October 2017, the Company is pleased to announce that its investment in THEVIBE Ltd (trading as Vibe Tickets) ("Vibe Tickets") has now been completed. Vela has invested £200,000 in Vibe Tickets' follow-on funding round.  

Following the completion of the fundraise, the Company has a 5.17% equity interest in the share capital of Vibe Tickets. In addition, as part of the fundraise, the investors in the funding round, including Vela, have been issued with warrants to acquire additional new ordinary shares in Vibe Tickets for nominal consideration. The warrants are only exercisable if and when the next funding round is undertaken by Vibe Tickets and providing this funding round raises in excess of £1,000,000. The exercise price of the warrants will equate to a 25% discount to the value of this next funding round.

For further information, please contact:

Vela Technologies plc
Brent Fitzpatrick, Non-Executive Chairman Antony Laiker, Director	Tel: [phone]
Allenby Capital Limited (Nominated Adviser) Nick Athanas/Katrina Perez/Nick Naylor	Tel: [phone]
Smaller Company Capital Limited (Broker) Rupert Williams/Jeremy Woodgate	Tel: [phone]

 

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