Update on investment - Community Social Investment

RNS Number : 5430R

Vela Technologies PLC

06 July 2022

 

6 July 2022

Vela Technologies plc

("Vela" or "the Company")

Update re. investment in Community Social Investment Limited (formerly WeShop Limited)

The Board of Vela (AIM: VELA), an AIM-quoted investing company focused on early-stage and pre-IPO disruptive technology investments, notes the announcement released today by IamFire plc, an AQSE quoted company, that it has acquired from Community Social Investment Limited ("CSI") (formerly WeShop Limited) an option to subscribe for convertible loan notes of WeShop Holdings Limited ("WSH") (formerly Boanerges Limited).

In October 2021 WSH issued 33,333,333 new shares to CSI as consideration for the assets, business and name 'WeShop'. CSI is required to hold these WSH shares until April 2023 before distributing them, in specie, to its shareholders.

Vela holds 71,429 shares in CSI, which it acquired in 2014 by investing £100,000 as part of a £1 million seed-funding round.  In Vela's last published balance sheet, and in subsequent quarterly valuations, these shares are valued at £5.98 per share (being the price at which new shares were last issued by CSI) which equates to a book value of £427,145. 

In the opinion of the Board of Vela, neither this sale by CSI of an option to subscribe for loan notes in WSH nor other recent developments at WSH alter the valuation that has been ascribed to Vela's investment in CSI.

The full IamFire announcement can be found here:  Option over £3.75m of CLNS in WeShop and Update - 07:00:00 06 Jul 2022 - News article | London Stock Exchange

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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