Update on investment in 3Legs Resources plc

RNS Number : 1699N

Vela Technologies PLC

14 May 2015

 



14 May 2015

Vela Technologies plc

("Vela" or the "Company")

Update on investment in 3Legs Resources plc

The Board of Vela (AIM: VELA), the investing company focused on early stage and pre-IPO disruptive technology investments, announces that the Company acquired a further 4,500,000 existing ordinary shares in 3Legs Resources plc ("3Legs") (AIM: 3LEG) on 13 May 2015 at a price of 0.215 pence per share.

Vela's resultant holding in 3Legs is 23,500,000 shares, representing 5.42% of the total voting rights of 3Legs. Vela's shareholding in 3Legs has been acquired at an average price of 0.213 pence per share for a total consideration of approximately £50,090.

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.

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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