Update on investment in Disruptive Tech Limited

RNS Number : 9950V

Vela Technologies PLC

03 November 2014

 



Vela Technologies plc

("Vela" or the "Company")

Update on investment in Disruptive Tech Limited

Vela Technologies plc (AIM: VELA), the investing company focused on early stage and pre-IPO technology investments, is pleased to announce that, further to the announcement of 3 October 2014, the ordinary shares of Nektan plc ("Nektan") were admitted to trading on AIM with effect from 8 a.m. today.

Nektan is a portfolio company of Disruptive Tech Limited ("DTL"), Vela's largest investment made to date. DTL is an active investor in a number of technology businesses including Nektan. Vela acquired 262,090 shares in DTL in August 2013 equating to a 0.65% interest in DTL's issued share capital. The consideration payable by Vela to the vendor in DTL was £125,000 in cash and £125,000 satisfied through the issue of 8,333,333 shares in Vela.

Nektan, the holding company of Nektan (Gibratar) Limited, is an international B2B provider of mobile gaming platforms. It is a developer and operator of mobile games in the regulated, interactive real money and freemium gaming spaces, delivering white label implementations to large commercial organisations that have established online audiences. Formed in 2011, Nektan operates under a full Remote Gambling Licence issued by the Gibraltar Licensing Authority.

Further information regarding Nektan can be found in its admission document, which is available from Nektan's website (www.nektan.com).

Following Admission, DTL, via its subsidiary, Disruptive Tech Nektan Holdings Ltd ("DTNH"), now holds 13.0% of the ordinary share capital of Nektan.  The board of DTL has agreed to a 12-month lock-in arrangement in relation to DTNH's holding in Nektan.  The Board of Vela understand that DTL also holds certain unvested options over further ordinary shares in Nektan.  Once vested, if these options were to be exercised and no other options or convertible securities were to be exercised, DTL would then have an interest representing approximately 21% of the ordinary share capital of Nektan.

Further announcements will be made in relation to DTL as and when appropriate.

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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