Update on investment in Disruptive Tech Limited

RNS Number : 1494M

Vela Technologies PLC

05 May 2015

 



Vela Technologies plc

("Vela" or the "Company")

Financing announcement by Nektan plc

Vela Technologies plc (AIM: VELA), the investing company focused on early stage and pre-IPO disruptive technology investments, notes the announcement released by Nektan plc ("Nektan") on 28 April 2015 in connection with a new financing package of £7.1 million being secured by Nektan to support their US expansion and continued European growth.

Nektan is a portfolio company of Disruptive Tech Limited ("DTL"), Vela's largest investment made to date. Vela acquired 262,090 shares in DTL in August 2013 equating to a 0.63% 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.

The board of Vela notes that Nektan has expanded its business since flotation on AIM in November 2014 signing a total of 34 contracts and/or letters of intent, 18 of which are land-based in the US, through their US joint venture, and 16 through white label partnership deals in Europe. The most significant of these contracts is the partnership with The Sun in the UK which Nektan has stated they expect to be launched later this year.

Nektan's latest funding round, which was supported by existing long term shareholders, new investors and certain directors of Nektan, gives the board of Vela confidence that Nektan is now in a position to fast track its expansion further in the US and Europe.

A link to the announcement released can be found at: http://www.investegate.co.uk/nektan-plc--nktn-/rns/new-financing-of--7-1-million/201504280700134669L/

About Nektan

Nektan is the leading international B2B mobile gaming platform provider. It is a developer and operator of mobile games in the regulated, interactive real money gaming and freemium gaming space, delivering white label implementations to large commercial organisations that have established online audiences. Nektan operates under a full Remote Gambling Licence issued by the Gibraltar Licensing Authority and maintains sales and customer support operations in its two primary geographical targets, Europe and North America, from offices in Gibraltar, London and Las Vegas.

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/James Reeve Vicarage Capital Limited (Broker) Rupert Williams/Jeremy Woodgate	Tel: [phone] Tel: [phone]

 

END

 

 

MSCLFFELERISIIE