Update on investment in DTL

RNS Number : 6724O

Vela Technologies PLC

29 May 2015

 



Vela Technologies plc

("Vela" or the "Company")

Further financing and issue of equity 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") earlier today in connection with Nektan having raised an additional £0.9 million of financing to secure a total aggregated £8.0 million of new financing to support its US expansion and continued European growth. On 28 April 2015, Nektan announced a £7.1 million new financing package.

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.

Nektan will issue convertible loan notes to new investors raising £0.75 million through the issue of non-VCT loan notes, subject to the terms as detailed in its announcement of 28 April 2015. Further, a total of 89,552 new ordinary shares in Nektan have been placed at a price of 167.5 pence per new ordinary share, raising gross proceeds of approximately £0.15 million for the company.

In addition, DTL has agreed to exchange with Nektan £0.45 million of the remaining £0.6 million intended drawdown under a DTL loan facility for a subscription of non-VCT loan notes of equivalent value.

The board of Vela notes the continued fundraising successes of Nektan and looks forward to the company's implementation of its expansion strategy in the US and Europe.

A link to the Nektan announcement can be found at: http://www.investegate.co.uk/nektan-plc--nktn-/rns/further-financing-and-issue-of-equity/201505290708456023O/

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]

 

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