Update on Portr and Issue of Equity

RNS Number : 2067N

Vela Technologies PLC

24 July 2014

 



Vela Technologies plc

("Vela" or the "Company")

Update and further acquisition of interest in Portr Limited ("Portr")

Issue of equity

Vela Technologies plc (AIM: VELA), the investing company focussed on early stage and pre-IPO technology investments, is pleased to announce the following update on its travel technology investee company, Portr, along with a further acquisition of shares in Portr.

Update on Portr

Portr's service, AirPortr, was launched at London City Airport ("LCA") on 1 May 2014 and full operations commenced on 22 May 2014. The service is designed to enable visitors to London to book luggage transfers between the airport and their end destination being their hotel, serviced apartment or office leaving them bag free and able to maximise their time in the city. Portr employs leading-edge technology across its web booking platform and logistics engine, integrated with leading same-day and specialist logistics provider CitySprint UK who manage and deliver the white-glove AirPortr® operation.

Following an update from Portr, the board of Vela understand that the AirPortr® service has been well received at LCA with performance in line with expectations, where the passenger need for speed, convenience and productivity is heightened. Portr continues to works towards launch of its service at one or more additional London airports later this year. The board of Vela expect to be in a position to make further announcements in the coming months regarding a number of material commercial agreements and innovative service developments which Portr have been progressing with key partners including international airlines.

Vela have to date invested £100,000 in cash in Portr over two funding rounds. The most recent investment of £50,000 in Portr was part of an overall £600,000 funding round by Portr at a price of some 290 pence per share which valued Portr at £5.1 million (post-money).

During the 18 month pre trading period from incorporation to 26 December 2013, Portr made unaudited losses of £266,000 and as at that date had net liabilities of approximately £1,000.

Further acquisition of interest in Portr and issue of equity

Vela is also pleased to announce the acquisition of a further 38,314 shares in Portr for a consideration of £100,000 which has been wholly satisfied  through the issue of 20,000,000 new ordinary shares in Vela (the "Consideration Shares") at 0.5 pence per share (the "Transaction").  The vendor of the 38,314 shares in Portr is John Garner.

Following completion of the Transaction Vela will have an enlarged shareholding of 87,685 shares in Portr representing approximately 5% of Portr's issued share capital. The shareholding in Portr has been acquired by Vela in three tranches as follows- 32,136 shares at 156 pence per Portr share (announced on 12 November 2013), 17,235 shares at 290 pence per Portr share (announced on 12 May 2014) and  38,314 shares at 261 pence per Portr share (announced today).

Application will be made to the London Stock Exchange for the 20,000,000 Consideration Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective on or around 30 July 2014. Completion of the Transaction is subject only to Admission.

Following the issue of the Consideration Shares, John Garner will be interested in 20,000,000 ordinary shares in the Company representing 8.26% of the issued share capital in the Company (as enlarged by the issue of the Consideration Shares). The Consideration Shares will rank pari passu in all respects with the existing ordinary shares. 

Following the issue of the Consideration Shares, the Company's issued share capital consists of 242,088,020 ordinary shares of 0.1 pence each with one voting right each. The Company does not hold any ordinary shares in treasury. Therefore the total number of ordinary shares and voting rights in the Company is 242,088,020.

The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

For further information:

Vela Technologies plc
Brent Fitzpatrick, Non-Executive Chairman Antony Laiker, Director	Tel: [phone]
Allenby Capital Limited
Nick Athanas/Katrina Perez/James Reeve	Tel: [phone]
Newgate Threadneedle Graham Herring/Heather Armstrong	Tel: [phone]

 

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