Update re. investment in Kanabo Group plc

RNS Number : 7722P

Vela Technologies PLC

19 February 2021

 

19 February 2021

Vela Technologies plc

("Vela" or "the Company")

Update re. investment in Kanabo Group plc

The Board of Vela (AIM: VELA) announces that, on 17 February 2021, the Company disposed of 1,000,000 shares in Kanabo Group plc ("Kanabo") at a price of 23.5p per share generating net proceeds of £233,801 for the Company (the "Disposal").

As detailed in the Company's announcement of 16 February 2021, Vela invested £150,000 in Kanabo (formerly Spinnaker Opportunities plc), in conjunction with its reverse takeover acquisition of Kanabo Limited and its admission to trading on the main market of the London Stock Exchange. Vela originally subscribed for 2,307,692 shares in Kanabo at a price of 6.5p per share and therefore the Disposal reflects a net profit of £168,801.

Following the Disposal, Vela continues to hold 1,307,692 shares in Kanabo, equivalent to approximately 0.36 per cent. of Kanabo's issued share capital. The net proceeds from the Disposal will be used by the Company to make further investments in line with the Company's investing policy and for general working capital purposes.

For further information, please contact:

Vela Technologies plc Brent Fitzpatrick, Non-Executive Chairman James Normand, Executive Director	Tel: [phone]
Allenby Capital Limited (Nominated Adviser and Joint Broker)	Tel: [phone]
Nick Athanas / Asha Chotai
Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey / Eran Zucker	Tel: [phone]

About Vela Technologies plc 

Vela Technologies plc (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. Vela's investee companies have either developed ways of utilising technology or are developing technology with a view to disrupting the businesses or sector in which they operate. Vela Technologies will also invest in already-listed companies where valuations offer additional opportunities.

 

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