£250,000 investment in Skillcast Group plc

RNS Number : 1220U

Vela Technologies PLC

01 December 2021

 

1 December 2021

Vela Technologies plc

("Vela")

£250,000 investment in Skillcast Group plc

The Board of Vela (AIM: VELA) is pleased to announce its investment of £250,000 in Skillcast Group plc's ("Skillcast") IPO funding round which has successfully raised c.£3.5 million for Skillcast and £1 million for selling shareholders. The admission of the enlarged share capital of Skillcast to trading on the AIM market of the London Stock Exchange ("Admission") took place today at 8:00 a.m.

Further information on Skillcast

Skillcast provides software and content subscriptions and related professional services to enable companies to implement their staff compliance and training obligations. Operating from its two bases, in London and Malta, Skillcast helps companies across a broad spectrum of industry sectors in the UK, EU and the rest of the world, to train their staff and demonstrate compliance with various laws, regulations, and standards that are relevant for their business.

Skillcast , through its subsidiaries, has been operating for 20 years, and its client base includes several blue-chip companies such as Schroders, Fresnillo, GKN, British Land, Oxford University Press, Vattenfall, Allergan and a number of other constituents of the FTSE 100 Index.

Skillcast has a track record of delivering sustained growth and profitability and generating positive cash flows over the past five years.

Skillcast has a track record of paying dividends.  Skillcast declared an annual dividend of approximately £0.4 million in respect of the group's performance in the years 2018, 2019 and 2020 and the Directors of Skillcast are committed to continuing the payment of dividends following Admission.

For the year ended 31 December 2020, Skillcast generated a profit before taxation of £1.02 million. Skillcast's net assets as at 31 December 2020 were £3.88 million.

Further details on Skillcast will be contained in its admission document which is available on its website at  https://www.skillcast.com/ .

Details of the investment

Vela has invested £250,000 in Skillcast, from Vela's existing cash resources. Vela has subscribed for 675,676 ordinary shares of 0.1 pence each in Skillcast, at a price of 37 pence per share, valuing Skillcast at £33.1 million.

Following Admission, Vela will hold 0.76 per cent. of Skillcast's enlarged share capital. 

James Normand, Executive Director of Vela, commented :

"Skillcast has used its distinctive software to carve out a leading position in its market.  Vela's investment reflects its confidence in the plans for growth formulated by Skillcast's first-class management team; and fits Vela's underlying strategy to build capital value for its shareholders by identifying market-disrupting technological innovation."

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/Piers Shimwell
Peterhouse Capital Limited  (Joint Broker)	Tel: [phone]
Lucy Williams / Duncan Vasey / Eran Zucker

About Vela Technologies 

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.

 

END

 

 

MSCEADFEDEFFFAA