Vela Technologies - Update re. investment in EnSilica
11/02/2025 07:00
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RNS Number : 5861W Vela Technologies PLC 11 February 2025
11 February 2025
Vela Technologies plc
("Vela" or "the Company")
Update re. investment in EnSilica
The Board of Vela (AIM: VELA), an AIM-quoted investing company focused on
early stage and pre-IPO disruptive technology investments, today provides an
update on its investment in EnSilica plc ("EnSilica").
Between 20 September 2024 and 7 February 2025, the Company sold a total of
425,000 shares in EnSilica at an average price of 46p per share generating
aggregate net proceeds of approximately £196,864 for the Company ("the
Disposal"). The Disposal is expected to generate a realised gain of £10,625
for Vela in the financial year to 31 March 2025.
Following the Disposal, Vela retains 241,707 shares in EnSilica, representing
0.25 per cent. of EnSilica's current issued share capital. The proceeds of the
Disposal are being utilised by the Company for general working capital
purposes.
The Company originally invested £750,000 in EnSilica in the form of
convertible loan notes ("the Loan Notes") as part of a pre-IPO funding round
in January 2022. The Loan Notes and interest accrued since the investment
converted on the IPO of EnSilica in May 2022 into new ordinary shares in
EnSilica and on admission of EnSilica's shares to trading on AIM. In March
2023, Vela invested a further £125,000 in EnSilica through the purchase of
178,572 ordinary shares. The investment was made as part of a £2.0 million
placing undertaken by EnSilica, details of which were announced by EnSilica on
9 March 2023. On 13 May 2024, the Company announced that it had sold a total
of 430,000 shares in EnSilica at an average price of 62p per share generating
aggregate net proceeds of approximately £265,633 for the Company.
EnSilica focuses on the design and supply of custom mixed signal Application
Specific Integrated Circuits ("ASICs") to system companies and original
equipment manufacturers, managing the manufacturing process end-to-end. The
fabless mixed signal ASIC supply model is a proven scalable platform to
deliver both growth and profitability.
EnSilica has ASICs developed or under development across the satellite
communication, automotive, industrial and healthcare markets. Mixed signal and
radio frequency ASICs play a key role in differentiating EnSilica's customers'
products in these markets.
For the year ended 31 May 2024 EnSilica generated revenue of £25.3 million
and an operating profit for the year of £0.9 million. As at 30 November 2024
EnSilica's unaudited net assets were £22.5 million.
For further information, please contact:
Vela Technologies plc Tel: +44 (0) 7950 389469
Brent Fitzpatrick, Non-Executive Chairman
James Normand, Executive Director
Allenby Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3328 5656
Nick Athanas / Piers Shimwell
Peterhouse Capital Limited (Broker) Tel: +44 (0) 20 7469 0930
Novus Communications (PR and IR Adviser) Tel: +44 (0) 20 7448 9839
Alan Green / Jacqueline Briscoe
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.
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