REG - Vela Technologies - £250,000 investment in Skillcast Group plc

Vela TechnologiesAnnouncement

01/12/2021 08:05

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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/
(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                                          Tel: +44 (0) 7421 728875

 Brent Fitzpatrick, Non-Executive Chairman

 James Normand, Executive Director

 Allenby Capital Limited (Nominated Adviser and Joint Broker)   Tel: +44 (0) 20 3328 5656
 Nick Athanas/Piers Shimwell

 Peterhouse Capital Limited (Joint Broker)                      Tel: +44 (0) 20 7469 0930
 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.

 

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