REG - Vela Technologies - Further investment in Northcoders Group plc

Vela TechnologiesAnnouncement

28/11/2022 07:00

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RNS Number : 6971H  Vela Technologies PLC  28 November 2022

28 November 2022

Vela Technologies plc

("Vela" or "the Company")

Further investment in Northcoders Group plc

The Board of Vela (AIM: VELA), an AIM-quoted investing company focused on
early-stage and pre-IPO disruptive technology investments, announces that the
Company has purchased 33,333 ordinary shares of 1 penny each in Northcoders
Group plc ("Northcoders") as part of the secondary placing undertaken by
Northcoders, details of which were announced by Northcoders on 21 November
2022.

 

Further information on Northcoders

Northcoders is a market leading provider of coding and software development
training for businesses and individuals. Founded in 2015, its business model
operates a hybrid structure with a flagship site in Manchester and other sites
in Leeds, Birmingham and Newcastle supported by a proven digital offering to
support its students across the UK.

Powered by IP rich technology, Northcoders' coding school offers boot camp
courses to individuals from a range of backgrounds, delivered through virtual
and physical learning.  The group also works with blue chip corporates across
multiple sectors to supply innovative EdTech solutions for the upskilling and
reskilling of employees and is also a registered provider of government-backed
apprenticeships in the field.

With a keen focus of inclusivity, diversity and quality at its core,
Northcoders aims to address the digital skills gap in the UK to meet the
increasing demand for digital specialists from businesses and public
agencies.  It operates in a significant and growing market with structural
growth trends further accelerated by Covid-19.

For the year ended 31 December 2021, Northcoders reported a loss before
taxation of £0.52 million. Northcoders' unaudited net assets as at 30 June
2022 were £2.44 million.

Further details on Northcoders are available on its website at
www.northcodersgroup.com.

Details of the investment

Vela has purchased 33,333 ordinary shares of 1 penny each in Northcoders, at a
price of £3 per share for a total cost to the Company of £99,999, satisfied
from the Company's existing cash resources. Settlement of Vela's investment is
expected to occur on 28 November 2022, in accordance with the details
announced by Northcoders on 21 November 2022.

Vela's investment is part of a secondary placing in Northcoders undertaken as
a result of excess investor demand following an oversubscribed placing
undertaken by Northcoders that successfully raised £2.1 million (before
expenses) for the company.

Following this purchase, Vela holds 349,999 ordinary shares in Northcoders
representing 4.55 per cent. of Northcoders' enlarged share capital following
completion of its recent placing.

James Normand, Executive Director of Vela, commented:

"Northcoders has more than met the promise that Vela perceived at the time of
its IPO in July last year.  We were therefore keen to maintain Vela's equity
interest in the expectation of continuing growth for Northcoders, boosted by
the proceeds from this oversubscribed placing."

 

For further information, please contact:

 Vela Technologies plc                        Tel: +44 (0) 7410886830

 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
 Lucy Williams / Duncan Vasey / Eran Zucker
 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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