REG - Vela Technologies - Further partial sale of holding in BTL Group Ltd <Origin Href="QuoteRef">VELA.L</Origin>

Vela TechnologiesAnnouncement

19/04/2017 10:40

RNS Number : 7170C
Vela Technologies PLC
19 April 2017
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR")
19 April 2017
Vela Technologies plc
("Vela", the "Company" or the "Group")
Further partial sale of holding in BTL Group Ltd
The Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, announces that, on 17 April 2017, the Company disposed of a further 20,000 common shares ("BTL Common Shares") in BTL Group Ltd ("BTL") at an average price of C$4.72 generating net proceeds of C$92,850 for the Company(equivalent to approximately 55,573.98 at the prevailing exchange rate) (the "Disposal").
Following the Disposal, the Company has now sold between 3 March and 17 April 2017 a total of 170,232 BTL Common Shares, generating proceeds of approximately C$603,324 for the Company (equivalent to approximately 362,204 at the prevailing exchange rates). 
To date Vela has invested a total of approximately 296,980 in BTL. Following the Disposal, and the additional investment as announced by the Company on 18 April 2017, Vela holds 663,100 common shares in BTL, equivalent to approximately 3.6 per cent. of BTL's issued share capital. BTL is listed on the TSX Venture Exchange, on which the closing mid-market price on 17 April 2017 of BTL's common shares was C$4.80 per share, which values Vela's shareholding in BTL at approximately C$3.18 million (equivalent to approximately 1.85 million at the prevailing exchange rate*). In addition Vela holds a total of 66,666 warrants in BTL. 41,666 warrants are exercisable at a price of C$1.50 for a period expiring on 17 December 2017 and 25,000 warrants are exercisable at a price of C$3.25 for a period expiring on 6 April 2019.
For the 9 months ended 30 September 2016, BTL generated revenue of C$226,591 and incurred a net loss of C$1,301,927. As at 30 September 2016 BTL had net assets of C$1,084,448.
*Based on the exchange rate as on 19 April 2017 of C$1: GB0.581058.
For further information, please contact:
Vela Technologies plc

Brent Fitzpatrick, Non-Executive Chairman
Antony Laiker, Director
Tel: +44 (0) 7802 262 443
Allenby Capital Limited
(Nominated Adviser)
Nick Athanas/Katrina Perez/Nick Naylor
Tel: +44 (0) 20 3328 5656
Smaller Company Capital Limited
(Broker)
Rupert Williams/Jeremy Woodgate
Tel: +44 (0) 20 3651 2910

This information is provided by RNS
The company news service from the London Stock Exchange
  END
DISKKLBFDZFXBBE