REG - Vela Technologies - Investment in TruSpine Technologies plc

Vela TechnologiesAnnouncement

23/06/2022 12:30

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RNS Number : 9928P  Vela Technologies PLC  23 June 2022

23 June 2022

Vela Technologies PLC

("Vela" or "the Company")

Investment in TruSpine Technologies plc

Vela (AIM:VELA), an AIM-quoted investing company focused on early-stage and
pre-IPO disruptive technology investments, announces that, further to its
announcements on 14 June 2022, the Company has proceeded with a £300,000
investment in TruSpine Technologies plc ("TruSpine") following, inter alia,
regulatory approval having been obtained by the Board of Vela.

TruSpine is an AQSE listed medical device company focused on the development
of spinal stabilisation systems. The Company's £300,000 investment in
TruSpine, which has been satisfied from the Company's existing cash resources,
is in the form of a subscription for 6,000,000 ordinary shares, giving Vela a
5.07 per cent. equity interest in TruSpine. For the year ended 29 March 2021
TruSpine incurred a loss before tax of £651,181. As at 30 September 2021, and
based on unaudited interim financial information, TruSpine had net assets of
£3,009,471.

Further to the announcements released by the Company on 14 June 2022, the
Board has made further enquiries of all parties about the reasons why Vela was
issued with the new ordinary shares in TruSpine without formal Board approval.
As noted in the announcement of 14 June 2022, whilst the Board had been
considering a potential investment in TruSpine, it had not formally agreed to
make an investment prior to the announcement made by TruSpine on 31 May 2022.
The Board can confirm that on 26 May 2022, as a result of an administrative
error, a placing letter was signed and payment made by the Company's retail
stockbroker and custodian before the necessary regulatory approvals had been
obtained. In order to prevent a recurrence of this procedural error, Vela has
reminded its retail stockbroker and custodian of the existing procedures that
are in place in respect of such matters and in particular has re-confirmed to
its retail stockbroker and custodian that placing letters should not be signed
on behalf of Vela without explicit instructions from the Board of Vela.

James Normand, Executive Director, said: "We consider TruSpine and its
products to be a perfect example, both of the type of business and of the
disruptive potential of its products, of the type of investment in which Vela
was established to invest".

 

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)                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 / Lauren Riley

 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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