REG - Vela Technologies - Result of AGM

Vela TechnologiesAnnouncement

24/01/2022 12:35

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RNS Number : 4060Z  Vela Technologies PLC  24 January 2022

24 January 2022

 

Vela Technologies plc

("Vela" or "the Company")

 

Result of Annual General Meeting

 

Update on proposed share consolidation

 

Adoption of a revised investing policy

 

The Board of Vela (AIM: VELA) announces that at its Annual General Meeting
("AGM") held earlier today, resolutions 1 to 5, 7 and 9 were passed and
resolutions 6 and 8 were not passed.

As a result of ordinary resolution 6 not being passed at today's AGM, the
proposed consolidation of every 50 ordinary shares of 0.01p per share into one
new ordinary share of 0.5p per share will not now proceed. There will remain
16,252,335,184 ordinary shares of 0.01p in issue.

As a consequence of special resolution 8 not being passed at today's AGM, the
Board does not have the authority to issue new ordinary shares for cash. The
Company remains well capitalised, however, with cash balances of approximately
£1.43 million as at the date of this announcement. The Board did not have any
imminent plans to utilise the authorities that had been sought at the AGM.

Following the passing of ordinary resolution 9, the Company has now adopted
its revised investing policy as set out in the announcement released on 30
December 2021 and the Company's notice of AGM. This revised investing policy
will be made available shortly on the Company's website
(http://www.velatechplc.com/ (http://www.velatechplc.com/) ).

The proxy voting results of the Resolutions are set out below:

 Resolutions at General Meeting                                                 Votes For*     % of votes cast**  Votes Against  % of votes cast**  Votes Withheld***  Total votes cast****
 ORDINARY RESOLUTIONS
 1. To receive and adopt the directors' report, the auditor's report and the    1,960,411,416  99.03              19,148,217     0.97               37,052,110         1,979,559,633
 Company's accounts for the year ended 31 March 2021.

 2. To re-appoint Murray Harcourt Limited as auditor of the Company.            1,960,756,247  98.89              21,908,490     1.11               33,947,006         1,982,664,737

 3. To authorise the Directors to determine the remuneration of the auditor.    1,957,492,003  98.88              22,138,253     1.12               36,981,487         1,979,630,256

 4. To re-appoint Brent Fitzpatrick as a Director of the Company.               1,167,683,207  58.68              822,220,170    41.32              26,708,366         1,989,903,377

 5. To re-appoint Emma Wilson as a Director of the Company.                     1,125,374,511  55.89              888,140,068    44.11              3,097,164          2,013,514,579

 6. To approve the consolidation of every 50 shares of 0.01p each into one new  983,859,563    49.13              1,018,571,806  50.87              14,180,374         2,002,431,369
 ordinary share of 0.5p each

 7. To approve the general authority to allot shares                            1,320,647,911  65.82              685,760,169    34.18              10,203,663         2,006,408,080
 9. To approve the adoption by the Company of a revised investing policy.       1,961,291,934  97.74              45,309,433     2.26               10,010,376         2,006,601,367
 SPECIAL RESOLUTION
 8. To approve the authority to allot equity securities for cash                1,296,161,936  64.79              704,447,870    35.21              16,001,937         2,000,609,806

 

 Notes:

*"Votes For" include votes giving the Chairman discretion.

**Percentages exclude "Votes Withheld".

***"Votes Withheld" are not votes in law and do not count in the number of
votes counted for or against a resolution.

***"Total votes cast" do not include withheld votes.

 

Notwithstanding that only c.12% of the Company's issued share capital was
voted, the Board has noted the proportion of those that were voted against
certain resolutions. The Board will therefore be consulting with its advisers
on how it might engage more effectively with its shareholders and will also be
engaging with shareholders in order to understand the reasons behind the
voting results.

 

 

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 plc

 

Vela Technologies (AIM: VELA) is an investing company focused on early stage
and pre-IPO long term disruptive technology investments. Following the
investment announced today there will be seven investments in the portfolio
which have either developed ways of utilising technology or are in the process
of developing technology with a view to disrupting the businesses or sector in
which they operate. More recently, Vela Technologies has broadened its focus
to include existing listed companies where valuations may offer additional
opportunities.

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