REG - Vela Technologies - Statement re. potential investment in TruSpine

Vela TechnologiesAnnouncement

14/06/2022 07:00

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RNS Number : 7266O  Vela Technologies PLC  14 June 2022

Prior to publication, the information contained within this announcement was
deemed by the Company to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of
this announcement, this information is now considered to be in the public
domain.

14 June 2022

Vela Technologies PLC

("Vela" or "the Company")

Statement re. potential investment in TruSpine Technologies plc

The Board of Vela (AIM:VELA), an AIM-quoted investing company focused on
early-stage and pre-IPO disruptive technology investments, announces that, on
Friday 10 June 2022, the Company became aware of a subscription for £300,000
of ordinary shares in TruSpine Technologies plc ("TruSpine") seemingly made on
its behalf as part of a placing announced by TruSpine on 31 May 2022 (the
"Placing"), for which admission to trading of the ordinary shares issued in
the Placing to the AQSE Market took place on 8 June 2022. TruSpine is an AQSE
listed medical device company focused on the development of spinal
stabilisation systems.

Whilst the Board of Vela had been considering a potential investment in
TruSpine, it had not formally agreed to make an investment in TruSpine prior
to the announcement of the Placing by TruSpine on 31 May 2022.

Following enquiries made by the Board of Vela on 10 June 2022, Vela became
aware that, on 26 May 2022, unbeknown to the Board of Vela, a placing letter
was sent directly by a third party to the Company's own broker and that this
letter was then signed by that broker on behalf of Vela.

The Board of Vela had not granted approval to any third party to enter into a
placing letter on its behalf in relation to TruSpine nor had it reached
agreement to proceed with participation in the Placing.

The Company has internal controls in place to ensure that any purchase or sale
of shares undertaken by it occurs only with the approval of the Board of Vela.
The Board of Vela is making immediate enquiries of all parties involved in the
Placing to ascertain the validity of any undertakings entered into on its
behalf in respect of the Placing and to understand what steps need to be taken
in connection with the potential investment in TruSpine.

The Board of Vela is minded to pursue an investment of £300,000 in TruSpine
and is seeking advice from the Company's nominated adviser on the requirements
of the AIM Rules for Companies of this potential investment, particularly in
the context of the information that the Board of Vela has become aware of
since 10 June 2022, as detailed above.

Should the Company make an investment in TruSpine, which would be satisfied
from the Company's existing cash resources, it would anticipate owning a c.5
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.

The Company will provide further updates as soon as practicable.

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

 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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