REG - Vela Technologies - Update on investment - Community Social Investment

Vela TechnologiesAnnouncement

06/07/2022 12:15

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RNS Number : 5430R  Vela Technologies PLC  06 July 2022

6 July 2022

Vela Technologies plc

("Vela" or "the Company")

Update re. investment in Community Social Investment Limited (formerly WeShop
Limited)

The Board of Vela (AIM: VELA), an AIM-quoted investing company focused on
early-stage and pre-IPO disruptive technology investments, notes the
announcement released today by IamFire plc, an AQSE quoted company, that it
has acquired from Community Social Investment Limited ("CSI") (formerly WeShop
Limited) an option to subscribe for convertible loan notes of WeShop Holdings
Limited ("WSH") (formerly Boanerges Limited).

In October 2021 WSH issued 33,333,333 new shares to CSI as consideration for
the assets, business and name 'WeShop'. CSI is required to hold these WSH
shares until April 2023 before distributing them, in specie, to its
shareholders.

Vela holds 71,429 shares in CSI, which it acquired in 2014 by investing
£100,000 as part of a £1 million seed-funding round.  In Vela's last
published balance sheet, and in subsequent quarterly valuations, these shares
are valued at £5.98 per share (being the price at which new shares were last
issued by CSI) which equates to a book value of £427,145.

In the opinion of the Board of Vela, neither this sale by CSI of an option to
subscribe for loan notes in WSH nor other recent developments at WSH alter the
valuation that has been ascribed to Vela's investment in CSI.

The full IamFire announcement can be found here: Option over £3.75m of CLNS
in WeShop and Update - 07:00:00 06 Jul 2022 - News article | London Stock
Exchange
(https://www.londonstockexchange.com/news-article/market-news/option-over-ps3-75m-of-clns-in-weshop-and-update/15527466)

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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