REG - Vela Technologies - Update on Portr and Issue of Equity <Origin Href="QuoteRef">VELA.L</Origin>

Vela TechnologiesAnnouncement

06/09/2014 20:31

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RNS Number : 2067N
Vela Technologies PLC
24 July 2014 
 
Vela Technologies plc 
 
("Vela" or the "Company") 
 
Update and further acquisition of interest in Portr Limited ("Portr") 
 
Issue of equity 
 
Vela Technologies plc (AIM: VELA), the investing company focussed on early
stage and pre-IPO technology investments, is pleased to announce the following
update on its travel technology investee company, Portr, along with a further
acquisition of shares in Portr. 
 
Update on Portr 
 
Portr's service, AirPortr, was launched at London City Airport ("LCA") on 1
May 2014 and full operations commenced on 22 May 2014. The service is designed
to enable visitors to London to book luggage transfers between the airport and
their end destination being their hotel, serviced apartment or office leaving
them bag free and able to maximise their time in the city. Portr employs
leading-edge technology across its web booking platform and logistics engine,
integrated with leading same-day and specialist logistics provider CitySprint
UK who manage and deliver the white-glove AirPortr operation. 
 
Following an update from Portr, the board of Vela understand that the AirPortr
service has been well received at LCA with performance in line with
expectations, where the passenger need for speed, convenience and productivity
is heightened. Portr continues to works towards launch of its service at one
or more additional London airports later this year. The board of Vela expect
to be in a position to make further announcements in the coming months
regarding a number of material commercial agreements and innovative service
developments which Portr have been progressing with key partners including
international airlines. 
 
Vela have to date invested £100,000 in cash in Portr over two funding rounds.
The most recent investment of £50,000 in Portr was part of an overall £600,000
funding round by Portr at a price of some 290 pence per share which valued
Portr at £5.1 million (post-money). 
 
During the 18 month pre trading period from incorporation to 26 December 2013,
Portr made unaudited losses of £266,000 and as at that date had net
liabilities of approximately £1,000. 
 
Further acquisition of interest in Portr and issue of equity 
 
Vela is also pleased to announce the acquisition of a further 38,314 shares in
Portr for a consideration of £100,000 which has been wholly satisfied  through
the issue of 20,000,000 new ordinary shares in Vela (the "Consideration
Shares") at 0.5 pence per share (the "Transaction").  The vendor of the 38,314
shares in Portr is John Garner. 
 
Following completion of the Transaction Vela will have an enlarged
shareholding of 87,685 shares in Portr representing approximately 5% of
Portr's issued share capital. The shareholding in Portr has been acquired by
Vela in three tranches as follows- 32,136 shares at 156 pence per Portr share
(announced on 12 November 2013), 17,235 shares at 290 pence per Portr share
(announced on 12 May 2014) and  38,314 shares at 261 pence per Portr share
(announced today). 
 
Application will be made to the London Stock Exchange for the 20,000,000
Consideration Shares to be admitted to trading on AIM ("Admission"). It is
expected that Admission will become effective on or around 30 July 2014.
Completion of the Transaction is subject only to Admission. 
 
Following the issue of the Consideration Shares, John Garner will be
interested in 20,000,000 ordinary shares in the Company representing 8.26% of
the issued share capital in the Company (as enlarged by the issue of the
Consideration Shares). The Consideration Shares will rank pari passu in all
respects with the existing ordinary shares. 
 
Following the issue of the Consideration Shares, the Company's issued share
capital consists of 242,088,020 ordinary shares of 0.1 pence each with one
voting right each. The Company does not hold any ordinary shares in treasury.
Therefore the total number of ordinary shares and voting rights in the Company
is 242,088,020. 
 
The above figure may be used by shareholders in the Company as the denominator
for the calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the share capital
of the Company under the FCA's Disclosure and Transparency Rules. 
 
For further information: 
 
 Vela Technologies plc                                                                        
 Brent Fitzpatrick, Non-Executive ChairmanAntony Laiker, Director  Tel: +44 (0) 7802 262 443  
 Allenby Capital Limited                                                                      
 Nick Athanas/Katrina Perez/James Reeve                            Tel: +44 (0) 20 3328 5656  
 Newgate Threadneedle Graham Herring/Heather Armstrong             Tel: +44 (0) 20 7653 9850  
 
 
This information is provided by RNS
The company news service from the London Stock Exchange