REG - Vela Technologies - Update re. investment in WeShop Limited

Vela TechnologiesAnnouncement

17/11/2021 15:10

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RNS Number : 7190S  Vela Technologies PLC  17 November 2021

17 November 2021

 

Vela Technologies plc

("Vela")

Update re. investment in WeShop Limited

Further to the announcement on 21 October 2021, the Board of Vela (AIM: VELA)
notes the announcement made today by Boanerges Limited ("Boanerges"), a
special purpose acquisition company, confirming that all resolutions have been
passed at its general meeting held earlier today, thus approving the
acquisition of the WeShop Limited ("WeShop") name, business and assets for a
total consideration of 33,333,333 new ordinary shares in Boanerges. WeShop is
a digital social network platform with plans to become a leader in the social
e-commerce sector.

 

Vela holds 71,429 shares in WeShop, representing 1.47% of WeShop's share
capital, which it acquired in 2014 by investing £100,000 as part of a £1
million seed-funding round.

 

The full Boanerges announcement can be found here: GM Result, WeShop
Completion, Trading on JP Jenkins - 12:00:00 17 Nov 2021 - News article |
London Stock Exchange
(https://www.londonstockexchange.com/news-article/market-news/gm-result-weshop-completion-trading-on-jp-jenkins/15215845)
.

 

WeShop will be subject to a lock-in agreement which, for 18 months, prevents
WeShop from selling the Boanerges shares received as consideration for the
transaction, except to the extent necessary to meet the corporation tax
payable on the chargeable gain resulting from this transaction.

 

Boanerges will be withdrawing from the AQSE Growth Market on 18 November 2021
and is seeking admission to JP Jenkins, a matched bargain facility. It is
therefore anticipated that the Boanerges shares received by WeShop will be
tradeable via JP Jenkins once the lock in period expires.

 

WeShop has advised its shareholders that, under the terms of certain
outstanding loan instruments, warrants and options, including a convertible
loan of £9 million issued in August 2020, its issued share capital is subject
to dilution as follows:

 

                                                                                Total number of WeShop shares in issue

 Current shares in issue                                                        4,850,214
 Following conversion of £9 million of convertible debt and accrued interest    9,590,804
 Following conversion of debt and accrues interest, as above, and the exercise  12,403,952
 of all other unexercised warrants and options

 

Further announcements will be made at the appropriate time.

 

 

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

 

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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