REG - Vela Technologies - Update re. investment in Kanabo Group plc

Vela TechnologiesAnnouncement

19/02/2021 13:25

RNS Number : 7722P
  
Vela Technologies PLC
  
19 February 2021
  
 

19 February 2021
 
Vela Technologies plc
("Vela" or "the Company")
 
Update re. investment in Kanabo Group plc
 
 
The Board of Vela (AIM: VELA) announces that, on 17 February 2021, the Company disposed of 1,000,000 shares in Kanabo Group plc ("Kanabo") at a price of 23.5p per share generating net proceeds of £233,801 for the Company (the "Disposal").
 
As detailed in the Company's announcement of 16 February 2021, Vela invested £150,000 in Kanabo (formerly Spinnaker Opportunities plc), in conjunction with its reverse takeover acquisition of Kanabo Limited and its admission to trading on the main market of the London Stock Exchange. Vela originally subscribed for 2,307,692 shares in Kanabo at a price of 6.5p per share and therefore the Disposal reflects a net profit of £168,801.
 
Following the Disposal, Vela continues to hold 1,307,692 shares in Kanabo, equivalent to approximately 0.36 per cent. of Kanabo's issued share capital. The net proceeds from the Disposal will be used by the Company to make further investments in line with the Company's investing policy and for general working capital purposes.
 
For further information, please contact:
 




Vela Technologies plc
Brent Fitzpatrick, Non-Executive Chairman
James Normand, Executive Director
 


Tel: +44 (0) 7421 728875




Allenby Capital Limited (Nominated Adviser and Joint Broker)


Tel: +44 (0) 20 3328 5656




Nick Athanas / Asha Chotai
 


 




Peterhouse Capital Limited (Joint Broker)
Lucy Williams / Duncan Vasey / Eran Zucker


Tel: +44 (0) 20 7469 0930




 
About Vela Technologies plc 
 
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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