VELA TECHNOLOGIES PLC — AGM Information 2020

Aug 26, 2020

National Storage Mechanism | Additional information

RNS Number : 1400X

Vela Technologies PLC

26 August 2020

26 August 2020

Vela Technologies plc

("Vela" or the "Company")

Completion of Proposals

Restoration of trading

Board Changes and Grant of Options

Further to the Company's announcement on 24 August 2020, the Board of Vela is pleased to announce the completion of the Proposals. The suspension of the Company's ordinary shares from trading on AIM was lifted at 7.30 a.m. today and the Bond Conversion Shares, Placing Shares, Fee Shares, Broker Shares and New Ordinary Shares were admitted to trading at 8.00 a.m. today ("Admission").

Board Changes

Further to the Company's announcement on 31 July 2020, Antony Laiker has now stepped down as a director of the Company and James Normand has been appointed as an Executive Director of the Company, with immediate effect. The Company also intends to appoint a further director to the Board of Vela by 31 December 2020.

Brent Fitzpatrick, Chairman of Vela, commented: "I would like to take this opportunity to thank Antony for his hard work and contribution to the Company over the years, and wish him well with his future endeavours."

Grant of Options

In conjunction with his appointment, James Normand has been granted 180,000,000 options to subscribe for ordinary shares of 0.01p each ("Ordinary Shares") in the Company equivalent to 2.51 per cent. of the issued share capital of the Company as at today's date. The options have an exercise price of 0.024p, being the Placing Price, and are exercisable for a period of ten years from the date of the grant. Half the options become exercisable 12 months after grant, subject to the Company's closing mid-market share price being at least 0.048p per Ordinary Share for 30 consecutive business days, and the remaining half become exercisable 24 months after grant, subject to the Company's closing mid-market share price being at least 0.072p per Ordinary Share for 30 consecutive business days.

In addition, Brent Fitzpatrick, Non-Executive Chairman of the Company, has today been granted 90,000,000 options to subscribe for Ordinary Shares in the Company, equivalent to 1.25 per cent. of the issued share capital of the Company as at today's date. The options have an exercise price of 0.024p, being the Placing Price, and are exercisable for a period of ten years from the date of the grant. Half the options become exercisable 12 months after grant, subject to the Company's closing mid-market share price being at least 0.048p per Ordinary Share for 30 consecutive business days, and the remaining half become exercisable 24 months after grant, subject to the Company's closing mid-market share price being at least 0.072p per Ordinary Share for 30 consecutive business days. Following today's grant of options, Brent Fitzpatrick now holds a total of 104,562,427 share options equivalent to 1.46 per cent. of the issued share capital of the Company as at today's date.

Following the grant of the options detailed above and the issuance of the Placing Warrants and the Broker Warrants the Company has a total of 299,124,854 share options outstanding representing approximately 4.17% of the Company's issued share capital and a total of 4,481,822,692 warrants outstanding representing approximately 62.49% of the Company's issued share capital.

Total Voting Rights

Following Admission, the Company has 7,171,860,577 ordinary shares of 0.01p each in issue. The Company does not hold any Ordinary Shares in treasury and therefore, the total number of Ordinary Shares and voting rights in the Company is 7,171,860,577. This 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 Guidance and Transparency Rules.

Defined terms used in this announcement shall have the same meaning as set out in Company's announcement on 31 July 2020.

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)	Tel: +44 (0) 20 7469 0930
Lucy Williams / Duncan Vasey / Eran Zucker

About Vela Technologies 

Vela Technologies (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. There are currently 5 investments in the portfolio which either have developed ways of utilising technology or developing technology with a view to disrupting the businesses or sector in which they operate. More recently, Vela Technologies has also started to focus on existing listed companies where valuations may offer additional opportunities.

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Brent Fitzpatrick

2.

Reason for the Notification

a)

Position/status

Non-Executive Chairman

b)

Initial notification/Amendment

Initial Notification 

3.    

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Vela Technologies plc 

b)

LEI

213800SWFEORWAP84393

4.    

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument 

Options to subscribe for ordinary shares of 0.01p each

Identification code

ISIN: GB00BYZ9XC29

b)

Nature of the transaction

Grant of options

c)

Price(s) and volume(s)

Price(s)	Volume(s)
0.024p	90,000,000

d)

Aggregated information:

·Aggregated volume

·Price

N/A

e)

Date of the transaction

26 August 2020

f)

Place of the transaction

Outside a trading venue 

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