VELA TECHNOLOGIES PLC

AGM Information • Jan 24, 2022

National Storage Mechanism | Additional information

RNS Number : 4060Z

Vela Technologies PLC

24 January 2022

24 January 2022

Vela Technologies plc

("Vela" or "the Company")

Result of Annual General Meeting

Update on proposed share consolidation

Adoption of a revised investing policy

The Board of Vela (AIM: VELA) announces that at its Annual General Meeting ("AGM") held earlier today, resolutions 1 to 5, 7 and 9 were passed and resolutions 6 and 8 were not passed.

As a result of ordinary resolution 6 not being passed at today's AGM, the proposed consolidation of every 50 ordinary shares of 0.01p per share into one new ordinary share of 0.5p per share will not now proceed. There will remain 16,252,335,184 ordinary shares of 0.01p in issue.

As a consequence of special resolution 8 not being passed at today's AGM, the Board does not have the authority to issue new ordinary shares for cash. The Company remains well capitalised, however, with cash balances of approximately £1.43 million as at the date of this announcement. The Board did not have any imminent plans to utilise the authorities that had been sought at the AGM.

Following the passing of ordinary resolution 9, the Company has now adopted its revised investing policy as set out in the announcement released on 30 December 2021 and the Company's notice of AGM. This revised investing policy will be made available shortly on the Company's website (http://www.velatechplc.com/).

The proxy voting results of the Resolutions are set out below: 

Resolutions at General Meeting	Votes For*	% of votes cast**	Votes Against	% of votes cast**	Votes Withheld***	Total votes cast****
ORDINARY RESOLUTIONS
1. To receive and adopt the directors' report, the auditor's report and the Company's accounts for the year ended 31 March 2021.	1,960,411,416	99.03	19,148,217	0.97	37,052,110	1,979,559,633
2. To re-appoint Murray Harcourt Limited as auditor of the Company.	1,960,756,247	98.89	21,908,490	1.11	33,947,006	1,982,664,737
3. To authorise the Directors to determine the remuneration of the auditor.	1,957,492,003	98.88	22,138,253	1.12	36,981,487	1,979,630,256
4. To re-appoint Brent Fitzpatrick as a Director of the Company.	1,167,683,207	58.68	822,220,170	41.32	26,708,366	1,989,903,377
5. To re-appoint Emma Wilson as a Director of the Company.	1,125,374,511	55.89	888,140,068	44.11	3,097,164	2,013,514,579
6. To approve the consolidation of every 50 shares of 0.01p each into one new ordinary share of 0.5p each	983,859,563	49.13	1,018,571,806	50.87	14,180,374	2,002,431,369
7. To approve the general authority to allot shares	1,320,647,911	65.82	685,760,169	34.18	10,203,663	2,006,408,080
9. To approve the adoption by the Company of a revised investing policy.	1,961,291,934	97.74	45,309,433	2.26	10,010,376	2,006,601,367
SPECIAL RESOLUTION
8. To approve the authority to allot equity securities for cash	1,296,161,936	64.79	704,447,870	35.21	16,001,937	2,000,609,806

Notes:

*"Votes For" include votes giving the Chairman discretion.

**Percentages exclude "Votes Withheld".

***"Votes Withheld" are not votes in law and do not count in the number of votes counted for or against a resolution.

***"Total votes cast" do not include withheld votes.

Notwithstanding that only c.12% of the Company's issued share capital was voted, the Board has noted the proportion of those that were voted against certain resolutions. The Board will therefore be consulting with its advisers on how it might engage more effectively with its shareholders and will also be engaging with shareholders in order to understand the reasons behind the voting results.

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 / Piers Shimwell
Peterhouse Capital Limited (Joint Broker)	Tel: +44 (0) 20 7469 0930
Lucy Williams / Duncan Vasey / Eran Zucker

About Vela Technologies plc

Vela Technologies (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. Following the investment announced today there will be seven investments in the portfolio which have either developed ways of utilising technology or are in the process of developing technology with a view to disrupting the businesses or sector in which they operate. More recently, Vela Technologies has broadened its focus to include existing listed companies where valuations may offer additional opportunities.

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