VELA TECHNOLOGIES PLC — M&A Activity 2016

Apr 15, 2016

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RNS Number : 2831V

Vela Technologies PLC

15 April 2016

15 April 2016

Vela Technologies plc

("Vela" or the "Company")

Completion of investment in Portr Limited

Further to the announcement of 8 March 2016 the Board of Vela (AIM: VELA), the investing company focused on early stage and pre-IPO disruptive technology investments, is pleased to announce that Vela has completed its investment of £151,343 in Portr Limited ("Portr"), the owner of the on-demand airport luggage transfer service, AirPortr. The funds were paid by Vela to Portr in early April 2016.  

Vela has been informed by Portr that they have now successfully completed their fundraising exercise with existing shareholders to raise £3 million (the "Portr Fundraising").

Following completion of the investment Vela has an interest in 101,989 shares in Portr which represents 3.9% of Portr's issued share capital following completion of the Portr Fundraising. Vela's enlarged shareholding in Portr is valued at £1.079 million, based on the price of the Portr Fundraising. Following the investment of £151,343 in the Portr Fundraising, Vela has invested a total of £251,343 in cash in Portr over three funding rounds.

Further details on Portr and the background to the investment are contained in the announcement of 8 March 2016.

For further information please contact:

Vela Technologies plc
Brent Fitzpatrick, Non-Executive Chairman Antony Laiker, Director		Tel: +44 (0) 7802 262 443
Allenby Capital Limited (Nominated Adviser)
Nick Athanas/Katrina Perez/James Reeve		Tel: +44 (0) 20 3328 5656
Smaller Company Capital Limited (Broker) Rupert Williams/Jeremy Woodgate	Tel: +44 (0) 20 3651 2910

This information is provided by RNS

The company news service from the London Stock Exchange

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