Business
Completion of Bond Issue
Completion of Bond Issue.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \nRNS Number : 2052X Vela Technologies PLC 17 February 2017 \n\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\")\n \n \n17 February 2017\n \nVela Technologies plc\n(\"Vela\", the \"Company\" or the \"Group\")\n \nClosing of Bond auction, results of Bond Issue, \nrelated party transaction and \nfurther re. proposed investment in Portr Limited \n \n \nThe Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, is pleased to announce that, further to the Company's announcement of 1 February 2017, Vela's bond auction (the \"Bond Issue\") has closed and the Company has completed the issuance of £550,000 via a secured bond (the \"Bonds\"). The Bond Issue was structured and arranged by UK Bond Network Limited (\"UK Bond Network\"), an online bond investment platform (www.ukbondnetwork.com). \n \nThe Bonds will pay a coupon of 10% per annum and may be repaid: (i) after one year together with all accrued (but unpaid) interest on the amount prepaid; (ii) before its first anniversary, together with the interest that would have accrued up to the first anniversary had the Bonds not been prepaid. The bond will have a term of 3 years. Further details on the terms of the Bond were detailed in the announcement released by the Company on 1 February 2017.\n \nThe Bonds have been placed with sophisticated and high net worth investors. \n \nKevin Sinclair, a substantial shareholder of Vela, is participating in the Bond Issue and has subscribed for £100,000 of the Bonds. The participation by Kevin Sinclair in the Bond Issue is deemed a related party transaction under the AIM Rules for Companies. The Directors of Vela consider, having consulted with Allenby Capital Limited as the Company's nominated adviser, that the terms of Kevin Sinclair's participation in the Bond Issue are fair and reasonable insofar as the Company's shareholders are concerned. \n \nThe net proceeds of the Bond Issue will be used by the Company to provide funding for a further follow-on investment of £150,000 (the \"Portr Investment\") in Portr Limited (\"Portr\"), the owner of AirPortr, the airline integrated p...