Business
Exercise of Put Option
Exercise of Put Option.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n\n \nThis announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (596/2014/EU) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018\n1 December 2023\nVela Technologies plc\n(\"Vela\" or \"the Company\")\n \nExercise of Put Option for sale of Economic Interest in AZD1656\nHighlights:\n· Exercised the put option agreement to sell its economic interest in AZD1656 for shares in Conduit Pharmaceuticals Inc.\n· The stake held by Vela is now valued at approximately £3.75 million (based on the closing share price of Conduit at 30 November 2023) compared to the fair value of £2.35 million reported at the last audited balance sheet date of 31 March 2023\nFurther to the Company's announcement on 21 September 2023, the Board of Vela (AIM: VELA), an AIM-quoted investing company focused on early-stage and pre-IPO disruptive technology investments, announces that the Company has exercised the put option agreement to sell its economic interest in the commercialisation of the Covid-19 application of AZD1656 (the \"Economic Interest\") to Conduit Pharmaceuticals Inc. (\"Conduit\"), a company listed on the Nasdaq Global Market in the United States (\"NASDAQ\").\nUnder the terms of the put option the consideration is payable to Vela in the form of 1,015,760 new shares of authorised common stock of par value $0.001 of Conduit (\"the Consideration Shares\"). As previously announced by the Company, the issue price of the Consideration Shares is calculated based on the volume-weighted average price per share of Conduit over the ten business days prior to the date of notice of exercise with a floor of $5 on the issue price.\nBased on the closing price of Conduit at 30 November 2023, being $4.68 per share, the Consideration Shares are valued at approximately £3.75 million. As at 31 March 2023, the Company's Economic Interest was valued at £2.35 million. In addition, the Company paid £400,000 in cash in April 2023 to acquire the put option, details of which were announced by Vela on 20 April 2023.\nFollowing admission of the Consideration Shares to NASDAQ, which is expected to be during December 2023, Vela will hold approximately 1.38% of the issued share capital of Conduit.\nThe Consideration Shares will not be s...