Business
Final Results
Final Results.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \n \n \n RNS Number : 5277N\n Vela Technologies PLC\n 30 September 2021\n \n \n \n \n 30 September 2021\n \n \n \n \n \n Vela Technologies plc\n \n \n (\"Vela\" or \"the Company\")\n \n \n \n \n \n Final results for the year ended 31 March 2021\n \n \n \n \n \n The Board of Vela (AIM: VELA), an AIM quoted investing company focused on early stage and pre-IPO disruptive technology investments, announces its final results for the year ended 31 March 2021.\n \n \n Vela's Annual Report and Financial Statements for the year ended 31 March 2021 will today be posted to shareholders and made available on the Company's website at \n \n http://www.velatechplc.com/\n \n . The Company's notice of annual general meeting will be published separately and announced by the Company at that time.\n \n \n \n \n \n chairman's statement\n \n for the year ended 31 March 2021\n \n \n \n \n \n I am pleased to present the Chairman's statement for the year ended 31 March 2021.\n \n \n \n \n The period under review has been one of significant change for Vela Technologies, including a recapitalisation of the Company, board changes and new investments. During the period the Company raised a total of £3,750,000 gross proceeds via placings and a number of warrant exercises contributed gross funds of £1,063,000. James Normand joined the board on 26 August 2020 on completion of the recapitalisation of the Company. James is a Chartered Accountant who has spent much of his career advising on corporate acquisitions, disposals and capital raising, including a spell at 3i plc and is currently, inter alia, the Chairman of All Active Asset Capital Limited and of Global Resources Investment Trust plc. His experience is already proving an asset to Vela.\n \n \n \n \n The Company reported a profit for the period of £379,775 compared to a loss of £1,412,100 in the previous comparable period. \n \n \n \n \n Net assets increased to £7,201,812 compared to £613,611 at the previous reporting date with cash at the period end of £2,147,070 compared to £8,989 at the beginning of the period.\n \n \n \n \n The Company's improved position has quite naturally generated a significant flow through of new investment opportunities and each is robustly reviewed by the board for its future benefit to the Vela portfolio. We continue to remain open to new...