Business
Final results for the year ended 31 March 2023
Final results for the year ended 31 March 2023.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n\n28 September 2023\nVela Technologies plc\n(\"Vela\" or \"the Company\")\n \nFinal results for the year ended 31 March 2023\nThe Board of Vela (AIM:VELA), an AIM-quoted investing company focused on early-stage and pre-IPO disruptive technology investments, is pleased to announce the Company's final results for the year ended 31 March 2023.\nVela's Annual Report and Accounts for the year ended 31 March 2023 (\"Annual Report\") will be sent to shareholders today.\nThe Company's Annual Report will be available shortly on the Company's website at http://www.velatechplc.com/\nHighlights\nFinancial:\n· Net assets decreased to £7,004,480 compared to £7,378,151 at 31 March 2022\n· Cash fell from £958,573 at the beginning of the period to £723,576 at the balance sheet date.\n· Loss for the year of £378,516 compared to a loss of £1,078,202 in the previous comparable period reflecting a smaller reduction in the fair value of the investment portfolio against the prior year.\nOperational:\n· Vela invested approximately £575,000 in four companies and realised gross proceeds of approximately £712,000 from the sale of shares in five of its investee companies.\nPost Period Highlights:\n· On 20 April Vela entered into a put option for the potential sale of its economic interest in AZD1656 for a total consideration of £4.0 million. The option was granted by Conduit Pharmaceuticals Limited (\"Conduit\") and Murphy Canyon Acquisition Corp ('Murphy'), a company listed on NASDAQ. Should the option be exercised by Vela, the consideration that would be payable to Vela would be satisfied through the issuance of new shares in the combined company (now called Conduit Pharmaceuticals Inc.). Vela paid Conduit £400,000 as the premium for the option.\n· Also in September, Conduit completed its merger with Murphy and its shares listed on NASDAQ on 25 September 2023 as Conduit Pharmaceuticals Inc. (\"Conduit Inc.\"). The put option referred to above is now exercisable. Accordingly, it is now open to Vela to exchange its £2.75 million economic interest in AZD1656 for £4 million worth of Conduit Inc. shares.\n· In May 2023 the Compa...