Business
Investment in Vibe Group Holdings Limited
Investment in Vibe Group Holdings Limited.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \nRNS Number : 8389R Vela Technologies PLC 19 June 2018 \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\")\n19 June 2018\nVela Technologies plc\n(\"Vela\" or the \"Company)\nInvestment in Vibe Group Holdings Limited\nFurther to the announcement released by the Company on 9 May 2018 the Board of Vela (AIM: VELA), the investing company focused on early stage and pre-IPO disruptive technology investments, confirms that on 18 June 2018 it entered into a subscription agreement to invest £200,000 in Vibe Group Holdings Limited (\"VGHL\") as part of an overall fundraise by VGHL which has raised £700,000 for the company. Vela's investment is unconditional and irrevocable. The investment by Vela has been funded from the Company's existing cash resources.\nFollowing completion of the investment, Vela owns 5,674 ordinary shares in VGHL equivalent to approximately 4 per cent. of the issued share capital of VGHL.\nVGHL is a recently incorporated holding company that owns 97% of the share capital of Vibe Tickets Limited (\"Vibe Tickets\") and 90% of the share capital of Vibe Pay Limited (\"Vibe Pay\"). The remaining 3% of Vibe Tickets is expected to shortly be transferred to Crowdcube investors who previously invested in TheVibe Limited while the remaining 10% equity holding in Vibe Pay is owned by key members of the management team of Vibe Pay.\nInformation about VGHL\nVGHL consists of the following 2 businesses: \n \nVibe Tickets is a peer to peer social community with a marketplace at its core, connecting fans, allowing them to cut out the middle man and save fees. A company competing directly with the big four operating in the space; Viagogo, Seatwave, StubHub, GetMeIn. Vibe is fast becoming the resale platform of choice for consumers and has now grown to over 84,000 active users organically.\n \nVibe Pay is a peer to peer payments platform offering direct to bank money transfers. Vibe have built APIs which sit directly in-between the banking (open banking) infrastructure (rails) and the consumers. Vibe has built trust with its users and now moves towards owning the relationship between its users directly as opposed to sending them to other third party solutions. \n \nVibe Group...