Business
Proposed Investment in Portr & Proposed Bond Issue
Proposed Investment in Portr & Proposed Bond Issue.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \nRNS Number : 8758T Vela Technologies PLC 11 January 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 \n11 January 2017\n \nVela Technologies plc\n(\"Vela\", the \"Company\" or the \"Group\")\n \nProposed Investment of £250,000 in Portr Limited\n \nProposed Issue of £550,000 Bonds\n \n \nIntroduction \n \nThe Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, announces that, subject to completion of satisfactory due diligence and entering into of documentation, it intends to raise up to £550,000 via the issue of bonds (\"Proposed Bond Issue\"), to be arranged by UK Bond Network Limited (\"UK Bond Network\"). \n \nThe funds raised by Vela will be used to provide funding for a follow-on investment in travel technology company Portr Limited (\"Portr\"), the owner of on demand airport transfer service Airportr (the \"Portr Investment\"). \n \nThe Company has today committed to invest £100,000 of its existing cash resources as an initial follow-on investment in Portr.\n \nProposed Investment of £250,000 in Portr\n \nThe Board intends to invest £250,000 in a follow-on investment in Portr. The Company entered into a subscription agreement with Portr on 10 January 2017 whereby it has agreed to invest £100,000 in Portr funded from the Company's existing cash resources. This investment is expected to complete shortly.\n \nUpon completion of the Proposed Bond Issue, Vela intends to invest a further £150,000 into Portr, which will be funded from the net proceeds of the Proposed Bond Issue. Should the Proposed Bond Issue not complete or raise sufficient funding to enable this further investment to be made then Vela will not proceed with the additional £150,000 investment into Portr.\n \nThe Portr Investment by the Company is part of a larger fundraise currently being carried out by Portr in order to scale up operations to support sustained growth in demand for its innovative off-airport bag check in solution (which was recently integrated and launched with British Airways) and for the development of new facilitation technologies to expedite...