Business
Proposed Issue of £550,000 Bonds
Proposed Issue of £550,000 Bonds.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \nRNS Number : 7243V Vela Technologies PLC 01 February 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 \n1 February 2017\n \nVela Technologies plc\n(\"Vela\", the \"Company\" or the \"Group\")\n \nProposed Issue of £550,000 Bonds\n \nProposed Investment in Portr Limited\n \nIntroduction \n \nFurther to the announcement released by the Company on 11 January 2017, the Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, announces that UK Bond Network Limited (\"UK Bond Network\"), as agent for the Company, is today launching the issue of secured bonds to raise £550,000 for the Company (the \"Bond Issue\") using its designated online auction platform.\n \nThe net proceeds from the Bond Issue will be used by the Company to provide funding for a further follow-on investment of £150,000 (the \"Portr Investment\") in Portr Limited (\"Portr\"), the owner of AirPortr, the airline integrated passenger facilitation and baggage transportation service. The balance of funds raised under the Bond Issue will be used by the Company for working capital and to enable the Company to take advantage of further investment opportunities as and when they arise. \n \nHighlights of the Bond Issue\n \n· Vela intends to issue secured bonds (the \"Bonds\") to raise up to £550,000, arranged by UK Bond Network.\n \n· Vela has already received indications of interest from investors to subscribe for approximately £250,000 of the Bonds and UK Bond Network has arranged underwriting for the remaining £300,000.\n \n· The Bonds will have a coupon of 10% and a term of three years with full repayment in cash of the principal amount of the Bond due at maturity.\n \n· The Bonds may be repaid at the option of Vela: (i) after the first anniversary of the issue of the Bond, together with all accrued (but unpaid) interest on the amount prepaid; or (ii) prior to the first anniversary of issue, together with the interest that would have accrued up to the first anniversary had the Bond not been prepaid.\n \n...