Business
Sale of North Peak & update on investment activity
Sale of North Peak & update on investment activity.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \n \n \n RNS Number : 0265V\n Vela Technologies PLC\n 09 April 2021\n \n \n \n \n 9 April 2021\n \n \n \n \n \n Vela Technologies plc\n \n \n (\"Vela\" or the \"Company\")\n \n \n \n Sale of investment in North Peak Resources Ltd\n \n \n \n \n \n Update on investment activity since August 2020's capital reorganisation\n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n Disposal of holding in North Peak Resources Ltd generating net proceeds of c.CAD$226,032 (approximately £130,112).\n \n \n · \n Since August 2020, Vela has invested c.£3.75 million in seven new investee companies and realised profits aggregating approximately £417,000 from the sale of investments.\n \n \n · \n Current portfolio of ten investments and available cash resources of c.£2.1 million.\n \n \n \n \n \n The Board of Vela (AIM: VELA) announces that, between 24 March 2021 and 6 April 2021, the Company disposed of its entire holding of 310,000 common shares in North Peak Resources Ltd (\"North Peak\") at prices between CAD$0.70 per share and CAD$0.745 per share and with an average price of CAD$0.73 per share generating net proceeds of c.CAD$226,032 (approximately £130,112) for the Company (the \"Disposal\"). \n \n \n \n \n \n The book value of Vela's holding in North Peak in Vela's latest published accounts (as at 31 March 2020) was £53,211. Therefore, the accounts for the year ending 31 March 2021 are expected to reflect a profit on disposal of c.£76,900.\n \n \n \n \n \n Following the Disposal, Vela no longer holds any shares in North Peak. The net proceeds from the Disposal will be used by the Company to make further investments in line with the Company's investing policy and for general working capital purposes.\n \n \n \n \n \n Since the 'hiving off' of half of Vela's assets at the end of August 2020, Vela has invested c.£3.75 million in seven new investee companies across a range of technology sub-sectors in accordance with the Company's investing policy. £2.65 million of investments have been made through the deploying of Vela's available cash resources and £1.10 million has been satisfied through the issue of equity in Vela as part of the St George Street Capital investment agreement entered into by Vela in October 2020. \n \n \n In the same period the Company has realised ...