Business
Update re BTL Group Ltd
Update re BTL Group Ltd.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \nRNS Number : 5247C Vela Technologies PLC 22 January 2018 \n\n22 January 2018\nVela Technologies plc\n \n(\"Vela\")\n \nBTL Group Ltd - Investment Update\n \nThe Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, is pleased to note the update announcement made today by BTL Group Ltd (\"BTL\") regarding its European energy trading project under which several oil and gas companies and energy traders propose to use BTL's Interbit blockchain platform.\n \nVela holds, as at the date of this announcement, 620,000 common shares in BTL equivalent to approximately 2.91 per cent. of BTL's issued share capital. BTL is listed on the TSX Venture Exchange, on which the closing mid-market price on 19 January 2018 of BTL's common shares was C$11.50 per share which values Vela's shareholding in BTL at approximately C$7.13 million (equivalent to £4.11 million*). \n \nExtracts from the BTL announcement are copied below:\nBTL GROUP LTD. (TSX Venture:BTL) (\"BTL\" or the \"Company\") is pleased to provide further information on the next phase of its previously announced European energy trading project, under which four oil and gas supermajors and five leading energy traders including Eni Trading & Shipping, Total, Gazprom Marketing & Trading Limited, Mercuria, Vattenfall, Petroineos and Freepoint, propose to participate in using BTL's Interbit blockchain platform to deliver gas trading reconciliation through to settlement and delivery of trades. This enterprise solution is being called OneOffice and is a revenue generating project for BTL.\nOneOffice - this second phase of BTL's European energy project - follows the successful completion of the phase one pilot (see the Company's press release dated June 5, 2017) which demonstrated the Interbit platform's delivery of back office cost saving via smart contracts that automate trade reconciliation processes. In this second phase, BTL will work with the participants to build the OneOffice application to deliver cost savings across the trade life cycle.\nInterbit, as a next generation blockchain platform, has the capacity to operate and interconnect many thousands of blockchains per server, in a secure, private and scalable manner and moreover is designed for ease of use. See the C...