Half-yearly Report

About this update from Caledonian Holdings Plc.

RNS Number : 6103L Vela Technologies PLC 28 December 2018   28 December 2018   Vela Technologies plc ("Vela" or the "Company")   Half-yearly report for the six months ended 30 September 2018   The board of Vela is pleased to announce the interim results for the six months ended 30 September 2018.   Chairman's Statement   The themes outlined in my statement covering the 2018 Annual Report have continued into the first six months of the current financial year. We considered a number of new investment opportunities in the period but were unable to progress towards completing an investment into a new business mainly due to the valuations expected by those companies. As we approach the end of 2018, and with global stock markets having dropped sharply, there are signs that valuations are becoming a little more realistic.   During the period under review, we updated shareholders in respect of our investments in Portr, Argo Blockchain, BTL Group, Vibe Group and BlockchainK2. Notable among these was an investment of £200,000 in Vibe Group Holdings and a further follow on investment of £150,000 in Portr, the owner of AirPortr. Our investment in AirPortr continues to provide evidence of the viability of the home pick-up luggage service following the recently announced alliance with Cathay Pacific and an extension of its existing relationship with easyJet.   Between June 2018 and September 2018 we acquired a small holding of 185,000 shares in Nektan, an AIM quoted gaming technology platform and services provider, for a total cost of c. £37,500. This small investment reflects our statement in the 2018 Annual Report that we believe there are opportunities in quoted companies where the market has become disenchanted, disinterested or does not want to understand companies that may have not lived up to expectations in the past but are now correcting that going forward with a valuation that reflects this.   We will continue to update shareholders whenever possible in relation to the activities of our investee companies although we would reiterate that Vela is a minority investor not a manager of these businesses. We are therefore dependent on the investee companies providing Vela with the information to release. At the date of this announcement Vela has minority interests in 12 investee companies.   Subsequent to the period...

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