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LONDON (Alliance News) - Investment company Vela Technologies PLC said Tuesday it has raised GBP220,000 in a share placing and intends to use part of these funds to further invest in Portr Ltd.
Portr owns the on-demand airport luggage transfer service AirPortr, and is currently raising GBP3 million with shareholders to finance the rollout of its product to further airports.
Vela has raised GBP220,000 through the placing of 137.5 million shares at a price of 0.16 pence each. Shares in the company were up 5.4% at 0.174 pence Tuesday afternoon.
Executive Director Antony Laiker subscribed for 6.9 million shares at the placing price, giving Laiker a 4.88% interest in Vela with 35.2 million shares.
Vela intends to invest GBP151,343 of the proceeds in Portr as part of Portr's fundraising, which would increase its shareholding in the company to 3.9% from 3.4% following Portr's previous funding round last July.
"This fundraising, whilst more dilutive than we would have liked, gives Vela the opportunity to invest further in Portr, which we understand is now experiencing very strong growth in its business following the recent agreements with Heathrow and Gatwick," Laiker said in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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