Vela Technologies PLC - Bradford, England-based investment firm focused on early-stage and pre-IPO disruptive technology investments - Announces further investment in Northcoders Group PLC, a Manchester-based coding and software development training for businesses and individuals. Firm buys 33,333 shares at a price of GBP3 each in Northcoders for a total cost of GBP99,999, as part of a secondary placing undertaken by Northcoders which has raised GBP2.1 million before expenses.
Vela now holds 4.6% of Northcoders.
"Northcoders has more than met the promise that Vela perceived at the time of its IPO in July last year. We were therefore keen to maintain Vela's equity interest in the expectation of continuing growth for Northcoders, boosted by the proceeds from this oversubscribed placing," says Executive Director James Normand.
Current stock price: 0.020 pence, down 1.5% in London
12-month change: down 60%
By Heather Rydings; heatherrydings@alliancenews.com
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Vela Technologies (VELA)