(Alliance News) - Vela Technologies PLC said Tuesday it is mulling the disposal of either part or all of its current holding in e-commerce-focused social network platform WeShop Ltd.
Vela currently holds 71,429 shares in WeShop, which reflects a 1.4% stake in the company, and said it would be interested in discussing a potential disposal with interested parties at a minimum price of 550 pence per share.
Should the technology-focused investment firm choose to sell all of its WeShop shares at that minimum price , the deal would total GBP392,859.
Vela cited an effort to refocus its investing activity as the reason for the potential WeShop stake sale.
Vela said it is considering making bigger transactions than it has in the past, and also has been in discussions with third parties over the possibility of using Vela as a reverse takeover vehicle.
Vela first bought shares in WeShop for GBP100,000 in 2014 as part of a GBP1 million seed funding round.
"As a result, the board of Vela, has determined that this is an appropriate time to consider the partial or full sale of its shareholding in WeShop," the company said.
Shares in Vela Technologies - which is headquartered in West Yorkshire - were up 6.4% at 0.080 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Vela Technologies (VELA)