LONDON (Alliance News) - Velocity Composites PLC said Thursday it has spent about two thirds of its original enterprise investment scheme and venture capital trust qualifying funds raised when the company listed on AIM in May 2017.
The company said it has made "good progress" in deploying the funds on a "number of important strategic opportunities".
Velocity Composites said it has spent about GBP3.1 million of the original GBP5.0 million. The company said it is unlikely it will spend the full amount prior to the May 19 deadline imposed by the UK tax authorities, so "shareholders should consider their tax positions", the company warned.
"The underlying driver for the lower spend remains the growth trajectory being lower than at the time of the IPO," said Velocity Composites.
The company added: "The remaining unspent EIS/VCT funds will remain available for the group to use in high quality growth investments in the future."
Shares in Velocity Composites were untraded Thursday but last closed at 23.00 pence each.
Velocity Comp (VEL)