ARCADIA18 Feb 2021 21:10
SGS will pay Vela 8 per cent of proceeds received by SGS in excess of £19.2 million .
Under the terms of the Agreement, Vela will pay consideration of £2.35 million to SGS for the Economic Interest. Of the consideration payable, £1.1 million will be satisfied by the issue of 1,100,000,000 new ordinary shares in Vela (the "Consideration Shares"), at a price of 0.1p per Consideration Share, being a premium of 56.9 per cent. to the Company's closing mid-market price of 0.06375 pence on the day prior to this announcement.
On completion of the investment SGS will hold 1,100,000,000 ordinary shares in Vela representing 9.37 per cent. of the issued share capital of the Company, as enlarged by the Placing and the issue of the Consideration Shares.