RE: Cash shell30 Mar 2023 16:25
Vela Technologies (AIM:VELA) PLC said it will consider a reverse takeover as one option in a reboot of an investment strategy first outlined in 2019.
Under the reinstated strategy, which follows the appointment of significant shareholder Antony Laiker to the board, the investment company will look into using its assets to effect one or more larger corporate transactions.
These transactions may include, but are not limited to, a reverse takeover, a substantial investment in a trading business, or an acquisition of a division from a listed or private company, Vela said in a statement.
As a result of such a strategy, Vela believes shareholders may be provided with "more certainty and potential uplift" in their value, even as it continues to realise the proceeds from existing investments through sale.
"The board believes that the combined value of Vela's listed investments and cash resources may prove attractive to third parties," the company said.
Despite informal discussions and approaches, the company said it has not engaged in any discussions over a potential transaction.