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1 Oct 2018 14:42
1 October 2018
Vela Technologies plc
("Vela", the "Company" or the "Group")
Further re Convertible Unsecured Loan Notes
The Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, provides the following update in respect of the £400,000 Convertible Unsecured Loan Notes (the "Loan Notes") that were issued in October 2016. The Loan Notes are held equally by Antony Laiker (a director of the Company) and Scott Fletcher (a significant shareholder of the Company as defined under the AIM Rules for Companies).
Under the terms of the loan note agreement the Loan Notes were repayable on 30 September 2018 or capable of conversion into new ordinary shares in the Company at any time up until the repayment date. The Loan Notes carry an annual interest rate of 8 per cent. The terms of the Loan Notes also provided for the repayment date to be capable of extension with the agreement of the Loan Note holders. Further details on the terms of the Loan Notes are detailed in the announcement released by the Company on 9 September 2016.
On 28 September 2018 the Company reached agreement with Scott Fletcher to vary the terms of the £200,000 of Loan Notes held by Scott Fletcher (the "Scott Fletcher Loan"). Other than the repayment date of the Scott Fletcher Loan being extended to 30 September 2019, all other terms of the Scott Fletcher Loan remain unchanged. The variation to the Scott Fletcher Loan remains subject to the Company and Scott Fletcher agreeing and entering into a variation agreement.
The independent director, being Brent Fitzpatrick (Chairman of Vela), is in discussions with Antony Laiker regarding the £200,000 of Loan Notes held by Antony Laiker (the "Antony Laiker Loan"). A variation to the previous terms of the Antony Laiker Loan will constitute a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies. Antony Laiker has indicated to the Company that he will not be seeking repayment of the Antony Laiker Loan. These discussions are expected to be concluded shortly
The Company will make further announcements as at the appropriate time.
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