Vela Technologies Regulatory News (VELA)

 1 May 2019

Vela Technologies plc

("Vela" or "Vela Technologies" or the "Company")

Further re. Placing

Further to the announcement on 24 April 2019 (the "Placing Announcement"), in relation to the Placing to raise £400,000 through the issue of 400,000,000 Placing Shares at the Placing Price of 0.1 pence per Placing Share, the Board of Vela Technologies provides the following update.

As detailed in the Placing Announcement, Antony Laiker (Executive Director of Vela) intends to subscribe for 25,000,000 Placing Shares at the Placing Price and it was envisaged by Vela and Antony Laiker at that time that Antony Laiker's Placing participation would be capable of becoming binding to enable admission of his Placing Shares to take place at the same time as the remaining 375,000,000 Placing Shares, on 2 May 2019.

As part of the Placing Announcement Vela announced that it intends to invest in the funding round currently being undertaken by Portr, an existing investee company of Vela. Within the Placing Announcement Vela included the Board's expectation of Vela's book value for Portr following completion of its proposed investment. At the present time Antony Laiker is deemed by the Board to be in possession of inside information relating to the proposed terms of the Portr funding until this information is published by Vela. As a result, Antony Laiker is unable to enter into a binding commitment at this time. It is expected that he will be able to do so shortly.

A further announcement will be made in due course. A separate application will now be made in due course for admission of these 25,000,000 Placing Shares to trading on AIM.

As such, Vela has conditionally raised £375,000 through a placing of 375,000,000 new ordinary shares in Vela ("New Ordinary Shares"). All other details of the Placing are unchanged.

Admission and Total Voting Rights

Application has been made for admission of 375,000,000 New Ordinary Shares to trading to AIM, issued pursuant to the Placing. In addition, application has been made for the admission of the 240,985,301 Scott Fletcher Loan Conversion Shares to trading on AIM. Admission is expected to occur on or around 2 May 2019.

On Admission of 375,000,000 New Ordinary Shares and 240,985,301 Scott Fletcher Loan Conversion Shares, Vela's issued ordinary share capital will consist of 1,452,958,416 Ordinary Shares, with one voting right each. Vela does not hold any Ordinary Shares in treasury. Therefore, on Admission, the total number of Ordinary Shares and voting rights in Vela will be 1,452,958,416. With effect from Admission, this figure may be used by shareholders in Vela as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of Vela under the FCA's Disclosure Guidance and Transparency Rules.

Capitalised terms used but not defined in this announcement shall have the meanings given to such terms in the announcement issued by the Company dated 24 April 2019 unless otherwise defined herein.

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About Vela Technologies

Vela Technologies (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. There are currently 12 investments in the portfolio which either have developed ways of utilising technology or developing technology with a view to disrupting the businesses or sector in which they operate. More recently, Vela Technologies has also started to focus on existing listed companies where valuations may offer additional opportunities.