Vela Technologies Regulatory News (VELA)

24 January 2022

Vela Technologies plc

("Vela" or "the Company")

Result of Annual General Meeting

Update on proposed share consolidation

Adoption of a revised investing policy

The Board of Vela (AIM: VELA) announces that at its Annual General Meeting ("AGM") held earlier today, resolutions 1 to 5, 7 and 9 were passed and resolutions 6 and 8 were not passed.

As a result of ordinary resolution 6 not being passed at today's AGM, the proposed consolidation of every 50 ordinary shares of 0.01p per share into one new ordinary share of 0.5p per share will not now proceed. There will remain 16,252,335,184 ordinary shares of 0.01p in issue.

As a consequence of special resolution 8 not being passed at today's AGM, the Board does not have the authority to issue new ordinary shares for cash. The Company remains well capitalised, however, with cash balances of approximately £1.43 million as at the date of this announcement. The Board did not have any imminent plans to utilise the authorities that had been sought at the AGM.

Following the passing of ordinary resolution 9, the Company has now adopted its revised investing policy as set out in the announcement released on 30 December 2021 and the Company's notice of AGM. This revised investing policy will be made available shortly on the Company's website (http://www.velatechplc.com/).

The proxy voting results of the Resolutions are set out below: 

 Notes:

*"Votes For" include votes giving the Chairman discretion.

**Percentages exclude "Votes Withheld".

***"Votes Withheld" are not votes in law and do not count in the number of votes counted for or against a resolution.

***"Total votes cast" do not include withheld votes.

Notwithstanding that only c.12% of the Company's issued share capital was voted, the Board has noted the proportion of those that were voted against certain resolutions. The Board will therefore be consulting with its advisers on how it might engage more effectively with its shareholders and will also be engaging with shareholders in order to understand the reasons behind the voting results.

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About Vela Technologies plc

Vela Technologies (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. Following the investment announced today there will be seven investments in the portfolio which have either developed ways of utilising technology or are in the process of developing technology with a view to disrupting the businesses or sector in which they operate. More recently, Vela Technologies has broadened its focus to include existing listed companies where valuations may offer additional opportunities.