Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksVela Technologies Regulatory News (VELA)

Share Price Information for Vela Technologies (VELA)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.014
Bid: 0.013
Ask: 0.015
Change: 0.00 (0.00%)
Spread: 0.002 (15.385%)
Open: 0.014
High: 0.014
Low: 0.014
Prev. Close: 0.014
VELA Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Update re. investment in THEVIBE Ltd

9 May 2018 07:00

RNS Number : 4307N
Vela Technologies PLC
09 May 2018
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR")

9 May 2018

Vela Technologies plc

("Vela" or the "Company)

Update re. investment in THEVIBE Ltd

The Board of Vela (AIM: VELA), the investing company focused on early stage and pre-IPO disruptive technology investments, is providing an update to shareholders regarding its investment in THEVIBE Ltd (trading as Vibe Tickets) ("Vibe Tickets"). The last fund raise completed by Vibe Tickets in October 2017, resulting in Vela owning a 5.1% shareholding in Vibe Tickets at a total cost of of £400,000, was carried out to provide additional working capital and to enable Vibe Tickets to expand its offering into new verticals; build up its user base and enable Vibe Tickets to add to its headcount. These objectives have been achieved by the company.

The funds raised in October 2017 by Vibe Tickets represented broadly 6 months of future cash requirements during which time it was anticipated that discussions with new investors and existing shareholders would result in Vibe Tickets being able to raise further funds of in excess of £1m. Vibe Tickets is a pre-revenue business at the present time.

 

During these discussions between existing shareholders and new investors it became clear to the board of Vibe Tickets that there was a requirement to restructure the Vibe Tickets business in order to attract more substantial funding from investors.

 

As a result it has not been possible for Vibe Tickets to reach agreement on the terms of a further fundraise with investors. The Board of Vibe Tickets therefore had no alternative but to seek advice which required the directors to act in the interests of both creditors and shareholders, resulting in THEVIBE Ltd being placed into administration on 30 April 2018.

 

Vibe Tickets has subsequently been purchased from the administrators by Luke Massie, the former Chairman of THEVIBE Ltd.

 

Luke Massie has formed a new holding company, Vibe Group Holdings Limited ("VGHL"). In the coming weeks, it is expected that VGHL will acquire 100% of Vibe Tickets and 90% of Vibe Pay. The remaining 10% equity holding in Vibe Pay will be owned by key management of Vibe Pay. It is the intention that further funds will be raised by VGHL.

Information about VGHL

VGHL will consist of the following 2 businesses.

 

Vibe Tickets is a peer to peer social community with a marketplace at its core, connecting fans, allowing them to cut out the middle man and save fees. A company competing directly with the big four operating in the space; Viagogo, Seatwave, StubHub, GetMeIn. Vibe is fast becoming the resale platform of choice for consumers and has now grown to over 84,000 active users organically.

Vibe Pay is a peer to peer payments platform offering direct to bank money transfers. Vibe have built APIs which sit directly in-between the banking (open banking) infrastructure (rails) and the consumers. Vibe has built trust with its users and now moves towards owning the relationship between its users directly as opposed to sending them to other third party solutions. VGHL's plans and proposed investment by Vela in VGHL

 

Following completion of the above restructuring of Vibe Tickets further investment is expected to be committed to VGHL from Scott Fletcher (£500,000) and Vela Technologies (£200,000). Should Vela proceed with the new investment in VGHL, Vela would retain a minority interest in VGHL. The new structure is also expected to enable VGHL to raise further capital in due course.

 

At this stage there can be no guarantee that this further investment by Vela will complete nor the timing or the terms of such investment. A further announcement will be made by Vela at the appropriate time with regards to the proposed investment in VGHL.

 

Antony Laiker, Executive Director of Vela, commented:

"We have supported Luke Massie and Vibe Tickets since 2016. We saw the opportunity to support a business that was both highly disruptive and would enable ordinary fans of music and sport, who were being forced to pay excess fees on top of inflated prices, to benefit from a transparent social media platform to buy and sell tickets. Vibe has made strong headway reaching over 84,000 users and has generated over £7m of ticket volume, all with minimal marketing spend. Vibe Tickets is doing what it set out to do - disrupting the big players.

Various financing routes for Vibe Tickets were explored. However, the corporate structure surrounding Vibe Tickets did not lend itself to securing further funding. Based on previous discussions with the management of Vibe Tickets, we anticipate that the "restructured" Vibe business will provide the platform for Vibe to engage with parties who have expressed interest in supporting and growing the business further."

For further information, please contact:

Vela Technologies plc Brent Fitzpatrick, Non-Executive Chairman

Antony Laiker, Director Tel: +44 (0) 7802 262 443

Allenby Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3328 5656

Nick Athanas/Asha Chotai

Smaller Company Capital Limited (Broker) Tel: +44 (0) 20 3651 2910

Rupert Williams/Jeremy Woodgate 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
UPDFVLLBVEFLBBX
Date   Source Headline
26th Mar 20247:00 amRNSIssue of Equity
26th Feb 20241:21 pmRNSHolding in Company
23rd Feb 202412:15 pmRNSQuarterly Investment Update
8th Jan 202411:49 amRNSHolding(s) in Company
22nd Dec 20237:00 amRNSInterim Results
13th Dec 20237:00 amRNSQuarterly Investment Update
11th Dec 20232:19 pmRNSResult of AGM
5th Dec 202311:04 amRNSHolding in Company
1st Dec 20233:02 pmRNSExercise of Put Option
17th Nov 20238:58 amRNSNotice of AGM
28th Sep 20237:00 amRNSFinal results for the year ended 31 March 2023
27th Sep 20237:00 amRNSQuarterly Investment Update
21st Sep 20239:01 amRNSUpdate re. Economic Interest in AZD1656
8th Sep 20233:18 pmRNSFurther update re. Economic Interest in AZD1656
7th Sep 20237:00 amRNSUpdate re. Economic Interest in AZD1656
5th Sep 20238:50 amRNSUpdate on investment in Tribe Technology Group
15th Aug 20237:00 amRNSUpdate re. Economic Interest in AZD1656
12th Jun 202311:11 amRNSHolding in Company
6th Jun 20237:00 amRNSQuarterly Investment Update
23rd May 202311:45 amRNSInvestment in Tribe Technology Group Limited
15th May 20231:23 pmRNSUpdate re. Economic Interest in AZD1656
20th Apr 20233:01 pmRNSOption for potential sale of interest in AZD1656
14th Mar 20232:57 pmRNSInvestment in EnSilica plc
10th Feb 20237:00 amRNSQuarterly Investment Update
20th Jan 202312:27 pmRNSInvestment in Ethernity Networks Ltd
15th Dec 20227:00 amRNSInterim Results
6th Dec 20227:00 amRNSUpdate re. investment in EnSilica
28th Nov 20227:00 amRNSFurther investment in Northcoders Group plc
9th Nov 20229:00 amRNSUpdate re. AZD1656
8th Nov 20227:00 amRNSQuarterly Investment Update
25th Oct 202212:49 pmRNSResult of AGM
20th Oct 20221:52 pmRNSHolding(s) in Company
20th Oct 20227:52 amRNSBoard Change
28th Sep 20227:00 amRNSFinal results for the year ended 31 March 2022
2nd Sep 20227:40 amRNSStrategic Update
18th Aug 20229:53 amRNSUpdate re. St George Street Capital COVID-19 trial
22nd Jul 20227:00 amRNSQuarterly Investment Update
21st Jul 20221:40 pmRNSAppointment of Non-Executive Director
11th Jul 20227:00 amRNSHolding in Company
6th Jul 202212:07 pmRNSUpdate on investment - Community Social Investment
1st Jul 20221:27 pmRNSHolding(s) in Company
23rd Jun 202212:28 pmRNSInvestment in TruSpine Technologies plc
14th Jun 202212:49 pmRNSFurther update re TruSpine Technologies plc
14th Jun 20227:00 amRNSStatement re. potential investment in TruSpine
19th May 20221:26 pmRNSUpdate re. investment in EnSilica
3rd May 20227:00 amRNSQuarterly Investment Update and Change of Broker
26th Apr 20227:00 amRNSAppointment of PR and IR Adviser
30th Mar 20221:15 pmRNSAcquisition of a 28.8% interest in Igraine plc
7th Mar 20227:15 amRNSUpdate re. St George Street Capital COVID-19 trial
8th Feb 20221:30 pmRNSTR-1:Notification of major holdings

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.