The Board of Vela (AIM:VELA), an AIM-quoted investing company focused on early-stage and pre-IPO disruptive technology investments, announces that, on Friday 10 June 2022, the Company became aware of a subscription for £300,000 of ordinary shares in TruSpine Technologies plc (“TruSpine”).
Seemingly made on its behalf as part of a placing announced by TruSpine on 31 May 2022 (the “Placing”), for which admission to trading of the ordinary shares issued in the Placing to the AQSE Market took place on 8 June 2022. TruSpine is an AQSE listed medical device company focused on the development of spinal stabilisation systems.
Whilst the Board of Vela had been considering a potential investment in TruSpine, it had not formally agreed to make an investment in TruSpine prior to the announcement of the Placing by TruSpine on 31 May 2022.
Following enquiries made by the Board of Vela on 10 June 2022, Vela became aware that, on 26 May 2022, unbeknown to the Board of Vela, a placing letter was sent directly by a third party to the Company’s own broker and that this letter was then signed by that broker on behalf of Vela.
The Board of Vela had not granted approval to any third party to enter into a placing letter on its behalf in relation to TruSpine nor had it reached agreement to proceed with participation in the Placing.
The Company has internal controls in place to ensure that any purchase or sale of shares undertaken by it occurs only with the approval of the Board of Vela. The Board of Vela is making immediate enquiries of all parties involved in the Placing to ascertain the validity of any undertakings entered into on its behalf in respect of the Placing and to understand what steps need to be taken in connection with the potential investment in TruSpine.
The Board of Vela is minded to pursue an investment of £300,000 in TruSpine and is seeking advice from the Company’s nominated adviser on the requirements of the AIM Rules for Companies of this potential investment, particularly in the context of the information that the Board of Vela has become aware of since 10 June 2022, as detailed above.
Should the Company make an investment in TruSpine, which would be satisfied from the Company’s existing cash resources, it would anticipate owning a c.5 per cent. equity interest in TruSpine. For the year ended 29 March 2021 TruSpine incurred a loss before tax of £651,181. As at 30 September 2021, and based on unaudited interim financial information, TruSpine had net assets of £3,009,471.
The Company will provide further updates as soon as practicable.
For further information, please contact:
Vela Technologies plc
Brent Fitzpatrick, Non-Executive Chairman
James Normand, Executive Director
Tel: +44 (0) 7421 728875
About Vela Technologies
Vela Technologies plc (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. Vela’s investee companies have either developed ways of utilising technology or are developing technology with a view to disrupting the businesses or sector in which they operate. Vela Technologies will also invest in already-listed companies where valuations offer additional opportunities.
If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.
Terms of Website Use
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned