Vela Technologies (VELA.L) Update re. investment in Kanabo Group plc

The Board of Vela (AIM: VELA) announces that, on 17 February 2021, the Company disposed of 1,000,000 shares in Kanabo Group plc (“Kanabo”) at a price of 23.5p per share generating net proceeds of £233,801 for the Company (the “Disposal”).

As detailed in the Company’s announcement of 16 February 2021, Vela invested £150,000 in Kanabo (formerly Spinnaker Opportunities plc), in conjunction with its reverse takeover acquisition of Kanabo Limited and its admission to trading on the main market of the London Stock Exchange. Vela originally subscribed for 2,307,692 shares in Kanabo at a price of 6.5p per share and therefore the Disposal reflects a net profit of £168,801.

Following the Disposal, Vela continues to hold 1,307,692 shares in Kanabo, equivalent to approximately 0.36 per cent. of Kanabo’s issued share capital. The net proceeds from the Disposal will be used by the Company to make further investments in line with the Company’s investing policy and for general working capital purposes.

About Vela Technologies plc

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.

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