Vela Tech subscribes for 1.1m more Rosslyn shares

Early-stage and pre-IPO focussed disruptive technology investment company Vela Technologies announced on Wednesday that it conditionally subscribed for 1,111,111 ordinary shares in Rosslyn Data Technologies, an existing investee company, at 4.5p per share for a consideration of £50,000.

The AIM-traded firm said the investment was part of a placing and open offer being undertaken by Rosslyn Data to raise up to £5.0m, in conjunction with the acquisition of Integritie, details of which were announced by Rosslyn Data earlier on Wednesday.

It said the proposed investment by Vela was being funded from the company's existing cash resources.

“The Rosslyn Data fundraising, and therefore Vela's subscription for 1,111,111 placing shares, is conditional upon, inter alia, approval by shareholders of Rosslyn Data in a general meeting to be held on 12 May 2017,” Vela’s board explained in a statement.

On completion of the Rosslyn Data Fundraising, and assuming the open offer is fully subscribed, the company would become interested in 1,411,111 ordinary shares in Rosslyn Data, representing 0.75% of its enlarged issued share capital.

For the six months ended 31 October 2016, Rosslyn Data generated revenues of £1.67m and incurred a net loss of £0.98m.

As at 31 October 2016, Rosslyn Data had net assets of £1.63m.