Vela Technologies in 'advanced states' of new director appointment

Vela Technologies updated the market on its intention to add another director to the board on Friday, saying it was in the “advanced stages” of appointing an executive director.

The AIM-traded firm said it expected to complete the appointment by the end of August.

It said the proposed board appointment remained subject to approval from its nominated adviser, and completion of customary due diligence around board composition and independence, and the suitability of a proposed director.

“As previously announced, the company had intended to strengthen the board through the appointment of a further non-executive director,” the board said in its statement.

“However, discussions regarding the previously identified non-executive candidate did not materialise into a board appointment.

“Notwithstanding the proposed appointment of an additional executive director to the board, the company still intends to appoint a further non-executive director to the board in due course.”

Vela said further announcements would be made over the proposed board appointments.

At 1245 BST, shares in Vela Technologies were up 0.28% at 0.07p.