13
May 2024
Vela Technologies
plc
("Vela"
or "the Company")
Update re. investment in
EnSilica
The Board of Vela (AIM: VELA), an
AIM-quoted investing company focused on early stage and pre-IPO
disruptive technology investments, today provides an update on its
investment in EnSilica plc ("EnSilica").
Between 4 July 2023 and 10 May 2024
the Company sold a total of 430,000 shares in EnSilica at an
average price of 62p per share generating aggregate net proceeds of
approximately £265,633 for the Company ("the Disposal").
The Disposal is expected to generate a realised
gain of £18,719 for Vela in the financial year to
31 March 2024 and a realised gain of £4,800 for Vela in the current
financial year to 31 March 2025.
Following the Disposal, Vela retains
666,707 shares in EnSilica, representing 0.78 per cent. of
EnSilica's current issued share capital. The proceeds of the
Disposal are being utilised by the Company for general working
capital purposes.
The Company originally invested
£750,000 in EnSilica in the form of convertible loan notes ("the
Loan Notes") as part of a pre-IPO funding round in January 2022.
The Loan Notes and interest accrued since the investment converted
on the IPO of EnSilica in May 2022 into new ordinary shares in
EnSilica and on admission of EnSilica's shares to trading on AIM.
In March 2023, Vela invested a further £125,000 in EnSilica through
the purchase of 178,572 ordinary shares. The investment was made as
part of a £2.0 million placing undertaken by EnSilica, details of
which were announced by EnSilica on 9 March 2023.
EnSilica focuses on the design and
supply of custom mixed signal Application Specific Integrated
Circuits ("ASICs") to system companies and original equipment
manufacturers, managing the manufacturing process end-to-end. The
fabless mixed signal ASIC supply model is a proven scalable
platform to deliver both growth and profitability.
EnSilica has ASICs developed or
under development across the satellite communication, automotive,
industrial and healthcare markets. Mixed signal and radio frequency
ASICs play a key role in differentiating EnSilica's customers'
products in these markets.
For the year ended 31 May 2023
EnSilica generated revenue of £20.5 million and an operating profit
for the year of £0.8 million. As at 30 November 2023 EnSilica's
unaudited net assets were £16.5 million.
James Normand, Executive Director of Vela,
commented:
"EnSilica has been a successful investment for
Vela, reflecting the excellent trading and management performance
that has been maintained and enhanced since the company's listing
in May 2022. Vela invested a total of £875,000 in 2022 and 2023
resulting in Vela acquiring a total of 1,943,360 EnSilica shares.
It has since sold approximately two thirds of these shares for an
aggregate £843,000 and retains 666,707 shares with a market value
of approximately £407,000 based on today's closing share price of
61p, thus showing an approximate 43% return of investment as of
today."
For further information, please
contact:
|
Vela Technologies plc
Brent Fitzpatrick, Non-Executive
Chairman
James Normand, Executive
Director
|
Tel: +44 (0) 07950 389
469
|
|
Allenby Capital Limited (Nominated Adviser)
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Tel: +44 (0) 20 3328 5656
|
|
Nick Athanas / Piers
Shimwell
|
|
|
Peterhouse Capital Limited (Broker)
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Tel: +44 (0) 20 7469 0930
|
|
Lucy Williams / Duncan Vasey / Eran
Zucker
|
|
|
Novus Communications (PR and IR Adviser)
|
Tel: +44 (0) 20 7448 9839
|
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Alan Green / Jacqueline
Briscoe
|
|
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.