11 February 2025
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 20 September 2024 and 7
February 2025, the Company sold a total of 425,000 shares in
EnSilica at an average price of 46p per share generating aggregate
net proceeds of approximately £196,864 for the Company ("the
Disposal"). The Disposal is expected to generate a realised gain of
£10,625 for Vela in the financial year to 31 March 2025.
Following the Disposal, Vela retains
241,707 shares in EnSilica, representing 0.25 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. On 13 May 2024,
the Company announced that it had 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.
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 2024
EnSilica generated revenue of £25.3 million and an operating profit
for the year of £0.9 million. As at 30 November 2024 EnSilica's
unaudited net assets were £22.5 million.
For
further information, please contact:
|
Vela Technologies plc
Brent Fitzpatrick, Non-Executive
Chairman
James Normand, Executive
Director
|
Tel: +44 (0) 7950 389469
|
|
Allenby Capital Limited (Nominated Adviser)
|
Tel: +44 (0) 20 3328 5656
|
|
Nick Athanas / Piers
Shimwell
|
|
|
Peterhouse Capital Limited (Broker)
|
Tel: +44 (0) 20 7469 0930
|
|
Novus Communications (PR and IR Adviser)
|
Tel: +44 (0) 20 7448 9839
|
|
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.
