AIM-listed investment company Vela Technologies sought £550,000 from UK Bond Network investors as part of the consideration for an acquisition.
Vela Technologies Plc invests in disruptive technology companies and has a track record of finding easy-to-understand businesses with potential for growth. At the time of the bond issue, Vela's most significant holding was a 4.27% stake in Portr Limited ("Portr"), a UK-based, on-demand airport luggage transfer service. Vela used part of the proceeds of this bond issue to buy further shares in Portr, bringing the total value of their investment portfolio to £2.96m.
This fundraising through UK Bond Network enables our current as well as new investors to support our continued investment strategy by participating in a non-dilutive structure.ANTONY LAIKER, EXECUTIVE DIRECTOR, VELA TECHNOLOGIES
Key auction statistics & Headline terms
Average bid size
Interest rate (gross per annum)
|Coupon||10% gross per annum|
|Repayment||Interest paid quarterly, bullet at maturity|
|Security||An all-assets debenture from the Issuer, a first fixed charge over the Issuer's shareholding in Portr Limited and a personal guarantee from Scott Fletcher, a leading technology investor and entrepreneur|
Chris Maule, UKBN CEO, had this to say about the transaction:
“Vela has a track record in identifying promising growth companies. UK Bond Network assisted Vela with additional funding to boost its existing stake in the growing travel technology company, Portr. UK Bond Network Chairman, Scott Fletcher, is an existing shareholder in Portr and to demonstrate his belief in the company, is personally guaranteeing the Bond’s repayment.”