23 July 2021

Vela Technologies plc

("Vela" or "the Company")

Update re proposed board appointment

The Board of Vela (AIM: VELA) announces that, following on from the announcement released by the Company on 31 July 2020 and the update provided by the Company on 23 February 2021 that it intended to appoint a further director to the Board, it is in advanced stages of appointing an executive director. The Board anticipates completing this appointment by the end of August 2021.

The proposed board appointment remains subject to approval from the Company's nominated adviser and completion of the customary due diligence process to satisfy itself as to board composition and independence and the suitability of a proposed director for the purposes of the AIM Rules for Nominated Advisers.

As previously announced, the Company had intended to strengthen the Board through the appointment of a further non-executive director. 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.

Further announcements will be made at the appropriate time with regards to the proposed board appointments.

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About Vela Technologies   

Vela Technologies (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 listed companies where valuations may offer additional opportunities.