17 November 2021

Vela Technologies plc

("Vela")

Update re. investment in WeShop Limited

Further to the announcement on 21 October 2021, the Board of Vela (AIM: VELA) notes the announcement made today by Boanerges Limited ("Boanerges"), a special purpose acquisition company, confirming that all resolutions have been passed at its general meeting held earlier today, thus approving the acquisition of the WeShop Limited ("WeShop") name, business and assets for a total consideration of 33,333,333 new ordinary shares in Boanerges. WeShop is a digital social network platform with plans to become a leader in the social e-commerce sector.

Vela holds 71,429 shares in WeShop, representing 1.47% of WeShop's share capital, which it acquired in 2014 by investing £100,000 as part of a £1 million seed-funding round.

The full Boanerges announcement can be found here: GM Result, WeShop Completion, Trading on JP Jenkins - 12:00:00 17 Nov 2021 - News article | London Stock Exchange.

WeShop will be subject to a lock-in agreement which, for 18 months, prevents WeShop from selling the Boanerges shares received as consideration for the transaction, except to the extent necessary to meet the corporation tax payable on the chargeable gain resulting from this transaction.

Boanerges will be withdrawing from the AQSE Growth Market on 18 November 2021 and is seeking admission to JP Jenkins, a matched bargain facility. It is therefore anticipated that the Boanerges shares received by WeShop will be tradeable via JP Jenkins once the lock in period expires.

WeShop has advised its shareholders that, under the terms of certain outstanding loan instruments, warrants and options, including a convertible loan of £9 million issued in August 2020, its issued share capital is subject to dilution as follows:

Further announcements will be made at the appropriate time.

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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.