PR Newswire
London, April 8
8 April 2014
Vela Technologies PLC
("Vela" or the "Company")
Grant of options
Vela Technologies, the investing company focussing on early stage and pre-IPO
technology investments, announces that it has today granted options over a
total of 8,235,294 ordinary shares of 0.1 pence each ("Ordinary Shares")
representing approximately 3.7 per cent. of the Company's current issued
ordinary share capital at an exercise price of 0.85 pence per share. The
options were granted equally (4,117,647 each with a total exercise price of £
35,000 per director) to directors Brent Fitzpatrick and Antony Laiker and vest
as to one third on grant and one third on each of the first and second
anniversaries of grant. They are not subject to any performance conditions and
will lapse 7 years from the date of grant.
Given that both directors are receiving options, all directors are related
parties for the purposes of the grant and there are no independent directors
for the purposes of the AIM Rules for Companies. ZAI Corporate Finance Ltd.,
the Company's nominated adviser, considers that the terms of the grant are fair
and reasonable insofar as the Company's shareholders are concerned. The
exercise price of the options is at a discount of 38.2 per cent. to the mid
market price at 13:00hrs today of 1.375p per share and at a premium of 70 per
cent. to the Company's most recent placing announced on 25 March 2014. Total
combined annual remuneration of the directors is £12,000. Mr Laiker is
interested in 1,916,724 ordinary shares (approximately 0.86 per cent. of the
company's current issued share capital). The directors have no other interest
in shares or options.
For further Information:
Vela Technologies plc
Brent Fitzpatrick, Non-Executive Chairman
Antony Laiker, Director 07802 262443
ZAI Corporate Finance, Nomad 020 7060 2220
Peter Trevelyan-Clark/Tim Cofman/Wei Wang
Peterhouse Corporate Finance, Joint Broker 020 7469 0932
Eran Zucker
Hume Capital Securities plc, Joint Broker 020 3693 1470
Jon Belliss
Newgate Threadneedle 020 7653 9850
Graham Herring/Heather Armstrong
