LONDON - Vela Technologies PLC (AIM:VELA), an investing company specializing in early-stage and pre-IPO technology opportunities, has disclosed an increase in total assets for the quarter ending September 30, 2024. According to unaudited management information, the company's total assets, including cash, rose by £251,000 to £3,055,000, up from £2,804,000 in the previous quarter.
The fair value of Vela's investment portfolio, excluding cash, was valued at £2,952,000 as of September 30, 2024, marking an improvement from £2,747,000 at the end of June. The company realized a profit of £28,000 from the sale of investments and reported a net unrealized gain of £20,000 on the remaining listed investments during the quarter.
Vela issued shares to Hamak Gold Limited in exchange for a £300,000 convertible loan note. The cash balance stood at £103,000, up from £57,000 at the end of the preceding quarter.
James Normand, Executive Director of Vela, expressed that despite the strong performance of certain UK listed investee companies, the market has not reflected these results. Consequently, the company is actively seeking to realize portions of its investment portfolio and reinvest in opportunities with potentially higher returns.
The update also highlighted key developments in some of Vela's principal investee companies. Northcoders Group plc reported a significant increase in revenue and underlying EBITDA, along with new public sector opportunities. EnSilica Plc announced substantial contract wins, revenue growth, and an improved debt facility. Skillcast Group PLC also revealed growth in recurring revenue and EBITDA. Meanwhile, Conduit Pharmaceuticals Inc. appointed a new board member following investigations into share dealings.
Vela's investment in Community Social Investments Limited hinges on the sale or listing of WeCap plc, which has recently overcome a significant hurdle in its listing process. Aeristech Limited has reportedly met conditions for due diligence by a major funder and/or buyer, indicating growth in revenue and profitability.
The company's management has engaged with several investee companies and made additional investments post-quarter, including in Hamak Gold Limited and Igraine PLC. However, Vela has yet to receive expected payments from Hamak under the terms of the convertible loan note and is seeking a resolution.
This report is based on a press release statement and aims to provide investors with key insights into Vela Technologies' performance and strategic moves during the past quarter.
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