Source - Alliance News

Vela Technologies PLC on Monday said its fair investment portfolio value rose in its financial third-quarter due to a new investment, but the company had a reduced cash balance at quarter-end.

Shares were down 6.6% at 0.036 pence each on Monday morning on AIM in London.

The Bingley, England-based investment firm is focused on disruptive technology investments.

It reported a fair investment portfolio value of £4.93 million as at December 31. This represented a 3.4% increase from £4.76 million on September 30.

The investment firm said this reflects investments of £250,000 during the quarter, as well a reduction in fair value of £87,000.

On December 1, Vela invested the £250,000 in the initial pubic offering on AIM of Skillcast Group PLC. Its investment bought it a 0.8% stake Skillcast. The London-based e-learning firm listed at 37p per share and is currently quoted at 35.48p.

This led to the company’s investment portfolio consisting of 10 active investments in the quarter, up from nine investments in the previous quarter.

As a result, Vela’s cash balance as at December 31 was reduced to 12% to £2.2 million from £2.5 million as at Sep 30.

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