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Vela Technologies Sells North Peak Resources Investment – Shares Lower

Updated: 9 Apr 2021

Shares of Vela Technologies (LON: VELA) are trading lower on Friday despite the company making a profit from the sale of its investment in North Peak Resources Ltd.

Vela said that between the 24th of March 2021 and the 6th of April, it disposed of its entire holding of 310,000 shares in North Peak Resources at prices between C$0.70 per share and C$0.745 per share, with an average price of C$0.73 per share generating net proceeds of C$226,032.

The book value of Vela's holding in North Peak in Vela's latest published accounts was £53,211. Therefore, the accounts for the year ending 31st of March 2021 are expected to reflect a profit on disposal of £76,900 for the company.

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Vela said the net proceeds will be used for further investments and general working capital.

Vela Technologies share price is down 3.27% at 0.0798p despite the profit made from the sale. Thursday’s session saw its shares close at 0.0825p.

The UK-based company now has a current portfolio of ten investments and available cash resources of £2.1 million.

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