Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Vela Technologies (LON: VELA) have edged slightly higher on Friday after the company said it has disposed of 272,000 shares in BlockchainK2 Corp, a blockchain technology investment firm.
The shares represent Vela’s entire holdings in the company, and they sold at prices between C$0.86 and C$1.5255 with an average price of C$1.19 per share, generating net proceeds of approximately £186,390.
Vela originally invested £200,589 in BlockchainK2 Corp to back in May 2018.
However, BlockchainK2’s book value in Vela’s latest published accounts was £14,396; therefore, the accounts for the year ending March 31st 2021 will reflect a profit on disposal of £172,000.
Vela no longer holds any shares in BlockchainK2, and the net proceeds from the disposal will be used by the company to make further investments.
Vela's share price is trading at 0.085p up 2.91% on the day following Thursday’s close at 0.0825p.
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