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Vela Technologies acquires £250,000 stake in UK fintech group
5th Oct 2020 10:02
(Sharecast News) - Investment firm Vela Technologies has taken up a £250,000 stake in UK-based fintech group Mode Global Holdings as part of the latter's IPO funding round.
Vela said the investment was in line with its investing policy and the strategic emphasis of delivering demonstrable, short-term, value accretion for shareholders.
The AIM-listed group, which funded the acquisition of 500,000 new ordinary shares from existing cash resources, highlighted that Mode had recorded a pro forma revenue of £2,000 and a pro forma pre-tax loss of £3.15m in the year ended 31 December 2019.
Executive director James Normand said: "We believe Mode has an exciting future as a listed company. We are pleased to participate in this over-subscribed fundraise.
"The board continues to assess a number of other investment opportunities with a view to growing the company's investment portfolio in the near future."
As of 1000 BST, Vela shares were up 14.4% at 0.072p.
Vela said the investment was in line with its investing policy and the strategic emphasis of delivering demonstrable, short-term, value accretion for shareholders.
The AIM-listed group, which funded the acquisition of 500,000 new ordinary shares from existing cash resources, highlighted that Mode had recorded a pro forma revenue of £2,000 and a pro forma pre-tax loss of £3.15m in the year ended 31 December 2019.
Executive director James Normand said: "We believe Mode has an exciting future as a listed company. We are pleased to participate in this over-subscribed fundraise.
"The board continues to assess a number of other investment opportunities with a view to growing the company's investment portfolio in the near future."
As of 1000 BST, Vela shares were up 14.4% at 0.072p.