LONDON – Vela Technologies PLC (AIM:VELA), an investing company specializing in early-stage and pre-IPO technology ventures, disclosed a decrease in its total asset value for the quarter ending December 31, 2024. The company’s total assets, including cash, fell by £385,000 to £2,670,000 from £3,055,000 in the previous quarter.
The investment portfolio’s fair value, excluding cash, was reported at £2,623,000, a decline from £2,952,000 at the end of September 2024. Vela realized a loss of £10,000 from investment sales and a net unrealized loss of £276,000 on its listed investments during the quarter.
Vela’s cash balance decreased to £47,000 from £103,000 over the same period. The company continued its strategy to realize parts of its investment portfolio, aiming to reinvest in opportunities with potentially higher returns, as stated by Executive Director James Normand.
In terms of portfolio activity, Vela made a new £50,000 investment in a convertible loan note in Igraine PLC, part of a minimum £200,000 commitment announced previously on October 21, 2024. The company also reported on principal investee companies’ developments, including EnSilica PLC’s strong contract momentum and Skillcast Group PLC’s increased revenue. Meanwhile, Tribe Technology PLC announced plans to cancel its AIM listing and Community Social Investment Limited’s (CSIL) ability to realize its interest in WeShop Holdings Limited is pending a sale or listing.
There were no material changes reported for Aeristech Limited since October 2024, and the company is awaiting due diligence by a potential major funder and/or buyer. Igraine PLC made an investment in GEM Energia Limited and drew down a further £50,000 from Vela post-quarter.
Vela’s interim report for the half-year ended September 30, 2024, was published on December 18, reflecting the results from the August and November quarterly updates. The company has been in discussions with several investee companies, including Aeristech Limited and Hamak Gold Limited, to explore mutually beneficial solutions.
The investment update is based on unaudited management information and follows the valuation policies outlined in the company’s annual financial statements. This press release statement provides the source for the figures and developments reported.
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