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02 Feb 2021 | 11:12

Vela invests £0.15m in Spinnaker as part of Kanabo reverse takeover

(Sharecast News) - Vela Technologies announced on Tuesday that it has agreed to invest £0.15m in Spinnaker Opportunities, to be re-named Kanabo Group. The AIM-traded firm said the transaction was part of Spinnaker's placing and subscription to raise £6m before expenses, in conjunction with its reverse takeover acquisition of Kanabo Research.

It said that Spinnaker, as enlarged by the fundraise and the acquisition, had published a prospectus in connection with the transaction and had convened a general meeting to approve the reverse takeover acquisition.

Admission of the enlarged share capital of Spinnaker to trading on the main market of the London Stock Exchange was expected to take place on 16 February, subject to shareholder approval at a general meeting of Spinnaker on 15 February.

"The funds raised pursuant to the placing and subscription, which was oversubscribed, will support Kanabo's operations and enable the company to capitalise on market growth, establish its brand and increase revenues," the Vela board said in its statement.

At 1548 GMT, shares in Vela Technologies were up 1.43% at 0.07p.
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