Vela Technologies BTL Stake Worth GBP2.3 Million After Shares Fall

16th Mar 2018 14:24

LONDON (Alliance News) - Investment firm Vela Technologies PLC said Friday its stake in portfolio firm BTL Group Ltd was worth GBP2.3 million despite share price volatility as it continues to progress towards release of its blockchain technology platform.

BTL - in which Vela holds a 2.9% stake, equivalent to 620,000 shares - issued an announced on Thursday after experiencing "volatility" in its share price. After closing at CAD7.00 on Wednesday, BTL sank as low as CAD5.80 on Thursday before recovering to end the day at CAD6.71.

At the closing price of CAD6.71, Vela's stake in BTL was worth CAD4.2 million or GBP2.3 million.

Vela also republished BTL's announcement on Thursday which - whilst confirming it did not know why it was experiencing share price volatility - it was making continuing to advance towards "near-term release" of Interbit.

Interbit is BTL's blockchain proprietary platform.

"However," BTL Executive Chairman Brian Hinchcliffe said, "clearly our stock price has been greatly impacted by the financial flows in the unrelated cryptocurrency markets over the last six months."

Shares in Vela were 4.0% lower at 0.528 pence on Friday.

---

Related Shares:

Vela Technologies