1st Oct 2013 10:29
LONDON (Alliance News) - Vela Technologies PLC said Tuesday that it had made a investment of USD100,000 by way of a convertible loan note in technology company Stream TV Networks.
The company said that the Loan Notes will accrue simple interest at the rate of 12% annual until December 31, 2014 unless an initial public offering is concluded before this date.
"I am pleased to announce another investment in line with our objective to build a diverse range of potentially high growth technology investments, bringing the total amount invested to over GBP385,000 in the year to date," said Non-Executive Chairman, Nigel Brent Fitzpatrick, in a statement. "Our investment in Stream TV represents a promising opportunity with the company being able to convert 2D to 3D at the point of the end user viewing or to implement the technology at the point of production of lower cost 2D TV's."
Shares in Vela were trading down 8.6% at 1.60 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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