Vela Technologies (AIM: VELA) has announced that it has made a tidy profit of £168,801 on the sale of some of its holding in Kanabo Group but appears to have sold too soon.
Vela originally subscribed to 2,307,692 shares in Kanabo at a price of 6.5p per share and sold 1,000,000 of the shares at a price of 23.5p share for net proceeds of £233,801.
While a profit is a profit, Vela appears to have sold part of its holding a little prematurely as shares quickly soared to the 50p mark and the current price of 32p is comfortably ahead of 23.5p.
However, it still holds 1.3 million shares in Kanabo.
As an AIM-listed investment company, Vela will now use the profit from the sale to make further investments as well use it to support its general working capital requirements.
The share price of Vela is currently trading at 0.10p.