(‘Capital for Colleagues’ or the ‘Company’)
QUARTERLY INVESTMENT UPDATE
Key Statistics for the quarter:
-- Portfolio comprised of 15 unquoted EOBs at the end of the quarter -- Net Asset Value (‘NAV’) of
GBP 6,488,769( 31 August 2017: GBP 6,551,117) -- NAV per share of 42.12 pence( 31 August 2017: 42.58 penceper share)
Material developments in the quarter:
-- Established a joint venture company,
Castlefield Corporate Advisory Partners Limited, to assume responsibility for the non-investment EOB activities previously undertaken by Capital for Colleagues, leaving the Company free to focus on its core business – the provision of flexible capital to EOBs.
-- Restructured the Company’s investment in
CSM Site Supplies Limitedinto new A ordinary shares, continuing the policy of switching investments from debt to equity. -- Successfully concluded the Company’s investment in MI Accountancy Solutions Limited(‘MIA’), following the repayment of sums due to Capital for Colleagues. MIA remains a provider of management information to a number of the Company’s investees.
Further information on the Company’s investment portfolio is set out below.
GBP 3,781,298; 77.45 % of Portfolio) Construction and Materials Support Services Civils Store Limited Anthesis Consulting Group Limited Ecomerchant Natural Building Materials Cotswold Valves LimitedLimited CSM Site Supplies Limited Employee Owners Group Limited Hire and Supplies Limited Merkko Group Limited Office for Public Management Limited TPS Investment Holdings LimitedIndustrial Transportation Place 2 Place Logistics LimitedRetail (value: GBP 333,254; 6.83% of Portfolio) General Retailers The Homebuilding Centre (Holdings) Limited Technology (value: GBP 767,570; 15.72% of Portfolio) Software & Computer Services 2C Services Limited Bright Ascension Limited Computer Application Services Limited
The loans and investments made by the Company to unquoted EOBs are aimed at delivering equity-like returns. Each loan or investment is tailored to the individual investee company’s operating performance and specific working capital needs.
The Directors believe that the unquoted EOBs in the Company’s portfolio currently generate total turnover of around
Total Unquoted Investments (including short term loans) as at
Valuation (including capitalised costs):
BASIS OF VALUATION
Each of the unquoted investments is included at the Directors’ assessment of fair value, in accordance with International Private Equity and Venture Capital Guidelines. Nevertheless, as a matter of prudence, the Directors have provided for a general provision equivalent to 2 per cent. of the value of the unquoted investments for possible impairment. The Directors do not, however, believe that any general provision impairment is necessary in respect of any of the Company’s current unquoted investments.
Account is taken of any potential taxation liability in respect of the increase in value of investments on an annual basis, as at the Company’s year-end.
The Directors of the Company are responsible for the contents of this announcement.
For further information, please visit www.capitalforcolleagues.com or contact:
CAPITAL FOR COLLEAGUES PLC0161 464 7538 Richard Bailey, Chairman John Eckersley, Chief Executive PETERHOUSE CORPORATE FINANCE LIMITED 020 7469 0930 Mark Anwyl Duncan Vasey
The Company’s joint venture,
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a