Capital for Colleagues plc - Portfolio Update - Computer Application Services
Announcement provided by
Capital for Colleagues plc · CFCP30/06/2023 09:50
Capital for Colleagues plc / EPIC: CFCP / Market: AQSE / Sector: Financials
30 June 2023
CAPITAL FOR COLLEAGUES PLC
(‘Capital for Colleagues’, ‘C4C’ or the ‘Company’)
PORTFOLIO UPDATE – COMPUTER APPLICATION SERVICES LIMITED
Capital for Colleagues, the investment vehicle focused on opportunities in the Employee Owned Business (‘EOB’) sector, is pleased to announce an update in respect of its investee company Computer Application Services Limited (‘CAS’).
Based in
To reflect the growth at CAS and to prudently rebalance this element of the Company’s investment portfolio, Capital for Colleagues has agreed to dispose of part of its holding of CAS ordinary shares to Bill Ainscough, a non-executive Director of the Company, and TJ Morris Limited, a significant shareholder in C4C, in equal proportions, for total cash consideration of £754,000.
Following this transaction, Capital for Colleagues will be interested in 33.33% of the issued equity of CAS and the CAS Employee Benefit Trust will be interested in 32.32% of the issued equity.
Bill Ainscough is a non-executive Director of Capital for Colleagues, and his acquisition of the CAS ordinary shares from the Company is therefore a Related Party Transaction for the purposes of the AQSE Growth Market Apex Rulebook. The Directors of the Company, other than Mr Ainscough, having exercised reasonable care, skill and diligence, consider that the acquisition of the CAS ordinary shares by Mr Ainscough is fair and reasonable as far as the shareholders of the Company are concerned.
Commenting on this portfolio rebalancing, Alistair Currie, Chief Executive of Capital for Colleagues, said:
‘We have been a strong supporter of CAS for over 7 years and believe that the growth that CAS has delivered in that period makes it prudent for C4C to rebalance our portfolio holding, whilst opening up the investment opportunity to like-minded and supportive investors in Bill Ainscough and TJ Morris Limited.
We are delighted to have shared in the excellent progress at CAS to date and look forward to participating in an exciting future for the business.’
Ken Naismith, Chief Executive of CAS, commented:
‘We are delighted to welcome Bill Ainscough and TJ Morris Limited as shareholders in CAS as we expand Workpro’s place in Employee Relations and Regulated Complaints case management markets. Workpro is a Software as a Service product that helps our customers to optimise case outcomes and mitigate the risks they face in today’s challenging operating environment. With loyal customer numbers growing each month, and sound financial backing, employee-shareholders, investors and customers can look forward to the ongoing development of Workpro and continued growth of the company.’
**ENDS**
For further information, please visit www.capitalforcolleagues.com or contact:
CAPITAL FOR COLLEAGUES PLC Richard Bailey, Chairman Alistair Currie, Chief Executive John Lewis, Finance Director |
01985 201 980 |
PETERHOUSE CAPITAL LIMITED Mark Anwyl |
020 7469 0930 |
The Directors of the Company are responsible for the contents of this announcement.
Capital for Colleagues
Capital for Colleagues is an investment company focused on the
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).
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