Capital for Colleagues Plc - Portfolio Update - Computer Application Services Limited

Capital for Colleagues Plc - Portfolio Update - Computer Application Services Limited

PR Newswire

LONDON, United Kingdom, April 10

Capital for Colleagues plc / EPIC: CFCP / Market: Aquis/ Sector: Financials

 

10 April 2024

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 (‘Computer Application Services’ or ‘CAS’).

 

Based in Edinburgh, Computer Application Services is a developer of case management software, branded as Workpro. Capital for Colleagues initially invested in CAS in January 2016, since when CAS has grown its client base significantly, in both its traditional public sector markets and in newer markets that it has targeted in the private sector.

 

In June 2023, C4C reduced its interest in CAS, which at that time was the largest equity investment in the Company’s portfolio, through a partial disposal of its holding of CAS ordinary shares. Reflecting the continued growth at Computer Application Services and the Directors’ desire to further rebalance this element of the Company’s investment portfolio, Capital for Colleagues has agreed to dispose of additional 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 £256,960.

 

Following this transaction, Capital for Colleagues will be interested in 28.9% of the issued equity of Computer Application Services .

 

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.

**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 UK EOB sector. The Company has a proven management team, with a wide network of contacts and affiliates, as well as established access to investment opportunities, enabling the Company to execute its strategy and capitalise on EOB-focused investment opportunities. In addition, the Company educates and assists companies that are looking to launch employee ownership schemes, advising them, amongst other things, on how to secure investment and achieve their objectives.

 

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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