Capital for Colleagues plc / EPIC:
CFCP / Market: NEX / Sector: Investment
28 April 2017
Capital for Colleagues plc
(“Capital for Colleagues” or the “Company”)
Completion of £2.42
million fundraising
On 12 April
2017, Capital for Colleagues, the investment vehicle focused
on opportunities in the Employee Owned Business (‘EOB’) sector,
announced that the Company was raising up to £2.02 million through
the issue of up to 4,812,247 New Ordinary Shares at a price of 42p
per share in the Open Offer.
The Open Offer closed at 11.00 on
27 April 2017 and the Company is
pleased to announce that it has received valid acceptances from
Qualifying Shareholders, including under the Excess Application
Facility, in respect of 3,416,319 Open Offer Shares, representing
71 per cent of the New Ordinary Shares available in the Open Offer.
Valid applications under the Excess Application Facility will be
met in full.
The proceeds of the Open Offer
therefore amount to £1.44 million (before expenses).
In addition, the Company has raised
a further £0.98 million (before expenses) through the issue of
2,343,166 New Ordinary Share to the Subscribers, also at a price of
42p per share. This amount is greater than the £0.82 million
referred to in the Circular, reflecting increased demand from the
Subscribers.
The net proceeds of the Open Offer
and the Subscription are estimated to amount to approximately £2.38
million and will be used by Capital for Colleagues to make further
investments in line with the Company’s investment strategy and to
provide working capital for the Company’s ongoing operations.
Commenting on the success of the
fundraising, John Eckersley, Chief
Executive of Capital for Colleagues said:
“We are delighted with the result of
this fundraising and the support from existing shareholders and new
investors in the Company. We believe that this is testament to the
strength of our strategy, the quality of the companies in our
portfolio and the recognised investment potential of the EOB
sector. As “patient capital” becomes increasingly important to
EOBs, we remain well placed to capitalise from the many investment
opportunities that are available to us.”
Directors’ Interests
The Directors have taken up their Open Offer Entitlements as
indicated in the Circular and therefore, on Admission, their
interests in the Company will be as follows:
Director |
Number of Ordinary
Shares |
% of Enlarged
Issued Share Capital |
Richard Bailey |
183,369 |
1.2 |
John Eckersley |
472,011 |
3.1 |
Alistair Currie |
345,513 |
2.3 |
Edmund Jenkins |
76,270 |
0.5 |
Application to the NEX Exchange Growth
Market
Application has been made for the
New Ordinary Shares to be admitted to trading on the Social Stock
Exchange segment of the NEX Exchange Growth Market. It is expected
that Admission will become effective and that dealings in the New
Ordinary Shares will commence on 2 May
2017.
In accordance with the Financial
Conduct Authority’s Disclosure and Transparency Rules, Capital for
Colleagues announces that, on completion of the Open Offer and the
Subscription, the Company will have 15,384,011 ordinary shares of
40p each in issue, each share carrying the right to one vote. The
Company does not hold any ordinary shares in treasury.
The above figure of 15,384,011
should be used by shareholders in the Company as the denominator
for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest
in, the Company under the Financial Conduct Authority's Disclosure
and Transparency Rules.
Unless the context requires
otherwise, all capitalised terms in this announcement have the same
meanings as in the circular to shareholders dated 12 April 2017, which is available on the
Company's website at www.capitalforcolleagues.com.
The Directors of Capital for Colleagues are responsible for the
contents of this announcement.
CAPITAL FOR COLLEAGUES PLC
Richard Bailey, Chairman
John Eckersley, Chief Executive |
0161 464 7538 |
PETERHOUSE CORPORATE
FINANCE LIMITED
Mark Anwyl
Duncan Vasey |
020 7469 0930 |
Notes
Capital for Colleagues is an
investment company focused on the Employee Owned Business (‘EOB’)
sector. The Company has a clear strategy aimed at investing
in, advising and growing established, mainly UK-based, EOBs as well
as assisting companies which are looking to launch employee
ownership schemes, providing the capital and advice to help them
achieve their objectives.
Capital for Colleagues 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 identify and capitalise on
EOB-focused investment opportunities.