Capital for Colleagues Plc Portfolio Update - Investment in Bright Ascension Limited

 
TIDMCFCP 
 
Capital for Colleagues plc / EPIC: CFCP / Market: AQSE / Sector: Financials 
 
12 October 2023 
 
CAPITAL FOR COLLEAGUES PLC 
 
(`Capital for Colleagues', `C4C' or the `Company') 
 
PORTFOLIO UPDATE - INVESTMENT IN BRIGHT ASCENSION LIMIITED 
 
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, Bright Ascension Limited (`Bright Ascension' or 
`BAL'). 
 
Bright Ascension is an industry-leading space-software technology provider, 
offering unique off-the-shelf software products and solutions for the delivery 
of space-based services, both on spacecraft and on the ground. 
 
Capital for Colleagues is pleased to announce that the Company has successfully 
led a funding round of £1.5 million for BAL. 
 
Capital for Colleagues is investing a further £750,000 in BAL, alongside Bill 
Ainscough, a non-executive Director of the Company, and TJ Morris Limited, a 
significant shareholder in C4C, both of whom are investing £375,000.  The 
committed funds are initially being provided to BAL as loans, which will in due 
course be reclassified as loan notes convertible into ordinary shares in BAL. 
The loan notes will be convertible within the next three years, at a value 
dependent on the achievement of key milestones by BAL. 
 
Bill Ainscough is a non-executive Director of Capital for Colleagues and his co 
-investment alongside the Company is therefore a Related Party Transaction for 
the purposes of the Aquis Growth Market Apex Rulebook. The Directors of the 
Company, other than Mr Ainscough, having exercised reasonable care, skill and 
diligence, consider that the co-investment by Mr Ainscough is fair and 
reasonable as far as the shareholders of the Company are concerned. 
 
Commenting on the investment in Bright Ascension, Alistair Currie, Chief 
Executive of Capital for Colleagues, said: 
 
"We are delighted to have successfully led this significant investment into 
Bright Ascension alongside existing stakeholders in Capital for Colleagues. Our 
combined investment will enable Bright Ascension to finalise the initial release 
of its ground-breaking HELIX suite of products, which will offer a comprehensive 
end-to-end space software solution, covering the entire mission lifecycle. HELIX 
is set to launch in the coming months and has been selected to form the 
foundation for the 3-4 year OS2-VOLT mission, led under the ESA ScyLight 
Programme. The OS2-VOLT mission is led by another C4C investee company, Craft 
Prospect Limited. The mission is designed to evaluate and test radical new real 
-time techniques and technologies in low Earth orbit, aiming to demonstrate 
products and services within a Versatile Optical Laboratory for 
Telecommunications." 
 
Commenting on the investment, Peter Mendham, Chief Executive Officer of Bright 
Ascension, said: 
 
"We are very pleased to have secured additional funding, a pivotal step in 
ensuring the smooth progress of the initial HELIX suite release in preparation 
for its upcoming launch. We know there is a strong demand in the market for an 
integrated all-encompassing solution that seamlessly bridges the gap between 
space- and ground-based software development. The forthcoming OS2-VOLT mission 
serves as a powerful testament to this demand and provides us with the perfect 
platform to showcase the remarkable capabilities and advantages of optimising 
integration between spacecraft development and the efficient delivery of data 
insights to end-users." 
 
**ENDS** 
 
For further information, please visit www.capitalforcolleagues.com or contact: 
 
CAPITAL FOR COLLEAGUES PLC        01985 201 980 
 
Richard Bailey, Chairman 
 
Alistair Currie, Chief Executive 
 
John Lewis, Finance Director 
PETERHOUSE CAPITAL LIMITED        020 7469 0930 
 
Mark Anwyl 
 
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). 
 
 
This information was brought to you by Cision http://news.cision.com 
https://news.cision.com/capital-for-colleagues-plc/r/portfolio-update---investment-in-bright-ascension-limited,c3852229 
 
 
END

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October 12, 2023 02:01 ET (06:01 GMT)

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