Capital for Colleagues Plc – Quarterly Investment Update

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

24 April 2026

CAPITAL FOR COLLEAGUES PLC

(`Capital for Colleagues’, `C4C’ or the `Company’)

QUARTERLY INVESTMENT UPDATE

Capital for Colleagues, the investment vehicle focused on opportunities in the
Employee Owned Business (EOB’) sector, announces an investment update in respect
of the quarter ended 28 February 2026.

Key Statistics for the quarter:

· Portfolio comprised of 16 unquoted EOBs at the end of the quarter (30
November 2025: 16)
· Net Asset Value (`NAV’) of £15,701,966 (30 November 2025: £13,271,214)
· NAV per share has increased to 85.50 pence in the quarter (30 November 2025:
71.77 pence per share)

Key Developments in the quarter:

· The Company received the fifth and final annual tranche of consideration for
the sale of its `A’ ordinary shares in The Homebuilding Centre (Holdings)
Limited (`HBC’). The consideration for this final tranche amounted to £75,259 in
cash, a premium to the agreed minimum payment of £50,000, reflecting successful
ongoing trading at HBC.
· Capital for Colleagues led a funding round of £1.5 million for Morris
Commercial Limited (MCL). C4C is investing a further £500,000 in MCL by way of
the issue of convertible loan notes in two tranches. The proceeds of this
investment round will be used by MCL for final engineering optimisation and
vehicle validation.
· Bright Ascension Limited (BAL) completed the first part of a funding round
at a significant premium to C4C’s previously recorded valuation. BAL is now the
largest holding by value in the Company’s portfolio.

· During the period, C4C made a follow-on loan of £55,000 to an investee
company to support its working capital requirements, while loans totalling
£94,221 were repaid by three investee companies.

As at 28 February 2026, the Company had cash balances of £390,901.

Further information on the Company’s investment portfolio is set out below.

UNQUOTED INVESTMENTS

As at 28 February 2026, the Company’s portfolio of unquoted investments was
valued at £15,199,278 and comprised 16 companies operating across a range of
sectors, as set out below:

Industrials
(value:
£6,278,181; 41,31%
of Portfolio)
Construction & Support Services
Materials
Hire and Supplies Limited
Carpenter Oak
Group Limited Flow Control Company Limited

TPS Investment The Security Awareness Group Limited
Holdings Limited
Rapid Retail Limited
Civils Store
Limited AWPC Holdings Limited (trading as Ninety Days)

Industrial Engineering
Transportation
Morris Commercial Limited
Emerald Specialist
Logistics Limited
Leisure & Travel
(value: £478,150;
3.15% of
Portfolio)

Recreational
Services

The Real Outdoor
Xperience Limited

Media (value:
£110,820; 0.73% of
Portfolio)
Exhibition Centres

The Homebuilding
Centre (Holdings)
Limited
Technology (value:
£8,332,127; 54.82%
of Portfolio)
Software &
Computer Services

Bright Ascension
Limited

Computer
Application
Services Limited

Craft Prospect
Limited

EO MSP Holdings
Limited

The loans and investments made by the Company to or in 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 £92.8 million (£87.2 million) per
annum and support approximately 478 (486) jobs.

Total Unquoted Investments (including short-term loans) as at 28 February 2026

Cost: £9,514,683

Valuation (including capitalised costs): £15,199,278

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.

Account is taken of any potential taxation liability in respect of the increase
in value of investments on a quarterly basis.

**ENDS**

For further information, please visit www.capitalforcolleagues.com or contact:

CAPITAL FOR COLLEAGUES PLC 01985 201 980

Ed Jenkins, Chairman

Alistair Currie, Chief Executive

Lesley Watt, Finance Director
CAIRN FINANCIAL ADVISERS LLP 020 7213 0880

Aquis Corporate Adviser
ALBR CAPITAL LIMITED 020 7469 0930

Corporate Broker

Capital for Colleagues plc

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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