Capital for Colleagues, the investment vehicle focused on opportunities in the Employee Owned Business (‘EOB’) sector, is pleased to announce that the Company has invested a further GBP 100,000 in its existing portfolio company, Bright Ascension Limited (‘Bright Ascension’).
Bright Ascension is engaged in research and development related to software and hardware for the space industry and other high technology areas. Capital for Colleagues initially invested in Bright Ascension in September 2016, subscribing GBP 150,000 for 150,000 A Ordinary Shares of GBP 1 each in Bright Ascension (‘A Ordinary Shares’). The A Ordinary Shares have preferential rights with respect to capital value in the event of the occurrence of certain exit events. At the time of that investment, the Company agreed to subscribe for further A Ordinary Shares, subject to, amongst other things, the establishment of an Employee Benefit Trust by Bright Ascension.
The Company is pleased to announce that, following the establishment of an Employee Benefit Trust holding 20 per cent of Bright Ascension’s ordinary shares, it has invested GBP 100,000 to acquire an additional 100,000 A Ordinary Shares.