TIDMCFCP 
 
Capital for Colleagues plc / EPIC: CFCP / Market: AQSE / Sector: Financials 
 
30 June 2023 
 
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 ('CAS'). 
 
Based in Edinburgh, CAS 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. Reflecting this sustained growth, CAS is currently the largest holding 
in the Company's portfolio, with C4C's interest valued at £2.5 million as at 31 
May 2023. 
 
To reflect the growth at CAS and to prudently rebalance this element of the 
Company's investment portfolio, Capital for Colleagues has agreed to dispose of 
part of its holding of 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 £754,000. 
 
Following this transaction, Capital for Colleagues will be interested in 33.33% 
of the issued equity of CAS and the CAS Employee Benefit Trust will be 
interested in 32.32% of the issued equity. 
 
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. 
 
Commenting on this portfolio rebalancing, Alistair Currie, Chief Executive of 
Capital for Colleagues, said: 
 
'We have been a strong supporter of CAS for over 7 years  and believe that the 
growth that CAS  has delivered in that period makes it prudent for C4C to 
rebalance our portfolio holding, whilst opening up the investment opportunity 
to like-minded and supportive investors in Bill Ainscough and TJ Morris 
Limited. 
 
We are delighted to have shared in the excellent progress at CAS to date and 
look forward to participating in an exciting future for the business.' 
 
Ken Naismith, Chief Executive of CAS, commented: 
 
'We are delighted to welcome Bill Ainscough and TJ Morris Limited as 
shareholders in CAS as we expand Workpro's place in Employee Relations and 
Regulated Complaints case management markets.  Workpro is a Software as a 
Service product that helps our customers to optimise case outcomes and mitigate 
the risks they face in today's challenging operating environment. With loyal 
customer numbers growing each month, and sound financial backing, 
employee-shareholders, investors and customers can look forward to the ongoing 
development of Workpro and continued growth of the company.' 
 
**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 
 
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). 
 
 
 
END

(END) Dow Jones Newswires

June 30, 2023 04:50 ET (08:50 GMT)

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