Portfolio Update – Bright Ascension Limited

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

4 April 2024

CAPITAL FOR COLLEAGUES PLC

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

PORTFOLIO UPDATE – BRIGHT ASCENSION 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, Bright Ascension Limited (`Bright Ascension’).

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 Bright Ascension has now concluded a £2.25 million funding round, with an investment of £750,000 from Scottish Enterprise supplementing the £1.5 million raised in the funding round led by C4C in October 2023. The Scottish Enterprise investment is into loan notes convertible into ordinary shares in Bright Ascension which bear interest at the rate of 10% per annum. The £1.5 million raised in October 2023, including an investment of £750,000 from C4C itself, has now been re-classified into Bright Ascension loan notes on the same terms.

Bright Ascension intends to use the funds to accelerate the final stages of development and market release of its HELIX products, which offer a comprehensive end-to-end space software solution, covering the entire mission lifecycle. As previously announced, HELIX 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.

Bright Ascension has also announced that John Baughn, who has over 40 years’ experience in managing space operations and telecommunications organisations, has been appointed as the Executive Chair of the Bright Ascension Board.

Commenting, Alistair Currie, Chief Executive of Capital for Colleagues, said:

“We are extremely pleased to see this enhancement of the Bright Ascension team and further endorsement of Bright Ascension’s technology and commercial strategy. Bright Ascension is now positioned to accelerate the final stages of development and market release of its innovative HELIX products.”

The Directors of the Company are responsible for the contents of this announcement.

**ENDS**

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

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).