Capital for Colleagues plc - Portfolio Update - Craft Prospect Limited

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

30 May 2023

CAPITAL FOR COLLEAGUES PLC

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

PORTFOLIIO UPDATE – CRAFT PROSPECT 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, Craft Prospect Limited (‘CPL’).

Founded in 2017, Glasgow-based CPL is a space engineering business that develops enabling quantum and AI-based products and mission applications for the small satellite market.

The Company is pleased to announce that CPL has been appointed to lead the OPS-SAT Versatile Optical Laboratory for Telecoms (‘VOLT’) Mission, a joint mission with the European Space Agency (‘ESA’), for demonstrating products and services within a Versatile Optical Laboratory for Telecommunications.  This project, total value around €12.0 million, will incorporate a range of CPL’s previously developed technologies on board, including Quantum Key Distribution Space hardware and Autonomous operations software. The VOLT mission will test a range of hardware and software technologies in flight, allowing the Telecom Directorate of ESA, under the ScyLight programme, to evaluate and test radical new techniques and technologies in real time in a Low Earth Orbit environment.

Commenting on the joint mission, Steve Greenland, CPL’s Managing Director, said:

‘Our announcement of the joint Craft Prospect/ESA VOLT mission is testament to the six years of investment in our smart secure satellite technology. This mission is a major vote of confidence in our business and positions us to play a critical role for delivering new solutions to the global challenges we face. We look forward to finalising negotiations and moving into kick-off for the second half of 2023.’

Alistair Currie, the CEO of Capital for Colleagues said:

‘The confirmation of this joint mission with the ESA demonstrates that CPL now has the skills and capability to win significant projects. The scale and importance of the VOLT programme bodes well for the company’s long term growth, and we look forward to continuing to support CPL as it develops into one of the leaders in its field.’

Since Capital for Colleagues first invested £800,000 in CPL in August 2021, CPL has grown into a demonstrably successful EOB. C4C Is now interested in 10.85% of CPL’s issued share capital, with Directors and employees owning 61.4% and an Employee Ownership Trust 20%. The remaining shares are held by Scottish Enterprise’s Early Stage Growth Challenge Fund and the University of Strathclyde.

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

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).