Caledonian Holdings - Quarterly Shareholder Update

Caledonian Holdings

08/05/2025 07:00

RNS Number : 7656H

Caledonian Holdings PLC

08 May 2025

 

8 May 2025

Caledonian Holdings plc

("Caledonian Holdings" or "the Company")

 

Quarterly Shareholder Update

 

The Board of Caledonian Holdings plc (AIM:CHP) (formerly Vela Technologies PLC), an AIM-quoted investing company focused on the financial services market, today provides a quarterly shareholder update for the quarter ended 31 March 2025.

Following a successful fundraise earlier this year, which was completed at the time of turbulent market conditions, the Board of Caledonian Holdings confirms its ongoing strategy of focusing on a number of new markets, value and growth opportunities in the broader financial services sector, whilst also maintaining interest, support and engagement with our legacy investments.

Regarding the legacy investments the members of the newly constituted board have met with and engaged proactively with the following investee companies: Tribe Technology, Igraine, Hamak Gold, Ensilica and WeShop. The Board of Caledonian Holdings has further meetings arranged with other investee companies and will work hard to progress its assessment and engagement with all its current investments with a view to supporting, understanding and seeking clarity on these businesses and their medium-term plans and prospects.

In summary, this is the first update from the Company's new board that was put in place at the time of the announcement of the fundraise in March 2025 and we will continue to work extensively to bring about a series of positive changes in the Company's performance over the coming months. Shareholder engagement on both the portfolio investments and our new direction is welcomed.

The portfolio investment update follows for information:

 

Key numbers as at 31 March 2025

·        The value of the Company's total assets (including cash) increased by £91,000 during the quarter to £2,761,000 from £2,670,000 (quarter to 31 December 2024 - a decrease of £385,000).

·      The fair value of the investment portfolio (excluding cash) at 31 March 2025 was £1,774,000 (31 December 2024 - £2,623,000).

·       During the quarter, a net loss of £1,000 was realised on sales of investments and there was a net unrealised loss of £277,000 on the remaining listed investments.

·     During the quarter, Caledonian Holdings subscribed £100,000 for a convertible loan note in Igraine PLC (further tranches of the minimum £200,000 commitment announced on 21 October 2024).

·        The Company's cash balance as at 31 March 2025 stood at £787,000 (31 December 2024 - £47,000).

·       A successful fundraise of £1.2m (before expenses) through a placing, subscription and broker option was completed with the current board members investing a total of £230,000.

·      The placing element of the fundraise completed pre year-end raising net proceeds of £665,000 for the Company and is reflected in the Company's cash balance at 31 March 2025. The subscription raised a further £263,000 and the broker option raised a further £112,500. £200,000 of the subscription monies were received in April 2025 and are held as a debtor at 31 March 2025. Settlement of the fundraising was fully completed in April 2025 and cash as at the date of this announcement stands at £995,139.

·      During the period the investment in Aeristech Limited was written down to £nil due to the company entering an insolvency process (31 December 2024: £401,000).

Changes in the investment portfolio during the quarter

The following table sets out the changes in the investment portfolio during the quarter ended 31 March 2025:

Holdings at
31 December 2024
Quarter to 31 March 2025
Holdings at 31 March 2025
Fair value (£)
Sales
Acquisitions
Unrealised profit (loss)
No. of
 shares
% of equity
Fair value (£)
Proceeds
Profit (loss)
Shares
Listed in the UK
On the main market
R8 Capital Investments plc
14,000
-
-
-
-
620,581
< 1
14,000
On AIM
Northcoders Group plc
634,000
64,000
(9,000)
-
(195,000)
307,499
4.3
366,000
EnSilica plc
247,000
149,000
8,000
-
(9,000)
241,707
< 1
97,000
Skillcast Group plc
242,000
6,000
-
-
(40,000)
560,676
< 1
196,000
Finseta plc
69,000
-
-
-
(7,000)
200,000
< 1
62,000
Ethernity Networks Ltd
-
-
-
-
-
350,000
< 1
-
On AQSE
TruSpine Technologies plc
63,000
-
-
-
(25,000)
6,000,000
3.9
38,000
Igraine PLC
90,000
-
-
-
(6,000)
23,928,080
27.7
84,000
Global Connectivity plc
7,000
-
-
-
4,000
1,200,000
< 1
11,000
1,366,000
219,000
(1,000)
-
(278,000)
868,000
Listed overseas
On NASDAQ
Conduit Pharmaceuticals Inc
56,000
-
-
-
(50,000)
10,057
1.0
6,000
Unlisted
Community Social
 Investment Limited
 (formerly WeShop Limited)
427,000
-
-
-
-
71,429
< 1
427,000
Aeristech Limited
401,000
-
(401,000)
-
-
145,833
1.0
-
Tribe Technology Holdings Ltd
23,000
-
-
-
-
3,125,000
1.3
23,000
851,000
450,000
Convertible loan stock
Igraine PLC
50,000
-
-
100,000
-
-
-
150,000
Hamak Gold Limited
300,000
-
-
-
-
-
-
300,000
350,000
100,000
450,000
Total investments
2,623,000
219,000
(402,000)
100,000
(328,000)
1,774,000
Cash
47,000
787,000
Other Debtors
-
200,000
Total assets
2,670,000
2,761,000


The figures contained within this quarterly investment update are taken from unaudited management information.

Investments traded on a recognised stock market are valued using the accounting policies outlined in the notes to the annual financial statements. Unlisted investments and other financial assets are stated at the values attributed to them in the audited balance sheet as at 31 March 2024, unless there has been a transaction since that date which suggests a materially different valuation.

For further information, please contact:

Brent Fitzpatrick, Non-Executive Chairman
Tel: +44 (0) 7950 389469
Allenby Capital Limited (Nominated Adviser)
Tel: +44 (0) 20 3328 5656
Nick Athanas / Piers Shimwell
Peterhouse Capital Limited (Broker)
Tel: +44 (0) 20 7469 0930


 

 

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