REG - Caledonian Holdings - Quarterly Shareholder Update

Caledonian HoldingsAnnouncement

08/05/2025 07:01

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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        Quarter to 31 March 2025                                         Holdings at 31 March 2025

                                31 December 2024
                                Fair value (£)     Sales                    Acquisitions  Unrealised profit (loss)  No. of      % of equity  Fair value (£)

shares
                                                   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               427,000            -         -              -             -                         71,429      < 1          427,000

  Investment Limited

  (formerly WeShop Limited)
 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:

                                              Tel: +44 (0) 7950 389469

 Brent Fitzpatrick, Non-Executive Chairman

 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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