Capital for Colleagues PLC - investment vehicle focused on opportunities in the employee owned business sector - Leads a GBP1.5 million funding round in investee company, Bright Ascension Ltd. Bright Ascension is a space-software technology provider, offering off-the-shelf software products and solutions for the delivery of space-based services, both on spacecraft and on the ground. Company says it is investing further GBP750,000 in BAL alongside Bill Ainscough, a non-executive director of the company, and TJ Morris Ltd, a significant shareholder in C4C, both of whom are investing GBP375,000.
Explains the committed funds are initially being provided to BAL as loans, which will in due course be reclassified as loan notes convertible into ordinary shares in BAL. The loan notes will be convertible within the next three years, at a value dependent on the achievement of key milestones by BAL.
Current stock price: 70 pence
12-month change: up 17%
By Jeremy Cutler, Alliance News reporter
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