Portfolio Update : TPS Investment Holdings Limited - 2 December 2021

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

2 December 2021

CAPITAL FOR COLLEAGUES PLC

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

PORTFOLIO UPDATE - TPS INVESTMENT HOLDINGS LIMITED

Capital for Colleagues, the investment vehicle focused on opportunities in the Employee Owned Business (‘EOB’) sector, is pleased to announce that it has concluded a partial disposal of its investment in portfolio company, TPS Investment Holdings Limited (‘TPS’), for cash consideration of approximately £121,000.

TPS sources, markets and distributes a specialist range of pipes, valves, fittings and other associated products for the public utility markets throughout the Republic of Ireland and Northern Ireland, with particular focus on the water market.

Prior to this disposal, following an investment of £200,000, Capital for Colleagues held a combination of  ‘A’ ordinary shares and  ‘B’ ordinary shares in TPS. TPS has now exercised its option to acquire the ‘A’ ordinary shares held by C4C for approximately £121,000, their value as at 31 August 2021. The Company will retain its interest in the TPS ‘B’ ordinary shares, which were valued at £510,000 as at the same date.

The proceeds of the disposal will be applied in the ongoing fulfilment of the Company’s investment strategy and for general working capital purposes.

Keith Herbert, Director of TPS, said:

‘The Board of TPS is pleased to have concluded this agreement to buy back Capital for Colleagues’ ‘A’ Ordinary shares. We would like to thank Capital for Colleagues for their ongoing support in the development of our business.’

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

‘We are pleased with the realisation of our initial investment in TPS from a time when the company faced some particularly difficult challenges. We have supported TPS since 2014 and are delighted to remain aligned with management and employees as an ongoing ordinary shareholder in the company as it continues to prosper’.

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

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).