CALEDONIAN HOLDINGS PLC

ASHINGTON INNOVATION PLCASHI · Investment CompanyWheat Ridge, United Kingdom

67% matchPublic

Ashington Innovation PLC primarily seeks to acquire businesses or companies, with a particular emphasis on the financial technology and deep technology sectors. This London, UK-based firm was established in 2020.

FRAGRANT PROSPERITY HOLDINGS LDFPP · Investment HoldingsRoad Town, British Virgin Islands

65% matchPublic

Fragrant Prosperity Holdings Limited (FPP.L) currently operates without significant business activities. Its strategic objective is to identify and acquire a suitable company or venture within the technology, medicinal cannabis, or CBD wellness industries, specifically looking for opportunities across Europe or Asia. Established in 2016 and headquartered in Road Town, British Virgin Islands, the entity was previously known as Vale International Group Limited before officially changing its name in December 2017.

Unicorn AIM VCT plc operates as a venture capital trust, primarily focused on making early-stage and growth-oriented investments. It diversifies its capital across a broad spectrum of industries, including software development, IT services, the pharmaceutical sector, and biotechnology.

Gresham House Strategic plc operates as an investment fund, specializing in various capital injections including private investments in public equity (PIPEs), pre-initial public offering (pre-IPO) financing, growth and acquisition funding, and recovery capital. The fund directs its investments towards companies primarily within the financial services, media, information and communication technology, digital information and technology, healthcare, and life sciences industries. While its main geographic focus is on the United Kingdom and Europe, it also undertakes co-investments beyond Europe in collaboration with local venture capital firms. This fund actively seeks opportunities for follow-on investments, typically acquiring ownership stakes of between 5% and 25% in target companies, which can be paid for with cash or shares. The intended investment horizon for these holdings ranges from three to five years. It invests in both smaller public companies and private enterprises. For public company investments, the fund targets those listed on the FTSE All-Share and AIM All-Share indices that meet specific criteria: stocks trading more than 50% below their three-year price peak, an Enterprise Value to EBITDA multiple less than 7 times, gearing above 75%, a Return on Capital Employed (ROCE) exceeding 10%, and a Free Cash Flow (FCF) Yield greater than 10%. In the private sector, investments encompass peer-to-peer (P2P) opportunities, various forms of equity and equity-related instruments, preferred equity, and preferred quasi-equity positions, including both convertible and non-convertible debt, as well as mezzanine financing. Excluding cash, the fund's portfolio is characterized by a weighted average Enterprise Value to EBITDA ratio surpassing 5 times and, as per broker forecasts, achieved over 10% growth in 2017. Ultimately, Gresham House Strategic plc aims for a long-term net Internal Rate of Return (IRR) of 15%.

Highway Capital PLC, a company operating out of the United Kingdom, is dedicated to either purchasing or making strategic investments in businesses. Its core focus is on identifying undervalued entities that are underpinned by substantial assets or offer attractive prospects in sectors where entry is notably difficult.

SHAIRES HOLDINGS LTDSHR · Investment HoldingUnited Kingdom

64% matchPublic

Shaires Holdings Ltd, formerly known as Jade Road Investments Ltd, is a publicly quoted investment holding company and AIM-quoted investing vehicle domiciled in the British Virgin Islands. The company specializes in venture capital and portfolio investments, providing public market investors with concentrated exposure to mid- to late-stage investments.