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LONDON - Caledonian Holdings plc (AIM:CHP) announced Friday that shareholders approved all resolutions at its general meeting, clearing the way for the company’s proposed fundraising to increase its investment in banking startup AlbaCo.
The AIM-quoted investment firm, which focuses on financial services, is progressing with its fundraising efforts to participate in AlbaCo’s capital raise expected in the final week of September 2025.
In preparation for potentially increasing its ownership stake, Caledonian reported that AlbaCo’s board has applied to UK regulators for preliminary approval that would allow Caledonian to become a controller if its shareholding exceeds 10%.
"We are pleased to have the resolutions passed today which give us the authorities to proceed with our proposed fundraising to enable us to increase our exposure in AlbaCo," said Jim McColl, Executive Director of Caledonian.
The company plans to provide further updates on the fundraising next week. Caledonian is also exploring additional methods to increase its stake in AlbaCo through discussions with existing shareholders.
AlbaCo recently received regulatory authorization from the Prudential Regulatory Authority and Financial Conduct Authority to become a licensed UK bank, contingent upon meeting capital requirements.
The proxy voting results showed strong shareholder support, with 97.80% voting in favor of the general authority to allot equity securities and 97.55% approving the disapplication of pre-emption rights related to the fundraising.
Caledonian stated it continues to pursue its broader strategy of investing in complementary fintech services businesses for SMEs alongside its cornerstone investment in AlbaCo.
This information is based on a press release issued by Caledonian Holdings.
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