Caledonian Holdings - Update on Proposed Fundraising

19 September 2025

Caledonian Holdings plc

("Caledonian" or "the Company")

Update on Proposed Fundraising

The Board of Caledonian Holdings plc (AIM:CHP), an AIM-quoted investing company focused on financial services opportunities, is today providing an update on the Proposed Fundraising, details of which were announced by the Company on 28 August 2025 with a further update given on 12 September 2025.

As previously detailed, the purpose of the Proposed Fundraising is for the Company to raise further funds to invest directly into AlbaCo Limited ("AlbaCo"), one of Caledonian's investee companies, in support of its regulatory capital fundraising. The Proposed Fundraising and any proposed further investment by Caledonian into AlbaCo remains conditional on AlbaCo raising a minimum of £25 million of regulatory capital.

In order to prioritise engagement with certain institutional investors and providers of structured capital solutions, the Company, in conjunction with its advisers, has decided to step back at this stage from a wider marketing of the Proposed Fundraising. Whilst the Company has been introduced to a number of traditional public market investors as part of the Proposed Fundraising, the Board believes that at this stage, discussions focusing on institutional counterparties are better aligned with the Company's immediate objectives.

Should terms with such institutional or other parties be agreed in the near future, the Company would give consideration to re-engaging with the other public market investors met during the Proposed Fundraising, to provide them with the opportunity to participate on the same terms where practicable. This approach is intended to balance institutional support with access for retail investors.

As indicated, Caledonian continues to hold constructive discussions with a number of significant funding sources which, should these be concluded, would enable the Company to make a further significant investment into AlbaCo and continue to progress its wider financial services investment strategy.

The Board remains confident in its ability to secure the additional capital required and will provide further updates as appropriate.

Capitalised terms used in this announcement shall have the same meaning as in the announcement of 28 August 2025 unless otherwise defined herein.

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