Connecting Excellence Group PLC Announces Institutional Subscription Raising £600,000
Connecting Excellence Group raises £600,000 at a premium to market to support its Bitcoin treasury and recruitment-led growth strategy.
Rhea-AI Summary
Connecting Excellence Group (XCELF) has raised gross proceeds of £600,000 via an institutional subscription for 39,999,999 new ordinary shares at 1.50 pence per share. The issue price represents a 3.4% premium to the 1.45 pence closing mid-market price on 21 September 2026, and the new shares will rank pari passu with existing stock. Net proceeds are intended for the company’s Bitcoin treasury, acquisition strategy and hiring, and may help fund a proposed acquisition of a specialist recruitment business holding 8.216 Bitcoin that remains subject to due diligence, funding and a definitive agreement. Admission of the new shares to trading on the Aquis Stock Exchange Growth Market is expected on or around 29 September 2026, after which the company will have 506,498,952 ordinary shares in issue, all carrying one voting right.
Positive
Equity raise completed with £600,000 gross proceeds from 39,999,999 new shares at 1.50 pence.
Pricing premium of 3.4% to the 1.45 pence closing mid-market price on 21 September 2026.
Strategic use of funds directed to Bitcoin treasury, acquisitions and hiring, including a potential acquisition of a recruitment business holding 8.216 Bitcoin.
Post-raise capital base increases to 506,498,952 ordinary shares in issue, each with one voting right.
Negative
Share dilution from issuance of 39,999,999 new ordinary shares, increasing the total share count.
Proposed acquisition uncertainty as completion remains subject to further due diligence, funding and a definitive share purchase agreement, with no certainty it will proceed.
Bitcoin exposure risk as the company is materially exposed to Bitcoin, whose value can be highly volatile and is viewed as high risk by the UK FCA.
Regulatory and protection gap because the company is not FCA-authorised, Bitcoin is unregulated in the UK and investors lack Financial Ombudsman and FSCS protection on Bitcoin-related exposure.
AI-generated analysis. How Rhea-AI works. Not financial advice.
LONDO, UK / ACCESS Newswire / September 22, 2026 / Connecting Excellence Group Plc (AQSE:XCE)(OTCQB:XCELF), the international executive recruitment group with a long-term, ambitious and disciplined Bitcoin (BTC) treasury strategy, announces that it has raised gross proceeds of £600,000 through subscriptions for 39,999,999 new ordinary shares of £0.000001 each ("Ordinary Shares") in the Company (the "Subscription Shares") at an issue price of 1.50 pence per Subscription Share (the "Issue Price") (the "Subscription").
The Issue Price represents a premium of
The Subscription Shares will rank pari passu in all respects with the Company's existing Ordinary Shares.
Use of Proceeds
The net proceeds of the Subscription will be applied towards the Group's Bitcoin treasury, its acquisition strategy and its hiring strategy, and may include a contribution towards completion of the proposed acquisition announced by the Company on 1 September 2026, a specialist recruitment business which holds 8.216 Bitcoin.
As announced on 1 September 2026, the proposed acquisition remains subject to further legal and financial due diligence, to funding being in place and to the execution of a definitive share purchase agreement. There can be no certainty that it will proceed or complete. A further announcement will be made in due course.
Related Party Transaction
Adam Back, an existing substantial shareholder in the Company, has subscribed £200,000 for 13,333,333 Subscription Shares. His participation in the Subscription constitutes a related party transaction pursuant to Rule 4.6 of the AQSE Growth Market Access Rulebook. The Directors consider that, having exercised reasonable care, skill and diligence, the related party transaction is fair and reasonable as far as the shareholders of the Company are concerned.
Admission and Total Voting Rights
An application will be made for the admission of the Subscription Shares to trading on the Aquis Stock Exchange Growth Market ("Admission"). Admission is expected to occur on or around 29 September 2026.
Following Admission, the Company will have 506,498,952 Ordinary Shares in issue, each carrying one voting right. The Company does not hold any Ordinary Shares in treasury. Therefore, following Admission, the total number of voting rights in the Company will be 506,498,952, and that figure may be used by shareholders as the denominator for the calculations by which they determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.
Scott Ellam, Chief Executive Officer of Connecting Excellence Group, commented:
"This raise has attracted institutional participation alongside continued support from Adam Back. That is a strong signal that our strategy - acquiring profitable, owner-managed recruitment businesses and holding them, coupled with a Bitcoin treasury - is beginning to be embraced by the market.
"The acquisition structure we announced recently is replicable, and there is a large target market of profitable owner-managed recruitment businesses suited to XCE's scalable model.
"We look forward to updating the market in due course."
Connecting Excellence Group ("XCE") Scott Ellam, Chief Executive Officer Angus Gladish, Chief Financial Officer | Tel: +44(0) 113 390 8623 |
AlbR Capital Limited (Aquis Corporate Adviser and Joint Broker) David Coffman Daniel Harris | Tel: +44(0) 20 7469 0930 |
Allenby Capital (Joint Broker) Matt Butlin (Head of Equities) Nick Harriss (Corporate Finance) | Tel: +44(0) 20 3328 5656 |
Yellow Jersey PR (Financial PR) Charles Goodwin Annabelle Wills | Tel: +44(0) 20 3004 9512 |
The Directors of the Company accept responsibility for the contents of this announcement.
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
About Connecting Excellence Group Plc ("XCE"):
XCE is an international executive recruitment group with a long term, ambitious and disciplined Bitcoin treasury strategy. The flagship recruitment company, Spencer Riley, places senior executives with clients globally across a number of high growth markets including engineering, logistics, life sciences, automation, tech, professional services and B2B services.
The Bitcoin treasury strategy sets the foundation for the Company's scalable recruitment business to attract and retain high performing talent with individual performance linked share option incentives to increase revenue, profit and cashflows. In the future, XCE can also expand market share through strategic acquisitions, at very little cash cost, using performance-based equity incentives to provide immediate and ongoing shareholder value. XCE is also building a dedicated Bitcoin executive recruitment division, enabling executives to find their role within either Bitcoin businesses or traditional businesses looking for Bitcoin talent worldwide and accelerating corporate education, integration and adoption of Bitcoin.
Website: xce.io
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Important Notice:
Connecting Excellence Group PLC holds treasury reserves and surplus cash in Bitcoin. Bitcoin is a type of digital asset. Whilst the Board of Directors of the Company considers holding Bitcoin to be in the best interests of the Company, the Board remains aware that the financial regulator in the UK (the Financial Conduct Authority or FCA) considers investment in Bitcoin to be high risk.
At the outset, it is important to note that an investment in the Company is not an investment in Bitcoin, either directly or by proxy. However, the Board of Directors of the Company consider Bitcoin to be an appropriate store of value and growth for the Company's reserves and, accordingly, the Company is materially exposed to Bitcoin. Such an approach is innovative, and the Board of Directors of the Company wish to be clear and transparent with prospective and actual investors in the Company on the Company's position in this regard.
The Company is neither authorised nor regulated by the FCA. And Bitcoin is unregulated in the UK. As with most other investments, the value of Bitcoin can go down as well as up, and therefore the value of the Company's Bitcoin holdings can fluctuate. The Company may not be able to realise its Bitcoin exposure for the same value as it paid in the first place or even for the value the Company ascribes to its Bitcoin positions due to these market movements. And because Bitcoin is unregulated, the Company is not protected by the UK's Financial Ombudsman Service or the Financial Services Compensation Scheme.
However, Bitcoin is formally recognised as personal property in the UK under the new Property (Digital Assets etc) Act 2025, which received Royal Assent on December 2, 2025. This legislation has removed previous legal uncertainty by establishing a new, third category of personal property to accommodate digital assets that do not fit traditional definitions.
The Board of Directors of the Company with a history of a Bitcoin treasury prior to becoming a public company, has taken the decision to invest in Bitcoin, and in doing so is mindful of the special risks Bitcoin presents to the Company's financial position. These risks include (but are not limited to): (i) the value of Bitcoin can be highly volatile, with value dropping as quickly as it can rise; (ii) the Bitcoin market is largely unregulated - there is a risk of losing money due to risks such as cyber-attacks, financial crime and counterparty failure; (iii) the Company may not be able to sell its Bitcoin at will - the ability to sell Bitcoin depends on various factors, including the supply and demand in the market at the relevant time, with operational failings such as technology outages, cyber-attacks and comingling of funds potentially causing unwanted delay. The Board of Directors of the Company does not subscribe to such a negative view, and therefore ascribes to the 'Bitcoin, not crypto' mantra and has a 'Bitcoin only ethos'. However, prospective investors in the Company are encouraged to do their own research and verify before investing.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Connecting Excellence Group PLC
View the original press release on ACCESS Newswire
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How will Connecting Excellence Group use the subscription proceeds?
The net proceeds will be applied to the group’s Bitcoin treasury, its acquisition strategy and its hiring strategy. This may include a contribution towards completion of the proposed acquisition of a specialist recruitment business that holds 8.216 Bitcoin, although that acquisition is still subject to due diligence, funding and a definitive share purchase agreement.
How does the company describe the risks of its Bitcoin treasury strategy?
The board highlights that Bitcoin is unregulated in the UK, its value can be highly volatile and the Bitcoin market carries risks such as cyber-attacks, financial crime, counterparty failure and potential delays in selling holdings. The board notes that investors are not protected by the UK Financial Ombudsman Service or the Financial Services Compensation Scheme in relation to Bitcoin, and encourages prospective investors to do their own research.
What legal status does Bitcoin have in the UK as described in the announcement?
The announcement notes that Bitcoin is formally recognised as personal property in the UK under the Property (Digital Assets etc) Act 2025, which created a new category of personal property for digital assets that do not fit traditional definitions.