Connecting Excellence Group Plc (AQSE: XCE) raised £600,000 through an institutional subscription to bolster its Bitcoin treasury and acquisition strategy. The capital raise occurred at a price representing a 3.4% premium to the closing market price.

The company issued 39,999,999 new ordinary shares at 1.50 pence per share. This pricing sits above the mid-market closing price of 1.45 pence recorded on September 21, 2026. The subscription shares rank pari passu with existing ordinary shares.

Strategic Allocation of Funds

Net proceeds will support the group's long-term Bitcoin treasury strategy, hiring initiatives, and acquisition plans. A portion may contribute to the completion of a proposed acquisition announced on September 1, 2026. The target is a specialist recruitment business holding 8.216 Bitcoin. This acquisition remains subject to legal and financial due diligence and definitive agreements.

Related Party Participation

Adam Back, a substantial shareholder, subscribed for £200,000 worth of shares, acquiring 13,333,333 subscription shares. Directors deemed this related party transaction fair and reasonable under Rule 4.6 of the AQSE Growth Market Access Rulebook.

What the Numbers Show

The issue price of 1.50 pence exceeds the previous day's closing price of 1.45 pence, signaling strong investor confidence in the company's hybrid model of executive recruitment and digital asset holding. Notably, Adam Back's £200,000 investment constitutes exactly one-third of the total gross proceeds, highlighting significant insider alignment with the broader institutional participation.

Following admission to trading on the Aquis Stock Exchange Growth Market, expected around September 29, 2026, the company will have 506,498,952 ordinary shares in issue. Each share carries one voting right.

Connecting Excellence Group Plc (AQSE:XCE) has signed binding heads of terms for its first acquisition, targeting two UK-registered recruitment companies trading as a single brand. The proposed deal involves an initial cash consideration of £575,000, with a net cash outflow of approximately £150,000 after settling vendor debts.

The acquisition aligns with the group’s strategy to purchase owner-managed specialist recruitment businesses. The targets generated combined unaudited revenue of £1.79 million in the twelve months to June 30, 2026, representing a 21.5% increase over the prior period. They reported gross profit of £1.27 million at a 70.9% margin and EBITDA of £431,000.

Acquisition Structure and Terms

The transaction structure includes specific provisions for debt settlement and asset transfer. Of the £575,000 initial consideration, £425,000 is applied to settle amounts owed to the targets by the vendors, effectively returning these funds to the group’s balance sheet. This results in the stated net cash outflow of approximately £150,000 before transaction costs.

The targets hold 8.216 Bitcoin, which Connecting Excellence Group will purchase at market value with no premium. The cash paid out is matched by Bitcoin of the same value arriving on the group’s balance sheet, resulting in no net cost for this component. The deal also assumes £102,000 of net debt serviced by the targets.

Future payments include a further £60,000 due in 2028. The remaining consideration is deferred and based on EBITDA delivery over three years to FY29, with nothing payable below a minimum EBITDA threshold. The group expects to retain approximately 75% to 85% of cumulative EBITDA during the earn-out period.

Trading Update: Spencer Riley Growth

The group’s flagship operating company, Spencer Riley, reported strong growth in its first accounting period. For the twelve months to June 30, 2026, Spencer Riley generated unaudited revenue of £1,838,047, up 20.6% from audited revenue of £1,524,064 in the prior twelve months.

For the full reporting period (May 14, 2025, to June 30, 2026), total revenue reached £2,160,137. This figure includes £322,090 from the stub period between May 14 and June 30, 2025. Gross profit for this extended period was £1,253,157, reflecting a gross margin of 58%.

Bitcoin Treasury Expansion

Connecting Excellence Group continues to expand its Bitcoin treasury holdings. As of June 30, 2026, the group held 62.94 BTC, valued at £2,831,366. This figure includes 10 BTC held in relation to the group’s 2026 Bitcoin-denominated convertible bond programme.

Since the period end, the group added a further 10 BTC to its treasury as of September 1, 2026. Total holdings now stand at 72.94 BTC, valued at £4,215,928.12 at a BTC GBP price of £57,799.90. The group increased its holdings from 9.27 BTC following its IPO in December 2025.

What the Numbers Show

The acquisition terms reveal a capital-efficient entry strategy. By structuring the deal to offset £425,000 of the £575,000 consideration against existing vendor debts, the group limits immediate cash exposure to approximately £150,000. Additionally, the acquisition of the targets’ 8.216 Bitcoin at market value allows the group to increase its crypto treasury without additional net cash cost, effectively swapping cash for digital assets within the consolidated balance sheet.

Spencer Riley’s operational performance shows margin compression despite top-line growth. While revenue grew 20.6% to £1.84 million in the trailing twelve months, the gross margin for the broader reporting period stands at 58%, compared to the 70.9% gross margin reported by the acquisition targets. This divergence suggests different cost structures or pricing power between the organic business and the newly targeted assets.