1 April 2025

Caledonian Holdings plc

(formerly Vela Technologies plc)

("Caledonian Holdings" or "the Company")

Admission of Broker Option Shares

Update on Admission of Subscription Shares and issue of Warrants

Further to the Company's announcement on 27 March 2025, the Board of Caledonian Holdings, the AIM-quoted investing company, announces that admission of the 4,500,000,000 new Ordinary Shares ("Broker Option Shares") to trading on AIM is due to occur at 8.00 a.m. today ("First Admission"). Immediately following First Admission, the Company will issue 2,250,000,000 warrants to subscribe for new Ordinary Shares in the Company at a price of 0.0075p per Ordinary Share (the "Broker Option Warrants"), resulting in each recipient of Broker Option Shares being issued with one Broker Option Warrant for every two Broker Option Shares subscribed for.

The Broker Option Warrants are on the same terms as the Warrants issued pursuant to the Fundraising, as detailed in the Company's announcement of 4 March 2025.

Update on Admission of the Subscription Shares

On 27 March 2025 the Company announced that application had been made to the London Stock Exchange for the 10,920,000,000 Subscription Shares to be admitted to trading on AIM ("Second Admission") and Second Admission was anticipated to occur on or around 1 April 2025. The Company now anticipates that Second Admission will occur at 8.00 a.m. on or around 4 April 2025.

Total voting rights

Following First Admission, the Company's enlarged issued share capital will be 56,550,695,255 Ordinary Shares. The Company holds no Ordinary Shares in Treasury. This figure of 56,550,695,255 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

A further announcement will be made in relation to the admission of the Subscription Shares.

Capitalised terms used in this announcement shall have the same meaning as in the announcement of 4 March 2025 unless otherwise defined herein.

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