The impact of Co micro-alloying on low temperature specific heat capacity and the relaxation processes in a model Pd${}_{40}$ Ni${}_{40}$ P${}_{20}$ bulk metallic glass in both as-cast and cold-rolled states was investigated. In addition to an excess (Boson) peak at low temperatures of about 12 to 14 K, a magnetic heat capacity anomaly in the Co alloyed glass below 10 K was observed. The measured Boson peak heights and the fictive temperatures both advocate a much faster $\beta$ relaxation in the micro-alloyed glass. Yet, the micro-alloying does not measurably affect the enthalpy associated with $\alpha$ -relaxation. The impact of shear bands on the thermodynamic properties of the micro-alloyed glass is discussed.