Primorus Investments PLC Loan Note Investment - Zuuse Pty Ltd (1230E)
16 Octubre 2018 - 01:01AM
UK Regulatory
TIDMPRIM
RNS Number : 1230E
Primorus Investments PLC
16 October 2018
Primorus Investments plc
("Primorus" or the "Company")
Loan Note Investment - Zuuse Pty Ltd
Primorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to
report that it has invested A$500,000 (circa GBP272,000) in a fully
subscribed A$5m Series B Loan Note to an Australian-based,
international construction software and payments company Zuuse Pty
Ltd ("Zuuse"). The Series B Loan Note has a 12-month term, yielding
an attractive coupon of 12% and the added attraction of free
attaching options over approximately 0.8% of Zuuse which expire on
30 September 2021.
Zuuse is based in Australia with offices in the UK and the US
and has two core platforms, Zuuse Construction and Zuuse Building
Operations. Through its sub-brand Zuuse Lifecycle, it services a
significant number of assets across Australia and the UK including
hospitals, universities, hotels, office blocks, bridges and sports
stadiums. Through its Payapps and GC Pay Brands, Zuuse services
small, medium and large construction companies as well as thousands
of subcontractor groups and facilitates over A$12B in annualised
payment values across its platforms.
With forecast global revenues growing at circa 60% per annum,
Zuuse has, in 2019, forecast revenues of A$16A$18m and a positive
EBITDA of A$3m to A$5m.
Alastair Clayton, Executive Director of Primorus, is a circa
2.75% shareholder of Zuuse and therefore did not participate in the
board decision to approve this investment.
Further information on can be found at:
www.zuuse.com
www.payapps.com
www.gcpay.com
Jeremy Taylor-Firth, Non-Executive Chairman Commented;
"I am pleased that we have been able to participate in this
fully subscribed A$5m Series B 12 month Loan Note. The rationale
behind the investment was to manage short to medium term cash
reserves in a more efficient manner and the 12% coupon for the
risk-profile was highly attractive on its own right. That we also
receive options over approximately 0.8% of Zuuse is a real bonus
and gives us a longer-term stake in what is a rapidly growing
global software business."
He added;
"As will be evidenced in our soon to be released Quarter 3
report to shareholders, Primorus has a debt-free balance sheet with
cash reserves and liquid shares comprising a very large proportion
of its current quoted market value. Our core value proposition is a
multi-million pound portfolio of private and pre-IPO investments
built over the last 18 months. The portfolio is beginning to mature
to the point where we can see potential investment exits on the
horizon and the Board believes that the best way to deliver
tangible shareholder value is to demonstrate profitable exits to
grow the share price and once we have built a larger balance sheet
to support ongoing investing, return excess cash to
shareholders."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Primorus Investments plc: +44 (0) 20 7440 0640
Alastair Clayton
Nominated Adviser: +44 (0) 20 7213 0880
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson
Broker: +44 (0) 20 3621 4120
Turner Pope Investments
Andy Thacker
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END
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