Primorus Investments (LSE:PRIM)
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RNS Number : 5573T
Primorus Investments PLC
21 March 2019
Primorus Investments plc
("Primorus" or the "Company")
Further Investment in Fresho
Primorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to advise its shareholders that it has made a further small investment in Fresho Pty Ltd ("Fresho"), maintaining its circa 3.4% ownership level as part of an AUD$1.5m capital raise fully funded by existing shareholders of Fresho.
The capital raise has been completed at AUD$0.475 per share, representing a 76% premium to the price of our initial purchase of 1,111,111 shares (as announced on 22 September 2016) and a 25% premium to a subsequent investment in a further 197,368 shares (as announced on 8 November 2017).
The capital raise was only available to existing qualifying shareholders and only required an investment by Primorus of circa AUD$51,000 for an additional 107,244 shares in order to maintain the ownership level at circa 3.4%, taking the total number of shares owned in Fresho to 1,415,723.
The proceeds of this capital raise are to be used to accelerate the international growth aspirations of Fresho. Recent investigations into Asian and North American markets were very positive and Fresho has decided to use these funds to scale-up in order to meet the potential demand by localising the platform for these markets and growing the client on-boarding team. Importantly Fresho maintained a healthy cash balance of circa AUD$1.8m prior to this capital raise.
Alastair Clayton, Executive Director, commented - "We are really pleased that the management of Fresho have decided to tool-up to take on the enormous potential that has shown itself to exist in the Asian and North American markets. We believe that it was both prudent and attractive for existing shareholders to be able to participate at this value point in advance of what will be a push into product development and support systems for this global expansion."
"Despite having received a bid for our existing shareholding (which demonstrates that there are other ways of realising value from our investments other than just an IPO), we have decided to invest further in Fresho as we believe it is worth more than AUD$0.475 per share."
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
Nominated Adviser: +44 (0) 20 7213 0880
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson
Broker: +44 (0) 20 3621 4120
Turner & Pope Investments
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(END) Dow Jones Newswires
March 21, 2019 03:30 ET (07:30 GMT)