Primorus Investments PLC Further Investment in Fresho (5573T)
21 Marzo 2019 - 1:30AM
UK Regulatory
TIDMPRIM
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
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCPGUCPWUPBUMG
(END) Dow Jones Newswires
March 21, 2019 03:30 ET (07:30 GMT)
Primorus Investments (LSE:PRIM)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Primorus Investments (LSE:PRIM)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024