Primorus Investments PLC Fresho Investment Update (4839C)
17 Junio 2019 - 5:43AM
UK Regulatory
TIDMPRIM
RNS Number : 4839C
Primorus Investments PLC
17 June 2019
Primorus Investments plc
("Primorus" or the "Company")
Fresho Investment Update
Primorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to
provide the following update regarding its investment in Fresho Ltd
("Fresho"), a cloud-based technology platform serving the fresh
food industry in Australia, New Zealand and Asia in which the
Company owns 1,415,723 shares or about 3.1% of the issued share
capital.
Shareholders will recall from the Company's Q1 Quarterly
Investor Update announced on 10 May 2019 that we indicated that
several, as yet unnamed, high-profile investors were looking to
invest in Fresho, and as flagged, these considerations were
commercially complete but confidential for the time being.
We are delighted to report that the Australian Financial Review
("AFR") has run an exclusive interview with Fresho management in
which Mr Leigh Jasper, Mr Robert Philpott and Mr Geoffrey Tarrant
have been revealed as new, significant investors in Fresho.
In late 2017 Mr Jasper and Mr Phillpot sold Aconex, a global
cloud-based construction software business, to Oracle for US$1.2B.
Mr Tarrant is the Chairman of Zuuse Ltd in which the Company owns
A$500,000 in high yielding notes as well as some stock options.
Alastair Clayton, Executive Director commented - "As will be
reported in tomorrow's (Tuesday, 18 June, 2019) edition of the AFR
which has just gone live online, Fresho has now attracted some
seriously experienced inventors. We believe this is a significant
endorsement of Fresho and the investment we made on behalf of
shareholders some time ago. Sometimes our investments in private
companies can seem distant and are subject to commercial
confidentiality. I trust that, despite a lack of recent news, this
a demonstration that the investments we make on behalf of
shareholders are indeed growing and in Fresho's case powering
along."
"Management have confirmed this is Fresho's first national press
article discussing platform metrics such as over A$1m gross order
per day through the platform, 1.1m transactions processed to date
and over 10,000 restaurants and suppliers currently using the
platform. We believe the size and reach of Fresho's platform will
come as a significant shock to industry competitors. We look
forward to meeting with Huw Birrell, the joint-CEO, on the 28(th)
of June to discuss the outlook for our investment further."
A link to the article can be found here - Given the exclusive
nature of the interview it is for now behind a paywall. We hope to
have a full copy of the article available on the Company's website
as soon as possible.
https://www.afr.com/technology/technology-companies/aconex-founders-lead-investment-in-food-tech-start-up-fresho-20190607-p51vo5
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
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END
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