Primorus Investments PLC Zuuse Loan Note Update (5350N)
25 Septiembre 2019 - 1:00AM
UK Regulatory
TIDMPRIM
RNS Number : 5350N
Primorus Investments PLC
25 September 2019
Primorus Investments plc
("Primorus" or the "Company")
A$500,000 Zuuse Loan Note Redemption Notice Executed
Primorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to
provide the following update regarding its A$500,000 Series B Zuuse
Loan Note due December 31, 2019.
In line with our recent Q2 Shareholder Update, Primorus is
pleased to report that it has received notice of and formally
executed an early repayment agreement for the full A$500,000 face
value of its outstanding loan notes with settlement envisaged in 2
weeks.
Primorus has elected to receive rolled up interest of A$57,205
in stock at A$1 per share, the same price as the soon to complete
A$15m capital raise being completed by Zuuse. It is worth noting
that out of the A$5m in Series B Notes outstanding, Primorus was
the only holder not to take full settlement of both face value and
coupon in stock.
Following settlement Primorus will; return A$500,000 in cash to
Treasury, hold 57,205 fully paid ordinary shares in Zuuse and
1,000,000 options with a strike price of A$0.50.
Alastair Clayton, Executive Director commented - "It is terrific
to be able to report that we have, in line with guidance, executed
the agreement to redeem our Zuuse Loan Notes. Originally due
December, Zuuse have redeemed these notes now as part of a balance
sheet consolidation associated with a soon to close A$15m capital
raise ahead of a planned liquidity event in 2020."
"Effectively in the space of 10 months Primorus has generated
A$557,000 in share and option value for a capital deployment of
only A$500,000, this represents an annualised return on investment
approaching 135%. We hope the value of these shares and options
will appreciate considerably over the next 12 months, thereby
generating further potential gains with a carrying cost of
investment of zero, an enviable position for our shareholders. Our
only regret is that we didn't have more investable cash to deploy
in this opportunity."
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 3657 0050
Turner Pope Investments (TPI)
Zoe Alexander/Andy Thacker
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END
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