Primorus Investments (LSE:PRIM)
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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 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.

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(END) Dow Jones Newswires

June 17, 2019 06:43 ET (10:43 GMT)