Primorus Investments Share Discussion Threads

[gary1966] 19/2/2021 15:54

TRIN, lots of news flow this year to enhance value and already greatly undervalued with current operations.

[golden prospect] 19/2/2021 09:10

£5m New investment fund + legacy investments for free

[mallorca 9] 19/2/2021 07:42

But the GGP share price did rise to over 30p after AC had sold out at 23p !

That's water under the bridge now.

Prim is now cash rich at the perfect time as businesses recover.

[golden prospect] 18/2/2021 16:08

Labrum finds PRIM in rude health as Greatland fully cashed up.

Recall, previous management sold 20,000,000 shares at an average price of 23.09 pence per share, for gross proceeds of approximately £4,600,000

GGP today trades at 21.5p

[mallorca 9] 18/2/2021 09:25

Cash plus listed investments value here is £4.8m.
There are also the non listed investments.

The Market Cap today is circa £5.5 m

New CEO with an increased stake of 20%

Absolute no brainer for me ..... I have bought in ... a great tuck away for my ISA.

With the world about to recover from Covid there could not be a better time.

[mallorca 9] 16/2/2021 16:11

You might want to check out my post on the GGP thread of 2 minutes ago

[timbo] 16/2/2021 15:11

>>Vinceelliott

Yes, you're right about Australian 'small proprietary companies' but it seems that shareholders can have shareholder reports from these companies. Looking at IFM Investors, a co-investee for that funding round in November 2020, you get a sense that due diligence would be pretty thorough as they seem to invest for the long term and represent several pension funds looking for sustained growth.

www.ifminvestors.com/investment-capabilities/private-equity

[vinceelliott] 16/2/2021 12:52

Finding out information on Zuuse PTY Ltd is not simplistic.
Looks like 'Pty Ltd' companies are not obliged, although there are exceptions, to publish accounts for the public or register them with ASIC.

Whilst chasing these financials, came across that one of Zuuse's latest investors, Leigh Jasper, is also an investor in Fresho.

With only a relatively small investment in Zuuse, and has PRIM lost its Networking contact, is it now 'in the dark' as to current status. IFM INvestors entry at the last cash call certainly dwarfs Prim.

[timbo] 16/2/2021 11:44

>>johnhemming

I've got no info on the options expiry date but I've just spotted something quite interesting on Zuuse. in the last AC quarterly update of 12/11/2020 it stated:

"Zuuse's underlying construction payments software businesses continue to perform extremely well despite the challenges associated with the COVID-19 pandemic, with only a small dip in revenues in the Quarter to 30 June and has seen a renewed upward trajectory since. Revenues and EBITDA are on track to surpass those of FY 2019 whilst the platform itself processes in excess of US$2bn per month of construction invoices with that figure growing at a significant compound rate.

By investing now as part of a substantial growth accelerator financing, the Company gains significant exposure to a potentially high-growth, highly profitable business that is already scaling aggressively across the US, UK and Australasia."

This seems to be borne out by comparing the customer numbers in June 2020 ("more than 21,000") with the current website homepage ("more than 25,000") - supporting pages for these figures are at:

June 2020 (> 21000) - zuuse.com/ifm-investors-minority-investment-zuuse
Current (>25000) - zuuse.com/

[bronislav] 16/2/2021 11:29

If I was buying shares in my company I wouldn't be putting too much positive news out.The quarterly update was an ideal opportunity to pick up shares on a drop in share price .Hope this is the last of the director buys then we can get on with updating the market on what they have identified as the next investment.

[cwa1] 16/2/2021 11:24

Primorus Investments plc (AIM: PRIM) announces that it received notification on 15 February 2021 that a director of the Company or persons closely associated with them, of the following purchase of ordinary shares in the capital of the Company. Further details are set out in the Notification of Dealing Form below.


Resultant
Resultant percentage
Ordinary interest in of issued
Director/PCA Purchase price shares purchased ordinary shares ordinary shares
Elizabeth Clark* 4.14 pence 482,360 482,360 0.71%
---------------- ------------------ ----------------- -----------------

*Elizabeth Clark is the spouse of Hedley Clark , Non-executive Director of the Company, and following this transaction, their aggregate holding amounts to 993,360 ordinary shares in the Company repre senting 0.71 per cent. of the Company's share capital. The shares purchased represent 0.35 per cent. of the Company's issued share capital.

[johnhemming] 15/2/2021 16:14

I am wondering why it would have been a good idea to take up the options in a company that is not currently listed? Or is Zuuse listed somewhere that I have not spotted. Does anyone know when the options expire?

[hernando2] 15/2/2021 15:50

Thanks SKY..they seriously need to update the website..

[skyship] 15/2/2021 15:47

Hernando - RE Zuuse - you missed this Update from 1st Oct'20:

Primorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to announce that it has made an investment in Zuuse Limited ("Zuuse") by way of A$2.0 million (approximately GBP1.1 million) participation in a placement of primary stock as part of a proposed circa A$40 million (approximately GBP22.2 million) investment round ("Transaction"). The Company is subscribing for 2,000,000 shares at A$1 per share in primary stock but is seeking to take a portion of this in secondary stock at a slightly lower price should it become available. This may result in a slightly lower overall investment cost to the Company.

[johnhemming] 15/2/2021 15:41

I must admit I read the RNS this morning before the market opened and decided I might as well go back to sleep as it all seemed quite reasonable. I was quite surprised to see the price movement at 8.30 so I put in a buy order.

[golden prospect] 15/2/2021 14:28

The cynic may say strange to have a quarterly update to say no more quarterly updates! Was today's release worth it ? I wish the new team would update their website re investments to make things clear. It feels like we are in a news vacuum, and that probably suits the new agenda.

[hernando2] 15/2/2021 14:25

This is on the website, unless they took up the options then it looks like a small holding. Or his this out of date?

'In October 2018 the Company invested A$500,000 (circa £272,000) in a fully subscribed A$5m Series B Loan Note to an Australian-based, international construction software and payments company Zuuse Pty Ltd (“Zuuse”). The Series B Loan Note has a 12-month term, yielding an attractive coupon of 12% and the added attraction of free attaching options over approximately 0.8% of Zuuse.

Upon term expiry of the Series B Loan Note in October 2019, Primorus was repaid the Loan principal of A$500,000 and elected to receive rolled up interest of A$57,205 in stock at A$1 per share. This was the same price as the recent fund raising undertaken in late 2019. Primorus now holds 57,205 fully paid ordinary shares in Zuuse and 1,000,000 options with a strike price of A$0.50.'

[skyship] 15/2/2021 14:18

GB's post 1869 above suggests Zuuse plenty big enough for a mention. I'll ask the question...

[skyship] 15/2/2021 13:47

Looking at the Trades, quite a few large sales have been absorbed, with the share price holding up quite well considering the very recent volume...

[mallorca 9] 15/2/2021 12:44

Timbo,

cheers for the input

[golden prospect] 15/2/2021 11:09

GB, yes indeed, does seem an underplayed announcement. Perhaps Zuuse to go given no mention. More realisation helps to end the AC era. Labrum looks focused, and that should make for a great investment.

[gb904150] 15/2/2021 10:48

A strange update today. Seems the new BOD are underplaying everything, including the assets position. I don't like the way they've done that.

If we look back to Q3 update we had:

- Just sold 20m GGP for £4.6m
- Sold 6m GGP 01/10/20 for £0.888m. Hence £5.5m cash incoming in Q3.
- Invested A$1.86m / £1.1m in Zuuse shares + previous 2018 A$0.5m investment
- Fresho - invested at least £0.26m
- Engage - should be £1.5m value + £250k CLN at 10% coupon
- Truspine - about £0.25m value
- WeShop - Invested £0.875m
+ whatever cash was on the balance sheet
+ all the other bits. SOA / Sport:80 / Nomad energy / StreamTM

Tally all that up and it amounts to around £9m+

Compare that to today's RNS which only bothers to mention Fresho + Engage and states that cash and listed investments are only £4.8m.

Note- listed only.

However, was it really that difficult to give an update on all the investments?

Is it a case of Rupert Labrum downplaying everything so he can snaffle up more shares on the cheap?

Still no visibility on the actual value of all the holdings.

[timbo] 15/2/2021 10:42

And having the cash ready would help underpin the share price in the meantime. If there is a big market correction (and the frothy BTC and gold stocks remind me of Jan to Mar 2000 and the dotcom bubble) there will also be bargains among distressed companies that make a profit but run out of working capital.

[timbo] 15/2/2021 10:39

Credit where credit is due - listed investments I would agree with you. Greatland was the only listed game in town. Truspine might take a while to gain traction and there is some funnies going on in the background over their trusted advisor not yet stumping up for their £250k share of the subscription but it is the potential that is so tantalising. The premium paid by big companies snaffling up spinal product companies makes this a compelling flutter. If all the approvals are granted for the products it should be a no brainer for it to be the default system for spinal operations of that type. Safer and ultimately cheaper...I believe Engage will be huge (recruitment is a sector I have had most of my professional involvement with). This cloud based approach that can be started small and scale up as needed with a fixed cost per candidate is transparent and the benefits of cloud based working have only been emphasised over the last year.The Fresho management really impressed me with their rapid deployment of a consumer offering when, up to the pandemic, it had been all about linking businesses. I am sure the food suppliers were grateful as they were dependent ultimately on restaurants' trade in the main. So, they have a second string to the bow and a lot of goodwill from their suppliers.