Primorus Investments PLC Investee Company Update – Alteration Earth

RNS Number : 1669R

Primorus Investments PLC

23 December 2024

 

Primorus Investments plc

 

("Primorus" or the "Company")

 

Investee Company Update - Alteration Earth

 

 

Primorus (AIM: PRIM) notes the announcement by its investee company Alteration Earth PLC ("ALTE") on its acquisition of Pri0r1ty AI Ltd ("Pri0r1ty AI" or "PAI"), a UK based artificial intelligence SaaS company, and its expected admission to AIM ("Admission") ("Transaction").

 

As part of the Transaction, ALTE has raised £855,000 through a placing and subscription of 6,333,329 new ordinary shares at a price of 13.5 pence per share ("Fundraise"). Primorus has subscribed for 592,592 new ordinary shares in ALTE as part of the Fundraise for cash consideration of £80,000 ("Additional Investment"). Following the Additional Investment Primorus will hold 11,677,756 ordinary shares in ALTE representing approximately 12 per cent. of the issued share capital of ALTE, upon Admission.

 

For the year ended 30 September 2023 ALTE made a loss of approximately £273,000.

 

In aggregate, from Admission, the Company, Rupert Labrum and Matthew Beardmore (both directors of the Company) will hold 15,361,756 ordinary shares of ALTE representing approximately 16% of the issued share capital of ALTE.

 

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

 

 

For further information please contact:

 

Primorus Investments plc Matthew Beardmore, Chief Executive Officer	[phone]
Nominated Adviser Cairn Financial Advisers LLP Sandy Jamieson/James Caithie	[phone]

 

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 [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

UPDQKNBKQBDDOBB