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PRIM Primorus Investments Plc

4.00
-1.50 (-27.27%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Primorus Investments Plc LSE:PRIM London Ordinary Share GB00BKTCLJ25 ORD 0.2P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.50 -27.27% 4.00 3.50 4.50 5.00 3.25 5.00 2,090,787 14:34:38
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Investors, Nec 0 -1.48M -0.0106 -3.77 5.59M

Primorus Investments PLC WeShop Update (3341X)

27/08/2020 9:40am

UK Regulatory


Primorus Investments (LSE:PRIM)
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TIDMPRIM

RNS Number : 3341X

Primorus Investments PLC

27 August 2020

Primorus Investments plc

("Primorus" or the "Company")

WeShop Limited Update

Primorus Investments plc (AIM: PRIM, AQSE: PRIM) is pleased to provide the following update which it has received regarding its current investment in WeShop Limited ("WeShop") in which Primorus currently has an investment of GBP875,000.

WeShop Update

Highlights include:

-- GBP9,000,000 fundraise completed through the issue of a convertible loan note

-- Option granted for a further GBP2,777,777 cash investment

-- Board changes including appointment of Yoav Keren, CEO of BrandShield, to the Board.

Financing

The Convertible Loan Note:

WeShop has announced that terms have been agreed, and completion happened on a GBP9,000,000 convertible loan note. The terms of the loan note are:

-- Interest rate of 8% per annum for a 36-month period

-- Unsecured from any debenture

-- Conversion triggers which include an IPO, an exit or further funding rounds

-- Conversion would occur at a 20% discount to the price of the conversion event

Option to acquire 10% for GBP2,777,777

The lead investor on the convertible loan note has also taken a 6-month option whereby it allows them to invest a further GBP2,777,777 into the business at a GBP25m valuation as equity which would give them a 10% stake in WeShop. Details of the Lead investor shall be released in the coming days.

WeShop Board Changes;

On the 13 August, Yoav Keren was appointed to the board of WeShop as Non-Executive Director. Yoav is the founder and CEO of Brandshield. BrandShield is an online threat hunting company, specialized in monitoring, detection and removal of online threats such as phishing attempts, executive impersonation, counterfeit products, trademark infringements and more. BrandShield was established to revolutionize the way companies can protect their digital assets outside their security perimeter.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

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 
  Andy Thacker / Zoe Alexander 
 

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.

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

MSCSEASAWESSEDA

(END) Dow Jones Newswires

August 27, 2020 04:40 ET (08:40 GMT)

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