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