Primorus Investments PLC Zuuse Loan Note Update (5350N)

TIDMPRIM

RNS Number : 5350N

Primorus Investments PLC

25 September 2019

Primorus Investments plc

("Primorus" or the "Company")

A$500,000 Zuuse Loan Note Redemption Notice Executed

Primorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to provide the following update regarding its A$500,000 Series B Zuuse Loan Note due December 31, 2019.

In line with our recent Q2 Shareholder Update, Primorus is pleased to report that it has received notice of and formally executed an early repayment agreement for the full A$500,000 face value of its outstanding loan notes with settlement envisaged in 2 weeks.

Primorus has elected to receive rolled up interest of A$57,205 in stock at A$1 per share, the same price as the soon to complete A$15m capital raise being completed by Zuuse. It is worth noting that out of the A$5m in Series B Notes outstanding, Primorus was the only holder not to take full settlement of both face value and coupon in stock.

Following settlement Primorus will; return A$500,000 in cash to Treasury, hold 57,205 fully paid ordinary shares in Zuuse and 1,000,000 options with a strike price of A$0.50.

Alastair Clayton, Executive Director commented - "It is terrific to be able to report that we have, in line with guidance, executed the agreement to redeem our Zuuse Loan Notes. Originally due December, Zuuse have redeemed these notes now as part of a balance sheet consolidation associated with a soon to close A$15m capital raise ahead of a planned liquidity event in 2020."

"Effectively in the space of 10 months Primorus has generated A$557,000 in share and option value for a capital deployment of only A$500,000, this represents an annualised return on investment approaching 135%. We hope the value of these shares and options will appreciate considerably over the next 12 months, thereby generating further potential gains with a carrying cost of investment of zero, an enviable position for our shareholders. Our only regret is that we didn't have more investable cash to deploy in this opportunity."

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

For further information, please contact:

 
 Primorus Investments plc:         [phone] 
 Alastair Clayton 
 
 Nominated Adviser:                [phone] 
 Cairn Financial Advisers LLP 
 James Caithie / Sandy Jamieson 
 
 Broker:                           [phone] 
 Turner Pope Investments (TPI) 
 Zoe Alexander/Andy Thacker 
 

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September 25, 2019 02:00 ET (06:00 GMT)