Primorus Investments PLC Further Investment in Fresho (8761R)
March 11 2021 - 1:00AM
UK Regulatory
TIDMPRIM
RNS Number : 8761R
Primorus Investments PLC
11 March 2021
Primorus Investments plc
("Primorus" or the "Company")
Further Investment in Fresho
Primorus (AIM: PRIM) is pleased to advise its shareholders that
it has made a further investment in Fresho Pty Ltd ("Fresho"), as
part of a fundraise undertaken by Fresho pursuant to which it
raised gross proceeds of A$3,450,000 (approximately GBP1.9 million)
(the "Fundraise") by the issuance of new ordinary shares at a price
per share of A$0.575 (the "New Shares").
Pursuant to the Fundraise, Primorus subscribed for 2,000,000 New
Shares for total consideration of A$1,150,000 (approximately
GBP637,000), thereby increasing its holding to approximately 5% on
a fully diluted basis. Primorus now holds, in aggregate, 3,415,723
shares in the issued share capital of Fresho.
Existing shareholders of Fresho participated in the Fundraise,
which received applications in excess of A$4 million and which were
subsequently scaled back. The price per New Share represents a
premium of approximately 21.1% to the price per share when Primorus
last invested in Fresho in Spring 2019 (as announced by the Company
on 21 March 2019).
The Fundraise proceeds are to be used to accelerate the growth
aspirations of Fresho, specifically in the UK. Prior to the
implementation of international travel restrictions and national
lockdowns in Spring 2020 in the wake of the COVID-19 pandemic,
Fresho made significant progress by assessing and launching in the
UK, as well as meeting with potential customers. Whilst progress
has slowed because of the pandemic, with the global rollout of
vaccinations, it is hoped Fresho will return to the UK once travel
restrictions ease and it is deemed to safe to hold in-person
meetings again. It is anticipated that Primorus will assist Fresho
in its UK growth aspirations.
Rupert Labrum, Executive Chairman, commented: "My co-directors
and I have been impressed with the Fresho team and the technology
platform they have built. The team's evident and abundant
enthusiasm for the opportunities available to Fresho and its desire
to execute those opportunities is an attribute which resonates with
investors. Given the team's initial UK market research and
small-scale launch, we are very excited about the significant
growth opportunities available to Fresho here once restrictions are
eased. The Primorus team is committed to assisting Fresho with its
UK growth aspirations."
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 +44 (0) 20 8154 7907
Rupert Labrum
Nominated Adviser and Broker
Cairn Financial Advisers LLP +44 (0) 20 7213 0880
Sandy Jamieson / James Caithie
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END
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