Primorus Investments PLC Investment Update (3924U)
April 06 2021 - 1:00AM
UK Regulatory
TIDMPRIM
RNS Number : 3924U
Primorus Investments PLC
06 April 2021
Primorus Investments plc
("Primorus" or the "Company")
Investment Update
Primorus (AIM: PRIM) is pleased to provide its shareholders with
the following updates on a number of its investee companies.
Engage Technology Partners ("Engage"), the end-to-end workforce
management platform provider, has recently completed an equity
fundraising resulting in the conversion of loan notes which
investors, including the Company, subscribed for last year as part
of the Government's Future Fund initiative. Following the
conversion, which was completed at a discount of 20 per cent. to
the equity fundraising, Primorus now holds 92,374 ordinary shares
in the capital of Engage, equating to approximately 4 per cent. of
its fully diluted share capital.
Engage is an end-to-end workforce management platform that
connects recruitment agencies, end hirers and contractors. Its
cloud-based solution creates visibility across the paid to recruit
process. As well as ensuring worker compliance, companies mitigate
their tax liability risk. Cost management is made easier with
transparency across companies' contractor pools. For more
information, see: https://www.engagetech.com/
The Company is also pleased to provide an update on Zuuse
Limited ("Zuuse"), a leading global software provider operating in
the construction and building operations sector. Despite 2020 being
a challenging year due to the global Covid-19 pandemic, Zuuse's
revenue for the 12 months ending 31 December 2020 was up by 15 per
cent. versus the comparable period last year and despite falling 7
per cent. during Q2 2020. The business was also EBITDA and cashflow
positive throughout the period, which has provided a strong base
moving into 2021 to increase the investment in the business to
drive sales and revenue growth. Zuuse enjoyed record sales in
December 2020. Management is optimistic that increased levels of
investment in sales, marketing and product, along with an improving
level of confidence in the economy, will result in a stronger
trading performance in 2021; a view supported by results to date in
2021. For more information, see: www.zuuse.com
Primorus notes the announcement by TruSpine Technologies plc ( "
TruSpine " ) on 1 April that it has completed a share subscription
to raise GBP585,000. Whilst the Company did not participate in the
subscription, it is hoped the fundraise will further advance
TruSpine through its FDA application process and commercial launch
of its Cervi-LOK(TM) device. For more information, see
http://truspine.org/
Rupert Labrum, Executive Chairman, commented: "We are pleased to
continue our support of the Engage team. Whilst we did not invest
in the recent fundraising, we have been impressed with the team and
the business they have built. It has been promising to see the
growth the business has enjoyed, particularly through the Covid-19
pandemic.
Likewise, the resilience of the Zuuse team, coupled with their
leading software solutions, has been rewarded by the business's
underlying performance. As confidence in the economy grows, we
fully expect Zuuse to continue to execute its ambitious growth
plans."
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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