Primorus Investments PLC Investment in Interpac Ltd (3218Z)
September 13 2022 - 9:50AM
UK Regulatory
TIDMPRIM
RNS Number : 3218Z
Primorus Investments PLC
13 September 2022
Primorus Investments plc
("Primorus" or the "Company")
Investment in Interpac Ltd
Primorus Investments plc (AIM: PRIM) is pleased to announce it
has invested GBP250,000 into Interpac Ltd ("Interpac"). Interpac
was founded in 2013 to create a new corrugation process for the
manufacture of cardboard which is more cost-efficient and
environmentally friendly than current manufacturing processes.
Primorus has subscribed for 42,735 shares at a price of GBP5.85
per share, from the Company's existing cash resources. This
investment equates to a 3.95% undiluted shareholding in Interpac
(3.35% share option diluted shareholding). Primorus will also have
the right to nominate Hedley Clark, Non-Executive Director of the
Company, to be appointed as a Non-Executive Director of
Interpac.
The funds will initially be used to complete the manufacture of
the first two production units, which includes build costs and
one-off design costs to finalise the first commercial units. Other
uses of funds will be to expand the Interpac team, both to support
the existing management team with the operational aspects of the
business, and to roll out the sales and marketing strategy planned
for gaining further commercial traction.
This investment is the final tranche of a wider 2022 investment
round, which will bring the total investment to more than
GBP3million for the round.
For more information about Interpac please visit their website:
https://www.inter-pac.co.uk/about-us/
Hedley Clark, Non-Executive Director of Primorus, has also
invested GBP100,000 into Interpac. This investment equates to a
1.58% undiluted shareholding in the company (1.34% share option
diluted shareholding).
In the year ended 30th November 2021, Interpac had turnover of
GBP0 and made a loss of GBP135,325. Primorus looks forward to
Interpac successfully deploying the capital raised to support the
production targets it has set for its business.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
Primorus Investments plc
Matthew Beardmore, Chief Executive
Officer +44 (0)20 8154 7907
Nominated Adviser
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson +44 (0) 20 7213 0880
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