REG - Primorus Investments - Investee Company Update – Engage Technology

Primorus InvestmentsAnnouncement

15/04/2024 07:00

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RNS Number : 5324K  Primorus Investments PLC  15 April 2024

Primorus Investments plc

 

("Primorus" or the "Company")

 
 Investee Company Update - Engage Technology Partners Ltd

 

Primorus Investments plc (AIM: PRIM) has received an update from its investee
company, Engage Technology Partners Ltd ("Engage").

 

Engage has recently completed a significant restructuring.  In order to
retain and incentivise the management team,  the restructure included the
allotment of shares and options (together the "Share Issuances").  This has
resulted in a significant dilution to the Company's holding from 4.49% to
1.97%.

 

Following the Share Issuances, and based on our assessment of the current
valuation of Engage Primorus holding in Engage is valued at approximately
£158,000, approximately an 89% reduction in its current carrying value.  As
and when the Company receives further information about the restructuring and
on-going plans of Engage, the management of the Company may make further
assessments of the value of Engage.

 

Primorus holds 92,374 ordinary shares of Engage representing approximately 2%
of the issued share capital of Engage.

 

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

 Matthew Beardmore, Chief Executive Officer   +44 (0)20 8154 7907

 Nominated Adviser

 Cairn Financial Advisers LLP                 +44 (0) 20 7213 0880

 James Caithie / Sandy Jamieson

 

 

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