REG - Primorus Investments - Investee Company Update – Payapps Limited

Primorus InvestmentsAnnouncement

22/02/2024 07:00

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RNS Number : 0133E  Primorus Investments PLC  22 February 2024

Primorus Investments plc

 

("Primorus" or the "Company")

 
 Investee Company Update - Payapps Limited

 

Primorus Investments plc (AIM: PRIM) is pleased to announce that, further to
the announcement on 26 January 2024, Autodesk Inc. ("Autodesk" or "Buyer") has
completed the acquisition of Payapps Limited ("Payapps") (the "Acquisition"),
an investee company of Primorus.

 

Primorus has received cash proceeds of approximately USD$6.1m (approximately
£4.8m) as part of the Acquisition ("Acquisition Proceeds").

 

Pursuant to the Acquisition, the Buyer has acquired the Payapps' Construction
Payment Management businesses (Payapps, GCPay and Webcontractor) and the
Acquisition does not include the Facilities Management ("FMI") business, which
has been spun out of Payapps prior to the closing of the Acquisition and
retained for the benefit of Payapps' existing shareholders. A separate sale
process will be conducted over the coming months following the closing of the
Acquisition with the net proceeds from the sale of the FMI business to be
distributed to Payapps shareholders as additional consideration, however,
neither Payapps or Buyer are party to or responsible for such sale
arrangements of FMI following the closing of the Acquisition.  Primorus will
issue further announcements in relation to the proposed disposal of the FMI
business in due course.

 

The receipt of these funds provides a substantial increase in the cash
position of the Company. The Board of the Company are considering various
options to return value to shareholders whilst also maintaining enough capital
in the Company to continue implementing its investing strategy. A further
announcement will be made in due course.

 

The Company is currently in the process of seeking to invest the Acquisition
Proceeds in a AAA Sterling Liquidity fund whilst the Company assesses various
options for the use of the Acquisition Proceeds.

 

Rupert Labrum, Chairman, commented: "I am delighted that one of our core
investments has matured providing the Company with significant cash proceeds.
The Acquisition proceeds enable the Company to continue implementing its
investing strategy and potentially return value to shareholders.  I would
like to thank shareholders for their continued support and the Board remain
optimistic that the Company's investment portfolio will generate value for
shareholders."

 

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

 

Cautionary statement

 

Certain statements made in this announcement are forward-looking statements.
Such statements are based on current expectations and assumptions and are
subject to a number of risks and uncertainties that could cause actual events
or results to differ materially from any expected future events or results
expressed or implied in these forward-looking statements. Persons receiving
this announcement should not place undue reliance on forward-looking
statements. Unless otherwise required by applicable law, regulation or
accounting standard, the Company does not undertake to update or revise any
forward-looking statements, whether as a result of new information, future
developments or otherwise.

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