REG - Primorus Investments - Investment in Interpac Ltd

Primorus InvestmentsAnnouncement

13/09/2022 16:00

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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
£250,000 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 £5.85 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 £3million for the round.

 

For more information about Interpac please visit their website:
https://www.inter-pac.co.uk/about-us/ (https://www.inter-pac.co.uk/about-us/)

 

Hedley Clark, Non-Executive Director of Primorus, has also invested £100,000
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 £0 and made a
loss of £135,325. 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                 +44 (0) 20 7213 0880

 James Caithie / Sandy Jamieson

 

 

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