REG - Primorus Investments - Virtualstock Holdings Limited Share Purchase

Primorus InvestmentsAnnouncement

16/05/2024 07:00

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RNS Number : 6184O  Primorus Investments PLC  16 May 2024

Primorus Investments plc

("Primorus" or the "Company")

Virtualstock Holdings Limited Share Purchase

Primorus Investments plc (AIM: PRIM) is pleased to announce it has purchased
250,000 ordinary shares in Virtualstock Holdings Limited ("Virtualstock"),
from a shareholder of Virtualstock, for a total consideration of £500,000
from the Company's existing cash resources. The shares represent approximately
1.7% of Virtualstock's issued share capital on a fully diluted basis.  In
addition, Hedley Clark, Non-Executive Director of Primorus, has purchased
75,000 ordinary shares in Virtualstock for a total consideration of £150,000
from another shareholder in Virtualstock (both purchases, the "Share
Purchase").

For the 11-month period ended 29 February 2024, Virtualstock had revenue of
approximately £4.3m and made a net income loss of approximately £400k.

More information about Virtualstock can be found on its
website: https://www.virtualstock.com/ (https://www.virtualstock.com/)

Related Party Transaction

The Share Purchase constitutes a related party transaction for the purposes of
Rule 13 of the AIM Rules by virtue of Hedley Clark being a director of the
Company and participating in the Share Purchase detailed above. Matthew
Beardmore and Rupert Labrum, being directors of the Company independent of the
Share Purchase, having consulted with the Company's nominated adviser, Cairn
Financial Advisers LLP, consider that the terms of the Share Purchase are fair
and reasonable in so far as the Company's shareholders are concerned.

Rupert Labrum, Chairman, commented: "We are excited about this investment
opportunity, which allows our shareholders to have exposure to an innovative
technology company operating in a high-growth sector. Virtualstock is Europe's
largest dropshipping and curated marketplace SaaS, which provides its
cutting-edge solutions to some of the biggest retailers and merchants in the
UK."

 

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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