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Primorus Investments plc announced on 15 April 2024 an update regarding its investee company, Engage Technology Partners Ltd. Engage completed a restructuring involving the allotment of shares and options, which diluted Primorus's holding from 4.49% to 1.97%. Primorus's current holding of 92,374 ordinary shares, representing approximately 2% of Engage, is valued at approximately £158,000, an 89% reduction in its current carrying value.
| Date | 15 Apr 2024 |
| Time | 07:00:10 |
| Category | Corporate updates |
| ID | 5324K |
("Primorus" or the "Company")
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:
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Primorus Investments plc Matthew Beardmore, Chief Executive Officer |
+44 (0)20 8154 7907
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Nominated Adviser Cairn Financial Advisers LLP James Caithie / Sandy Jamieson |
+44 (0) 20 7213 0880 |