Loan Note Investment - Zuuse Pty Ltd

Primorus Investments plc

("Primorus" or the "Company")

 Loan Note Investment - Zuuse Pty Ltd

Primorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to report that it has invested A$500,000 (circa £272,000) in a fully subscribed A$5m Series B Loan Note to an Australian-based, international construction software and payments company Zuuse Pty Ltd ("Zuuse"). The Series B Loan Note has a 12-month term, yielding an attractive coupon of 12% and the added attraction of free attaching options over approximately 0.8% of Zuuse which expire on 30 September 2021.

Zuuse is based in Australia with offices in the UK and the US and has two core platforms, Zuuse Construction and Zuuse Building Operations. Through its sub-brand Zuuse Lifecycle, it services a significant number of assets across Australia and the UK including hospitals, universities, hotels, office blocks, bridges and sports stadiums. Through its Payapps and GC Pay Brands, Zuuse services small, medium and large construction companies as well as thousands of subcontractor groups and facilitates over A$12B in annualised payment values across its platforms.

With forecast global revenues growing at circa 60% per annum, Zuuse has, in 2019, forecast revenues of A$16A$18m and a positive EBITDA of A$3m to A$5m.

Alastair Clayton, Executive Director of Primorus, is a circa 2.75% shareholder of Zuuse and therefore did not participate in the board decision to approve this investment.

Further information on can be found at:

www.zuuse.com

www.payapps.com

www.gcpay.com

Jeremy Taylor-Firth, Non-Executive Chairman Commented;

"I am pleased that we have been able to participate in this fully subscribed A$5m Series B 12 month Loan Note. The rationale behind the investment was to manage short to medium term cash reserves in a more efficient manner and the 12% coupon for the risk-profile was highly attractive on its own right. That we also receive options over approximately 0.8% of Zuuse is a real bonus and gives us a longer-term stake in what is a rapidly growing global software business."

He added;

"As will be evidenced in our soon to be released Quarter 3 report to shareholders, Primorus has a debt-free balance sheet with cash reserves and liquid shares comprising a very large proportion of its current quoted market value. Our core value proposition is a multi-million pound portfolio of private and pre-IPO investments built over the last 18 months. The portfolio is beginning to mature to the point where we can see potential investment exits on the horizon and the Board believes that the best way to deliver tangible shareholder value is to demonstrate profitable exits to grow the share price and once we have built a larger balance sheet to support ongoing investing, return excess cash to shareholders."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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