Withdrawal of Requisition & Proposed Board Changes

Primorus Investments plc

("Primorus" or the "Company")

Withdrawal of Requisition and Proposed Board Changes

The board of Primorus announces that, further to the announcement of 9 September 2020, the notice of requisition of general meeting has been withdrawn. 

The board further announces that it has agreed with the requisitioner to appoint, subject to completion of normal regulatory due diligence checks, Rupert Labrum, Hedley Clark and Matthew Beardmore as directors of the Company (together, the "Proposed Directors").  The roles and titles of the Proposed Directors have yet to be confirmed, but it is anticipated that two of the three Proposed Directors will be non-executive directors. 

A further announcement confirming the appointments of the Proposed Directors on completion of the aforesaid due diligence checks and disclosing information in respect of Schedule 2(g) of the AIM Rules will be made in due course. Further, Donald Strang will resign from the board concurrent with the appointments of the Proposed Directors.  Jeremy Taylor-Firth and Alastair Clayton will remain on the board as Non-Executive Chairman and Executive Director respectively.

Alastair Clayton, Executive Director, commented "I look forward to welcoming Rupert, Hedley and Matthew to the Board of Primorus. Having discussed the outlook for our current investment portfolio, and our future objectives, it became clear we share the same vision for the Company and how returns can be maximised for all shareholders.  Having had many discussions with Rupert, it is clear to me that the Company could benefit from a wider engagement with its stakeholders and be more accountable.  We will complete a strategic review of the Company and its operations after welcoming the Proposed Directors to the board, following which we will update the market accordingly."

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

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