Further Investment in Fresho

RNS Number : 8761R

Primorus Investments PLC

11 March 2021

 

Primorus Investments plc

("Primorus" or the "Company")

Further Investment in Fresho

Primorus (AIM: PRIM) is pleased to advise its shareholders that it has made a further investment in Fresho Pty Ltd ("Fresho"), as part of a fundraise undertaken by Fresho pursuant to which it raised gross proceeds of A$3,450,000 (approximately £1.9 million) (the "Fundraise") by the issuance of new ordinary shares at a price per share of A$0.575 (the "New Shares").

Pursuant to the Fundraise, Primorus subscribed for 2,000,000 New Shares for total consideration of A$1,150,000 (approximately £637,000), thereby increasing its holding to approximately 5% on a fully diluted basis. Primorus now holds, in aggregate, 3,415,723 shares in the issued share capital of Fresho.

Existing shareholders of Fresho participated in the Fundraise, which received applications in excess of A$4 million and which were subsequently scaled back. The price per New Share represents a premium of approximately 21.1% to the price per share when Primorus last invested in Fresho in Spring 2019 (as announced by the Company on 21 March 2019).

The Fundraise proceeds are to be used to accelerate the growth aspirations of Fresho, specifically in the UK. Prior to the implementation of international travel restrictions and national lockdowns in Spring 2020 in the wake of the COVID-19 pandemic, Fresho made significant progress by assessing and launching in the UK, as well as meeting with potential customers. Whilst progress has slowed because of the pandemic, with the global rollout of vaccinations, it is hoped Fresho will return to the UK once travel restrictions ease and it is deemed to safe to hold in-person meetings again. It is anticipated that Primorus will assist Fresho in its UK growth aspirations.

Rupert Labrum, Executive Chairman, commented: "My co-directors and I have been impressed with the Fresho team and the technology platform they have built. The team's evident and abundant enthusiasm for the opportunities available to Fresho and its desire to execute those opportunities is an attribute which resonates with investors. Given the team's initial UK market research and small-scale launch, we are very excited about the significant growth opportunities available to Fresho here once restrictions are eased. The Primorus team is committed to assisting Fresho with its UK growth aspirations."

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  [phone]

Rupert Labrum

Nominated Adviser and Broker

Cairn Financial Advisers LLP  [phone]

Sandy Jamieson / James Caithie

 

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