Primorus Investments PLC New Investments (7936O)
23 August 2017 - 8:47PM
UK Regulatory
TIDMPRIM
RNS Number : 7936O
Primorus Investments PLC
23 August 2017
Primorus Investments plc
("Primorus" or the "Company")
New Investments
Primorus Investments plc (AIM: PRIM, NEX: PRIM) announces that
it has made three new investments, as detailed below:
TruSpine Technologies Limited
Primorus has invested, by way of subscription, GBP500,000 in
TruSpine Technologies Limited ("TruSpine") on a pre-new money
valuation of GBP15m. Founded in December 2014, TruSpine secured
intellectual property and subsequently developed the Faci--LOK and
Cervi--FAS minimally invasive spine stabilisation devices, and the
VOSC Catheter atherosclerosis treatment product 'VOSC Catheter'.
This development is on--going and TruSpine is targeting FDA
clearance and commercialisation of its first product, the
Faci--LOK. FDA submission is expected by the end of Q4 2017.
An AIM IPO is planned to take place following FDA approval,
which is expected to be received in H1 2018. In the year ended 31
March 2016, TruSpine incurred a loss of GBP45,325.
Sport:80 plc
Primorus has invested, by way of subscription, GBP100,000 in
Sport:80 plc ("Sport:80") on a pre-new money valuation of GBP10m as
part of a fundraising of up to GBP1m. Sport:80 is a technology and
management company with a proprietary cloud-based platform focused
on transforming the business operations and management of sports
organisations. The Sport:80 platform is used by 20 prominent sports
organisations.
Sport:80 is revenue-generating with four-fold revenue growth per
annum since 2014. In the 12 months to 31 December 2016 it had total
turnover of approximately GBP458,000 and made a loss before tax of
approximately GBP269,000. An AIM IPO is planned for 2018.
Farina Investments (UK) Limited
Primorus has invested, by way of subscription, GBP100,000 in
Farina Investments (UK) Limited ("Farina") on a pre-new money
valuation of GBP4m. Farina is a boutique corporate finance and
asset management company which specialises in leveraging profit
opportunity in the post-crisis financial landscape. Farina has been
carefully structured and strategically placed to fully capitalise
on these opportunities, thereby optimising capital growth,
profitability and returns for both the company and investors.
Farina is currently exploring various UK listing opportunities
either via IPO or reverse takeover. In the year ended 31 July 2016,
turnover was GBP1.9 million, net profit was GBP116,000 and assets
under management were GBP1.8 million. Farina is not authorised and
regulated by the Financial Conduct Authority.
Following the investments noted above, the Company will have
available cash resources of approximately GBP1.35 million.
Alastair Clayton, Executive Director commented:
"We are very pleased to be able to participate in these
respective pre-IPO opportunities. Over the past months we have
invested significant time in getting to know management, understand
the core businesses, valuations and pathways to market.
"Pre-IPO is at the heart of our investment strategy and we look
forward to being able to demonstrate real value accretion for our
shareholders as we begin to exit existing investments via trade
sales and IPOs or other mechanisms to crystallise tangible
value.
"The Board fundamentally believes the pre-IPO sector is both
underserved and has the potential to offer significant returns over
time to disciplined, risk-weighted investors.
"We look forward to updating shareholders on the progress of
TruSpine, Sport:80 and Farina as well as in the near term providing
an update on our existing portfolio such as stakes in Fresho, GMOW
and our significant, high profile holding in HHDL once we are made
aware of the precise dates of the upcoming proposed flow test
programme by the Board of HHDL."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Primorus Investments plc: +44 (0) 20 7440 0640
Alastair Clayton
Nominated Adviser: +44 (0) 20 7213 0880
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson
Broker: +44 (0) 20 3137 1902
Optiva Securities Limited
Christian Dennis / Jeremy King
This information is provided by RNS
The company news service from the London Stock Exchange
END
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