Business
Fresho Investment Update
Fresho Investment Update.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \nRNS Number : 4839C Primorus Investments PLC 17 June 2019 \n\nPrimorus Investments plc\n(\"Primorus\" or the \"Company\")\nFresho Investment Update\n \nPrimorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to provide the following update regarding its investment in Fresho Ltd (\"Fresho\"), a cloud-based technology platform serving the fresh food industry in Australia, New Zealand and Asia in which the Company owns 1,415,723 shares or about 3.1% of the issued share capital.\n \nShareholders will recall from the Company's Q1 Quarterly Investor Update announced on 10 May 2019 that we indicated that several, as yet unnamed, high-profile investors were looking to invest in Fresho, and as flagged, these considerations were commercially complete but confidential for the time being.\n \nWe are delighted to report that the Australian Financial Review (\"AFR\") has run an exclusive interview with Fresho management in which Mr Leigh Jasper, Mr Robert Philpott and Mr Geoffrey Tarrant have been revealed as new, significant investors in Fresho. \n \nIn late 2017 Mr Jasper and Mr Phillpot sold Aconex, a global cloud-based construction software business, to Oracle for US$1.2B. Mr Tarrant is the Chairman of Zuuse Ltd in which the Company owns A$500,000 in high yielding notes as well as some stock options. \n \nAlastair Clayton, Executive Director commented - \"As will be reported in tomorrow's (Tuesday, 18 June, 2019) edition of the AFR which has just gone live online, Fresho has now attracted some seriously experienced inventors. We believe this is a significant endorsement of Fresho and the investment we made on behalf of shareholders some time ago. Sometimes our investments in private companies can seem distant and are subject to commercial confidentiality. I trust that, despite a lack of recent news, this a demonstration that the investments we make on behalf of shareholders are indeed growing and in Fresho's case powering along.\"\n \n\"Management have confirmed this is Fresho's first national press article discussing platform metrics such as over A$1m gross order per day through the platform, 1.1m transactions processed to date and over 10,000 restaurants and suppliers currently using the platform. We believe the size and reach of Fresho's platform will come as a significant shock to industry co...