Business
Investee Company Update – Engage Technology
Investee Company Update – Engage Technology.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n\nPrimorus Investments plc\n \n(\"Primorus\" or the \"Company\")\n \n Investee Company Update - Engage Technology Partners Ltd\n \nPrimorus Investments plc (AIM: PRIM) has received an update from its investee company, Engage Technology Partners Ltd (\"Engage\").\n \nEngage has recently completed a significant restructuring. In order to retain and incentivise the management team, the restructure included the allotment of shares and options (together the \"Share Issuances\"). This has resulted in a significant dilution to the Company's holding from 4.49% to 1.97%.\n \nFollowing the Share Issuances, and based on our assessment of the current valuation of Engage Primorus holding in Engage is valued at approximately £158,000, approximately an 89% reduction in its current carrying value. As and when the Company receives further information about the restructuring and on-going plans of Engage, the management of the Company may make further assessments of the value of Engage.\n \nPrimorus holds 92,374 ordinary shares of Engage representing approximately 2% of the issued share capital of Engage.\n \nThis 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.\n \n \nFor further information please contact:\n \n\n\n\n\nPrimorus Investments plc\nMatthew Beardmore, Chief Executive Officer\n\n\n \n+44 (0)20 8154 7907\n \n\n\n\n\nNominated Adviser\nCairn Financial Advisers LLP\nJames Caithie / Sandy Jamieson\n\n\n \n+44 (0) 20 7213 0880\n\n\n\n\n \n \n\n","length":3935,"tagName":"div"}]