Business
Loan Note Investment - Zuuse Pty Ltd
Loan Note Investment - Zuuse Pty Ltd.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \nRNS Number : 1230E Primorus Investments PLC 16 October 2018 \n\nPrimorus Investments plc\n(\"Primorus\" or the \"Company\")\n Loan Note Investment - Zuuse Pty Ltd\n \nPrimorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to report that it has invested A$500,000 (circa £272,000) in a fully subscribed A$5m Series B Loan Note to an Australian-based, international construction software and payments company Zuuse Pty Ltd (\"Zuuse\"). The Series B Loan Note has a 12-month term, yielding an attractive coupon of 12% and the added attraction of free attaching options over approximately 0.8% of Zuuse which expire on 30 September 2021.\n \nZuuse is based in Australia with offices in the UK and the US and has two core platforms, Zuuse Construction and Zuuse Building Operations. Through its sub-brand Zuuse Lifecycle, it services a significant number of assets across Australia and the UK including hospitals, universities, hotels, office blocks, bridges and sports stadiums. Through its Payapps and GC Pay Brands, Zuuse services small, medium and large construction companies as well as thousands of subcontractor groups and facilitates over A$12B in annualised payment values across its platforms. \n \nWith forecast global revenues growing at circa 60% per annum, Zuuse has, in 2019, forecast revenues of A$16A$18m and a positive EBITDA of A$3m to A$5m. \n \nAlastair Clayton, Executive Director of Primorus, is a circa 2.75% shareholder of Zuuse and therefore did not participate in the board decision to approve this investment.\n \nFurther information on can be found at:\nwww.zuuse.com\nwww.payapps.com\nwww.gcpay.com\n \nJeremy Taylor-Firth, Non-Executive Chairman Commented;\n \n\"I am pleased that we have been able to participate in this fully subscribed A$5m Series B 12 month Loan Note. The rationale behind the investment was to manage short to medium term cash reserves in a more efficient manner and the 12% coupon for the risk-profile was highly attractive on its own right. That we also receive options over approximately 0.8% of Zuuse is a real bonus and gives us a longer-term stake in what is a rapidly growing global software business.\"\n \nHe added;\n \n\"As will be evidenced in our soon to be released Quarter 3 report to shareholders, Primorus has a debt-free balance sheet with ...