Business
Quarterly Update
Quarterly Update.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0505F\n Primorus Investments PLC\n 12 November 2020\n \n \n \n \n Primorus Investments plc\n \n \n (\"Primorus\" or the \"Company\")\n \n \n Quarterly Investor Update\n \n \n Primorus Investments plc (AIM: PRIM, AQSE: PRIM) is pleased to provide the quarter ending 30 September 2020 (\"Q3\" or the \"Quarter\") investor update regarding its current holdings and activities acquired and managed as per its investing policy.\n \n \n Executive Director's Quarterly Comment - Alastair Clayton\n \n \n It is with a great deal of pleasure that I write to shareholders to report on the Company's Q3 progress in what will be my, and Jeremy Taylor-Firth's, last Quarterly Investment Update before leaving the Company later this month. A further announcement will be made in due course. Our investee companies, on the whole, have made pleasing progress in what have clearly been challenging times, and most are currently well positioned to execute their business models. As Jeremy and I step away to pursue other interests, we would like to thank shareholders for their continuing patience and belief in the Company. Jeremy and I believe that further gains remain to be realised across the Company's portfolio. I would like to wish Rupert Labrum and his team a warm welcome to the Company and have no doubt that under their stewardship the future prospects for all shareholders in Primorus is very bright indeed. The Company has unallocated cash reserves of approximately £4.8m and a world of opportunity in front of it.\n \n \n Highlights\n \n \n \n Fully exited its investment in Greatland Gold PLC (\"Greatland\"), as announced on 4 November 2020, via a recently completed programme of sales of the remaining 20m Greatland shares for gross proceeds of approximately \n £4.6m to compliment the 6m Greatland share sale announced on 1 October 2020 which grossed £0.888m. Total gross proceeds have been received in the Quarter of circa £5.5m.\n \n \n \n \n \n \n \n \n \n Total Greatland investment was approximately £633k giving a gross return over investment of approximately £5.9m or a 933% ROI over the life of the investment.\n \n \n \n \n \n Invested A$1.86m (approximately £1.1m) in 2m Zuuse shares as part of a now complete circa A$50m capital raise alongside IFM Investors Pty Ltd (\"IFM\"), a leading Australian fund manage...