Business
Zuuse Investment and Greatland Gold Update
Zuuse Investment and Greatland Gold Update.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7804A\n Primorus Investments PLC\n 01 October 2020\n \n \n \n \n Primorus Investments plc\n \n \n (\"Primorus\" or the \"Company\")\n \n \n Zuuse Investment and Greatland Gold PLC Holdings Update\n \n \n Primorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to announce that it has made an investment in Zuuse Limited (\"Zuuse\") by way of A$2.0 million (approximately £1.1 million) participation in a placement of primary stock as part of a proposed circa A$40 million (approximately £22.2 million) investment round (\"Transaction\"). The Company is subscribing for 2,000,000 shares at A$1 per share in primary stock but is seeking to take a portion of this in secondary stock at a slightly lower price should it become available. This may result in a slightly lower overall investment cost to the Company.\n \n \n Zuuse is a Melbourne-based construction payments software company with operations in the UK, US and Australia. This investment has been made in conjunction with other shareholders to support a major strategic transaction that is intended to be announced in the coming weeks.\n \n \n Prior to the Transaction, Primorus held 57,205 fully paid shares in Zuuse and 1,000,000 options exercisable any time at A$0.50 per share. The Company earned these shares and options as the return on its 2018 investment in an A$500,000 convertible loan note that was fully repaid by Zuuse in 2019 as announced by the Company on 25 September 2019. \n \n \n If the full proposed A$40m investment round proceeds, Primorus will hold 2,057,205 fully paid shares in Zuuse and 1,000,000 options exercisable at A$0.50, representing circa 1.7% per cent. of Zuuse's fully diluted enlarged share capital.\n \n \n To part fund its participation in the Transaction, the Company has sold 6,000,000 Greatland Gold PLC (\"Greatland\") shares at an average realised price of £0.148 per share through a structured series of sales in the weeks leading up to the Transaction. \n \n \n Primorus retains 20,000,000 shares in Greatland with a mark-to-market value of approximately £4 million at the date of this announcement.\n \n \n Background to Zuuse\n \n \n Zuuse is an international software provider in the construction payments and contracts management space. Under its Payapps brands in the UK and Australia and the GCPay brand in the US, Zuuse ...