Completion of Disposal of 5% of HHDL

RNS Number : 1973H

Primorus Investments PLC

09 March 2018

 

Primorus Investments plc

("Primorus" or the "Company")

Completion of Disposal of 5% of HHDL

Primorus Investments plc (AIM: PRIM, NEX: PRIM) today confirms the completion of the disposal of a 5% interest in Horse Hill Developments Limited ("HHDL") to Solo Oil Plc, ("Solo") (AIM:SOLO), as previously announced on 28 February 2018.

The conditions precedent to the Sale and Purchase Agreement ("SPA") have now been fulfilled and the Company will now receive £650,000 in cash and 9,973,011 ordinary Solo shares of 0.2p in fulfilment of the share consideration based on the 10-day Solo volume weighted average price as provided for in the SPA.  It is expected that the Solo shares will be admitted to trading on or around the 15 March and under the terms of the SPA, Primorus will not trade in Solo shares for a period of at least 45 days from completion.

Primorus will now hold a 5% interest in HHDL equivalent to a 3.25% interest in the Horse Hill licences, PEDL137 and PEDL246, and the Horse Hill oil discovery.

Alastair Clayton, Primorus Executive director commented "We are pleased to have concluded this transaction as part of our on-going portfolio management strategy. We now have realised significant funds for further investment in our portfolio and look forward to updating shareholders soon on the progress, especially as several of our investments move rapidly towards IPO's."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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