Primorus Investments plc
("Primorus" or the "Company")
Investee Company Update - Payapps
Limited
Primorus Investments plc (AIM: PRIM) is pleased
to announce that, further to the announcement on 26 January 2024,
Autodesk Inc. ("Autodesk" or "Buyer") has completed the acquisition
of Payapps Limited ("Payapps") (the "Acquisition"), an investee
company of Primorus.
Primorus has received cash proceeds of
approximately USD$6.1m (approximately £4.8m) as part of the
Acquisition ("Acquisition Proceeds").
Pursuant to the Acquisition, the Buyer has
acquired the Payapps' Construction Payment Management businesses
(Payapps, GCPay and Webcontractor) and the Acquisition does not
include the Facilities Management ("FMI") business, which has been
spun out of Payapps prior to the closing of the Acquisition and
retained for the benefit of Payapps' existing shareholders. A
separate sale process will be conducted over the coming months
following the closing of the Acquisition with the net proceeds from
the sale of the FMI business to be distributed to Payapps
shareholders as additional consideration, however, neither Payapps
or Buyer are party to or responsible for such sale arrangements of
FMI following the closing of the Acquisition. Primorus will
issue further announcements in relation to the proposed disposal of
the FMI business in due course.
The receipt of these funds provides a
substantial increase in the cash position of the Company. The Board
of the Company are considering various options to return value to
shareholders whilst also maintaining enough capital in the Company
to continue implementing its investing strategy. A further
announcement will be made in due course.
The Company is currently in the process of
seeking to invest the Acquisition Proceeds in a AAA Sterling
Liquidity fund whilst the Company assesses various options for the
use of the Acquisition Proceeds.
Rupert Labrum,
Chairman, commented: "I am delighted that one of our core
investments has matured providing the Company with significant cash
proceeds. The Acquisition proceeds enable the Company to continue
implementing its investing strategy and potentially return value to
shareholders. I would like to thank shareholders for their
continued support and the Board remain optimistic that the
Company's investment portfolio will generate value for
shareholders."
This
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.
For
further information please contact:
Primorus Investments
plc
Matthew
Beardmore, Chief Executive
Officer
|
+44 (0)20 8154 7907
|
Nominated
Adviser
Cairn Financial Advisers
LLP
James
Caithie / Sandy Jamieson
|
+44 (0) 20 7213 0880
|
Cautionary
statement
Certain statements made in this announcement
are forward-looking statements. Such statements are based on
current expectations and assumptions and are subject to a number of
risks and uncertainties that could cause actual events or results
to differ materially from any expected future events or results
expressed or implied in these forward-looking statements. Persons
receiving this announcement should not place undue reliance on
forward-looking statements. Unless otherwise required by applicable
law, regulation or accounting standard, the Company does not
undertake to update or revise any forward-looking statements,
whether as a result of new information, future developments or
otherwise.