Investee Company Update – Engage Technology

Primorus Investments PLC

15 April 2024

 

Primorus Investments plc

("Primorus" or the "Company")

 

 Investee Company Update - Engage Technology Partners Ltd

Primorus Investments plc (AIM: PRIM) has received an update from its investee company, Engage Technology Partners Ltd ("Engage").

Engage has recently completed a significant restructuring.  In order to retain and incentivise the management team,  the restructure included the allotment of shares and options (together the "Share Issuances").  This has resulted in a significant dilution to the Company's holding from 4.49% to 1.97%.

Following the Share Issuances, and based on our assessment of the current valuation of Engage Primorus holding in Engage is valued at approximately £158,000, approximately an 89% reduction in its current carrying value.  As and when the Company receives further information about the restructuring and on-going plans of Engage, the management of the Company may make further assessments of the value of Engage.

Primorus holds 92,374 ordinary shares of Engage representing approximately 2% of the issued share capital of Engage.

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	[phone]
Nominated Adviser Cairn Financial Advisers LLP James Caithie / Sandy Jamieson	[phone]

 

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