Withdrawal from Aquis and Change of Auditors

RNS Number : 7694G

Primorus Investments PLC

27 November 2020

 

Primorus Investments PLC

("Primorus" or the "Company")

Withdrawal from Aquis and Change of Auditors

Primorus Investments PLC (AIM: PRIM; AQSE: PRIM) is pleased to announce the following corporate updates as part of its previously announced strategic review:

Withdrawal from AQSE Growth Market:

The Company today announces its intention to withdraw the Company's ordinary shares ("Ordinary Shares") from trading on the AQSE Growth Market ("AQSE"). Pursuant to the AQSE Rules for Issuers, the Company is required to give 20 business days' notice of its intention to withdraw from trading on AQSE and therefore trading in the Ordinary Shares will cease at 4:30 p.m. on 24 December 2020. Trading in the Ordinary Shares will continue on AIM.

Change of Auditors:

The Company is pleased to announce that it has appointed PKF Littlejohn LLP ("PKF") as its auditor with immediate effect. The appointment of PKF will be put to a vote of the Company's shareholders at its next AGM.

Rupert Labrum, Executive Chairman, said:  "As part of the recently appointed Board's strategic review of the Company's business, we have been keen to address what we felt were excessive or unnecessary costs. By withdrawing from AQSE, the Company will enjoy a significant saving on its annual listing costs. In addition to the cost saving, we could see no significant benefit to our shareholders in maintaining quotes on both AIM and AQSE.

This cost saving is in addition to that which we have implemented at Board level. Directors' contractual fees and salaries for the Company for the year ended 31 December 2019 were £323,000. Since their appointment, the current Board has reduced directors' contractual fees and salaries to £96,000 per annum on an ongoing basis; a reduction of more than 70 per cent. By directly addressing what has historically been a significant expense for the Company, we believe that the Board is now far better aligned with our shareholders and other stakeholders.

The Board has recently received several potential investment opportunities, which it is currently reviewing. Whilst there is no guarantee that the Company will participate in any of these present opportunities, it is enthusing that we can now start to focus on this side of the business."

The Directors of Primorus accept responsibility for the content of this announcement .

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

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events.  Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

For further information, please contact:

Primorus Investments plc:	[phone]
Rupert Labrum
Nominated Adviser:	[phone]
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson
Broker:	[phone]
Turner Pope Investments (TPI) Limited
Andy Thacker / Zoe Alexander

 

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