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Primorus Investments Plc Annual Results
Our Annual Results have just been issued.
I will Post a few observations over the coming days.
Fresho: We currently have 3,415,723 shares bought over 4 rounds at prices of A$0. 27 A$0.38 A$0.475 & A$0.575
Paid in total A$1,575,941 and using the most recent funding round of A$12 million @ A$ 0.90 you could say our shares are worth about A$3,074,150 an increase of about A$1,498,210
Using todays conversion rate of A$1 = £0.57p then our Fresho investment is currently worth about £1,759,274.
Current Market-Capt @£0.031p is about £4,334,760
So, I calculate that our Fresho investment represents about 40.59% of our Market-Capt.
RKB
Good update and the BoD are quite clear in their vision and what they want to achieve with their investments. As at 31 Dec 2021 Prim had total assets of ~£9mil, around double our current market cap. Still tremendously undervalued. Not sure why this positive RNS was released almost at the end of the day on a Friday though! Quick back of a packet calculations - I've used our initial entry price where I couldn't get a more up-to-date sp figure and don't include cash, so I'm off by about £1mil:
Fresho: £1,752,266
Engage: £1,450,000
CPH: £953,333
BMN: £1,208,988
Payapps: £1,747,083
Rambler: £441,977
Alteration Earth: £350,000
Total: £7.9 million
Payapps (formerly called Zuuse) We currently have 3,065,058 shares. Some were in exchange for interest due, some were purchased @ A$1 & A$0.86 and some were after exercising warrants @A$0.50.
Paid in total A$2.36million and using the A$1 funding round our shares are worth about A$3,065,058.
Using todays conversion rate of A$1 = £0.57p then our Payapps investment is currently worth about £1,759,274.
Current Market-Capt @£0.031p is about £4,334,760
So, I calculate that our Payapps investment represents about 40.47% of our Market-Capt.
RKB
PS so our first two investments of Fresho & Payapps are worth about 81.05% of our Market-Capt.
Engage Technology Partners Limited ("Engage") we currently have 92,374 shares where we paid prices of £15 £17.60 £19.29 £22 & £24
Paid in total £1,791,844 and using the most recent funding round in July 2021 @£22 our shares are worth about £2,032,288.
Current Market-Capt @£0.031p is about £4,334,760
So, I calculate that our Engage shares are worth about 46.88% of our Market-Capt.
RKB
PS our first three investments of Fresho, Payapps & Engage are worth about £5,545,573 or about 127.93% our Market-Capt.
Mustang Energy / Bushveld Minerals. We originally had a $2.5 million convertible loan note in Mustang Energy in April 2021.
We received back $1 million of the convertible loan in January 2022 along with interest of $72,054. This left a balance of $1.5 million which was / is attracting interest.
On the 29th of March 2022 the convertible loan note and accrued interest was worth £1,208,988
In April 2022 we converted 1/3rd of the Loan Notes and accrued interest for 4,157,645 shares in Bushveld Minerals. The balance of the Loan Note outstanding in April 2022 was £1,007,490
Yesterday the Bid Price of Bushveld Minerals was £0.087p.
BMN shares are currently valued at £361,715 and along with the Loan Note this investment is worth about £1,369,205
Current Market-Capt @£0.031p is about £4,334,760
So, I calculate that our BMN shares & Loan Note are worth about 31.59% of our Market-Capt.
RKB
PS our first four investments of Fresho, Payapps, Engage & BMN + Loan Note are worth about £6,914,778 or about 159.52% our Market-Capt.
Alteration Earth (a SPAC company) This company is due to list by the 1st of July 2022.
We invested £350,000 in October 2021. There was a Seed Round Investment for 2.5 million shares @ £0.04p and a Subscription Round Investment for 2.5 million shares @ £0.10p. We also have 1.8 million Warrants @ £0.001p
I have valued our 5 million shares + our 1.8 million Warrants all @ £0.10p after deducting the cost of the Warrants of £1,800 at a total of £528,200
Current Market-Capt @£0.031p is about £4,334,760
So, I calculate that our Investment in Alteration Earth is worth about 12.91% of our Market-Capt.
RKB
PS our first five investments of Fresho, Payapps, Engage, BMN + Loan Note & Alteration Earth are worth about £7,442,978 or about 171.70% our Market-Capt.
SOA Energy: It is not possible to put an accurate value on this Investment.
We have 14,977 shares with an original cost of £6.67 for an investment of £99,897
On Companies House in 2021 SOA Energy issued shares at £2.02 & £17.19.
In my opinion SOA Energy do not provide meaning information on their Annual Accounts so I will value this Investment at cost of £99,897
RKB
PS our first six investments in my opinion are worth about £7,542,875
Clean Power Hydrogen (CPH2): We invested £1 million in Feb 2022 and acquired 2,222,222 shares at £0.45p.
If we have not sold any of the 2,222,222 shares, then at yesterday’s Bid Price of £0.42p this Investment will be worth about £933,333
RKB
PS our first seven investments in my opinion are worth about £8,476,208
Rambler Mining & Metals (RMM) We invested a total of £453,941 in Feb & March 2022 for 1,699,910 shares at an average price of about £0.267p
If we have not sold any of the 1,699,910 shares, then at yesterday’s Bid Price of £0.255p this Investment will be worth about £433,477
RKB
PS our first eight investments in my opinion are worth about £8,909,685 or about 205.54% of our Market-Capt.
PPS I will attempt to value our legacy investments over the weekend
Nomad Energy
Sport80
TruSpine
Weshop
Stream TV
Supernatural Foods
MEVIE
Rogue Baron