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(Alliance News) - Primorus Investments PLC on Tuesday reported a positive third quarter but added that it would like to see an improvement in its share price.
The company, which has AIM-listed Greatland Gold PLC among its investees, added that it does not see a need to raise capital for the foreseeable future.
Primorus explained: "November 23 will mark the second anniversary since Primorus last issued equity. Since then members of the board have invested significant sums buying shares in the company. We continue to see no short to medium term requirement to raise capital thereby reducing the risk of any potential dilution to all of us existing shareholders."
During the quarter to September 30, the investment company completed the early repayment deal of its its AUD500,000, or GBP275,000, outstanding Zuuse Pty Ltd loan notes.
Primorus said: "With the UK IPO market becalmed, we continue to observe a trend away from public company investing and toward private and venture equity."
Among the company's private investments are Fresho Pty Ltd and e-commerce firm WeShop Ltd.
Primorus added: "So as we head towards Christmas, the quarter has been another one of very significant progress.
"We have managed to generate returns and grow the balance sheet in a manner that has not required us to raise capital for nearly two years, thereby avoiding diluting shareholders. To this end we can tolerate the share price not reflecting the underlying investments for a limited amount of time but believe this has persisted for far too long."
Shares in the company were 1.0% lower at 2.42 pence each in London on Tuesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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