Primorus announces "significant dilution" of stake in investee company

(Alliance News) - Primorus Investments PLC on Monday said its stake in Engage Technology Partners Ltd has fallen to 2.0% from 4.5%.

The London-based investor in small and mid-cap companies said Engage, a supply chain management software company, recently embarked on a restructuring programme.

To retain and incentivise the management team, the restructure included the allotment of shares and options which have subsequently diluted Primorus' holdings.

With 92,374 shares, its stake is currently valued at GBP158,000, representing 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," said Primorus.

Primorus shares were down 2.5% to 4.05 pence each in London on Monday afternoon.

By Elijah Dale, Alliance News reporter

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