Primorus Shares Recovering After "Wild Ride" In Fourth Quarter

LONDON (Alliance News) - Primorus Investments PLC on Friday said the fourth quarter of 2018 was a "pretty wild ride on global markets" after it shares fell sharply in the period but said it has recovered some of its value.

In the third quarter of 2018, the company's shares traded no higher than 0.15 pence each and hit a low of just 0.10p in the period.

However, Primorus shares were up 7.7% at 0.14p on Friday, suggesting recovery of some value.

"I probably don't need to point out to shareholders that Q4 was a pretty wild ride on global markets. Whilst our share price was probably collateral damage in the lead up to Christmas, I am pleased that we have, at very least, managed to recover some of our value," said Primorus Executive Director Alastair Clayton.

"However, we still are frustrated that the company, in the board's opinion, remains so undervalued," Clayton added.

The company is evaluating the possibility of a buyback of some of its outstanding issued capital as a method of bringing its share price more in line with "the board's view of value".

It had also considered building more of a social media presence, after speaking to investors, but said this could present challenges in terms of director duties and regulation.

"We will continue to scope a presence that is both appropriate and responsible and report back to shareholders with our solution," Clayton said.

During the fourth quarter of 2018, Primorus realised approximately GBP1 million in unaudited cash profit on investment. This was a consequence of selling the majority of its holdings in UK Oil & Gas PLC for an average weighted price of around 1.77p.

Primorus also built a stake in Greatland Gold PLC of 35 million shares or just under 1.1% of issued capital at an average price of 1.71p.

"This investment decision was predicated on the outstanding exploration results released in December 2018 for the Haiveron Gold Project near Telfer in Western Australia," Clayton said.

Clayton said that Primorus was "in very good shape" and said the firm looked forward to the upcoming year with "considerable excitement".