RE: The Squeeze30 Jun 2025 22:14
The company’s RNS confirms that after the June placing and fee shares, PR1 has 145,055,699 ordinary shares in issue .
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📦 2. Primorus (PRIM) Holding & Disposal
• PRIM subscribed to 18.1 million shares (~8.45% of total) at 1.66p each in May 2025 .
• On 25 June, PRIM announced the sale of 11,677,755 shares (~8.05% of issued share capital, per RNS) and confirmed they now hold zero shares .
So PRIM initially purchased 18.1M and later sold 11.68M. Therefore, about 6.4 million shares remain (unless sold before announcement). That fits perfectly:
18.1M bought – 11.68M sold = ~6.42M left (which aligns with PRIM having “zero” only after selling all remaining shares).
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🎯 3. Free Float vs Locked Holdings
• Total shares: ~145.1M  
• Major locked/institutional holdings (including board, insiders, strategic investors): estimated at around 96%, leaving a free float of ~5.8M shares—but actual daily liquidity is closer to 3.5M shares .
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✅ Summary Table
• Total issued: 145M shares
• PRIM purchase: 18.1M (~12.5%)
• PRIM sold: 11.68M (~8.05%)
• Remaining PRIM holding after sale: ~6.42M (until they disposed fully)
• Free float: ~5.8M–3.5M shares available for trading
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🔍 Why This Matters
• PRIM’s sale of 11.68M shares flooded a market with only ~3–6M tradable shares — a massive imbalance.
• That’s why prices swung sharply when this happened.
• The confusion arises from mixing up percentages—the total share count is ~145M, so 18.1M shares = ~12.5%, not 18% of 96M.
• The RNS refers to % of issued share capital, not raw share numbers.
📌 Shares in issue: 145,055,699 (per 3 June placing RNS)  
📌 PRIM bought: 18.1M shares (~12.5%) on 25 May at 1.66p each 
📌 PRIM sold: 11,677,755 shares (~8.05%) on 25 June, now holding zero per RNS 
✅ That means the remaining ~6.42M shares were sold off before the RNS—but it all fits:
18.1M (bought) – 11.68M (sold) = ~6.42M left, which PRIM said they no longer hold.
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Meanwhile, free float is tiny—only about 5.8M shares total, and real daily tradables closer to 3.5M  . So PRIM dumped a much larger stake than the market usually sees on any given day — that’s why prices moved sharply and the squeeze narrative makes sense.