Last checked at 4 Nov 2020 07:00
Primorus Investments plc
("Primorus" or the "Company")
Greatland Gold Investment Update
Primorus Investments plc (AIM: PRIM, AQSE: PRIM) is pleased announce that it has completed the sales of its remaining shareholding in Greatland Gold plc ("Greatland") (AIM: GGP). The Company sold 20,000,000 shares at an average price of 23.09 pence per share, for gross proceeds of approximately £4,600,000 through a structured series of sales. As a result, the Company no longer has an interest in the shares of Greatland.
The Board of Primorus is pleased to have realised in excess of £6,500,000 over the life of its investment in Greatland having made the investment of approximately £630,000 in the company in late 2018 and early 2019.
The Directors intend to reinvest the proceeds of the share sales in accordance with the Company's stated investing policy.
Alastair Clayton, Executive Director of the Company, commented: "The Greatland Gold investment has, by any measure, been extremely successful. Having made a high-conviction investment call in late 2018, it has been hugely satisfying to watch Greatland grow to a market cap in excess of £800 million. Whilst the outlook for Greatland is extremely positive, after nearly 2 years, it is time for Primorus to realise its remaining gains and look to re-invest elsewhere in accordance with its investment mandate. Current cash reserves of Primorus now exceed the market capitalisation of the Company."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Primorus Investments plc: | +44 (0) 20 7440 0640 |
Alastair Clayton |
|
|
|
Nominated Adviser: | +44 (0) 20 7213 0880 |
Cairn Financial Advisers LLP |
|
James Caithie / Sandy Jamieson |
|
|
|
Broker: | +44 (0) 20 3657 0050 |
Turner Pope Investments |
|
Andy Thacker / Zoe Alexander |
|
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.