Primorus Inv. Regulatory News (PRIM)

Primorus Investments plc

("Primorus" or the "Company")

New Investments

Primorus Investments plc (AIM: PRIM, NEX: PRIM) announces that it has made three new investments, as detailed below:

TruSpine Technologies Limited

Primorus has invested, by way of subscription, £500,000 in TruSpine Technologies Limited ("TruSpine") on a pre-new money valuation of £15m. Founded in December 2014, TruSpine secured intellectual property and subsequently developed the Faci‐LOK and Cervi‐FAS minimally invasive spine stabilisation devices, and the VOSC Catheter atherosclerosis treatment product 'VOSC Catheter'. This development is on‐going and TruSpine is targeting FDA clearance and commercialisation of its first product, the Faci‐LOK. FDA submission is expected by the end of Q4 2017.

An AIM IPO is planned to take place following FDA approval, which is expected to be received in H1 2018. In the year ended 31 March 2016, TruSpine incurred a loss of £45,325.

Sport:80 plc

Primorus has invested, by way of subscription, £100,000 in Sport:80 plc ("Sport:80") on a pre-new money valuation of £10m as part of a fundraising of up to £1m. Sport:80 is a technology and management company with a proprietary cloud-based platform focused on transforming the business operations and management of sports organisations. The Sport:80 platform is used by 20 prominent sports organisations. 

Sport:80 is revenue-generating with four-fold revenue growth per annum since 2014. In the 12 months to 31 December 2016 it had total turnover of approximately £458,000 and made a loss before tax of approximately £269,000. An AIM IPO is planned for 2018.

Farina Investments (UK) Limited

Primorus has invested, by way of subscription, £100,000 in Farina Investments (UK) Limited ("Farina") on a pre-new money valuation of £4m. Farina is a boutique corporate finance and asset management company which specialises in leveraging profit opportunity in the post-crisis financial landscape. Farina has been carefully structured and strategically placed to fully capitalise on these opportunities, thereby optimising capital growth, profitability and returns for both the company and investors. 

Farina is currently exploring various UK listing opportunities either via IPO or reverse takeover. In the year ended 31 July 2016, turnover was £1.9 million, net profit was £116,000 and assets under management were £1.8 million. Farina is not authorised and regulated by the Financial Conduct Authority.

Following the investments noted above, the Company will have available cash resources of approximately £1.35 million.

Alastair Clayton, Executive Director commented:

"We are very pleased to be able to participate in these respective pre-IPO opportunities. Over the past months we have invested significant time in getting to know management, understand the core businesses, valuations and pathways to market.

"Pre-IPO is at the heart of our investment strategy and we look forward to being able to demonstrate real value accretion for our shareholders as we begin to exit existing investments via trade sales and IPOs or other mechanisms to crystallise tangible value.

"The Board fundamentally believes the pre-IPO sector is both underserved and has the potential to offer significant returns over time to disciplined, risk-weighted investors.

"We look forward to updating shareholders on the progress of TruSpine, Sport:80 and Farina as well as in the near term providing an update on our existing portfolio such as stakes in Fresho, GMOW and our significant, high profile holding in HHDL once we are made aware of the precise dates of the upcoming proposed flow test programme by the Board of HHDL."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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