Primorus Investments plc
("Primorus" or the "Company")
Virtualstock Holdings Limited Share Purchase
Primorus Investments plc (AIM: PRIM) is pleased to announce it has purchased 250,000 ordinary shares in Virtualstock Holdings Limited ("Virtualstock"), from a shareholder of Virtualstock, for a total consideration of £500,000 from the Company's existing cash resources. The shares represent approximately 1.7% of Virtualstock's issued share capital on a fully diluted basis. In addition, Hedley Clark, Non-Executive Director of Primorus, has purchased 75,000 ordinary shares in Virtualstock for a total consideration of £150,000 from another shareholder in Virtualstock (both purchases, the "Share Purchase").
For the 11-month period ended 29 February 2024, Virtualstock had revenue of approximately £4.3m and made a net income loss of approximately £400k.
More information about Virtualstock can be found on its website: https://www.virtualstock.com/
Related Party Transaction
The Share Purchase constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules by virtue of Hedley Clark being a director of the Company and participating in the Share Purchase detailed above. Matthew Beardmore and Rupert Labrum, being directors of the Company independent of the Share Purchase, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, consider that the terms of the Share Purchase are fair and reasonable in so far as the Company's shareholders are concerned.
Rupert Labrum, Chairman, commented: "We are excited about this investment opportunity, which allows our shareholders to have exposure to an innovative technology company operating in a high-growth sector. Virtualstock is Europe's largest dropshipping and curated marketplace SaaS, which provides its cutting-edge solutions to some of the biggest retailers and merchants in the UK."
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
For further information please contact:
| Primorus Investments plc Matthew Beardmore, Chief Executive Officer |
+44 (0)20 8154 7907
|
| Nominated Adviser Cairn Financial Advisers LLP James Caithie / Sandy Jamieson |
+44 (0)20 7213 0880 |
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