Primorus Investments PLC
Exercise of Options in Zuuse Limited
Primorus Investments PLC (the "Company"), the AIM listed investment company, is pleased to provide the following update regarding options held in one of its investee companies, Zuuse Limited ("Zuuse").
Zuuse is a Melbourne-based construction software vendor with operations in the UK, USA, Australia and New Zealand. Following participation in an investment round in late 2020, Primorus held 2,057,205 ordinary shares in Zuuse along with 1,000,000 options with an exercise price of A$0.50 per option (the "Options").
The Company has now exercised the Options for total consideration of A$500,000 (approximately £265,000). Following the exercise, the Company will hold 3,065,058 shares in Zuuse representing approximately 2.42 per cent. of Zuuse's issued share capital.
Zuuse performed well during the first half of 2021, with the revenue run-rate increasing to over A$20m at June 2021. This represented an annualised growth rate of 48% for the first half of 2021. In the year ended 31 December 2020, Zuuse reported turnover of A$17,995,000 and made a loss after tax of A$2,999,000.
Geoff Tarrant Executive Chairman of Zuuse said "We appreciate the continuing support of the Primorus team and remain optimistic on the outlook for our global business in 2022."
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 +44 (0)20 8154 7909
Matthew Beardmore, Chief Executive Officer
Nominated Adviser and Broker
Cairn Financial Advisers LLP +44 (0)20 7213 0880
Sandy Jamieson / James Caithie