Primorus Investments PLC
Capital Reduction
Primorus Investments PLC (the "Company"), the AIM listed investment company, is pleased to announce that the reduction of share capital of the Company pursuant to section 648 of the Companies Act 2006, comprised of the cancellation of all deferred shares in the capital of the Company and the cancellation of the Company's share premium account as at 31 December 2020 (together, the "Capital Reduction"), as approved by shareholders at the General Meeting on 8 September 2001, was sanctioned by the High Court of England and Wales (the "High Court").
The effect of the Capital Reduction is to create distributable reserves.
The order of the High Court confirming the Capital Reduction, and the statement of capital approved by the High Court in connection therewith, were delivered to the Registrar of Companies today. The Capital Reduction will become effective upon the registration of the High Court order by the Registrar of Companies, which is expected to take place shortly.
The Company confirms that, following the Capital Reduction, the issued share capital of the Company remains at 139,830,968 ordinary shares of 0.2 pence each. The total number of voting rights in the Company also remains at 139,830,968.
Rupert Labrum, Executive Chairman, stated: "I am delighted with the outcome of the Capital Reduction process. The result has changed the retained deficit on the Company's balance sheet of £41m into an £8.5m surplus. The Board looks forward to continuing with its efforts to position the Company as strongly as possible. We are excited by the Company's prospects and believe that its restructured balance sheet will only facilitate our future endeavours."
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
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