Investee Company Update – Engage Technology
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Primorus Investments plc (AIM: PRIM) has received an update from its investee company, Engage Technology Partners Ltd ("Engage").
Engage has recently completed a significant restructuring. In order to retain and incentivise the management team, the restructure included the allotment of shares and options (together the "Share Issuances"). This has resulted in a significant dilution to the Company's holding from 4.49% to 1.97%.
Following the Share Issuances, and based on our assessment of the current valuation of Engage Primorus holding in Engage is valued at approximately £158,000, approximately an 89% reduction in its current carrying value. As and when the Company receives further information about the restructuring and on-going plans of Engage, the management of the Company may make further assessments of the value of Engage.
Primorus holds 92,374 ordinary shares of Engage representing approximately 2% of the issued share capital of Engage.
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