Horse Hill progress leads Primorus portfolio in first quarter

Primorus Investments updated the market on its portfolio for the quarter ended 31 March on Monday, highlighting that Horse Hill Developments received final decision notices from Surrey County Council, discharging all of the pre-commencement conditions for the extended flow test of the HH-1 oil discovery, with site civil activities beginning.

The AIM-traded firm said Engage Technology Partners reported “significant growth” in corporate users, with Primorus investing a further £0.5m at £22 per share, being a 46% premium to its earlier investment level.

Engage had now started discussions regarding appointing a broker, paving the way for a potential initial public offering in 2019.

Primorus also sold a 5% interest in Horse Hill Developments to Solo Oil for £0.65m during the quarter, as well as 9,973,011 Solo Oil shares.

Registered users at WeShop surged 76% in the period to 150,000, with unique users topping one million for the first time.

Sport:80 had informed Primorus that it commenced initial IPO documentation, as well as discussions with advisers and funders to support its proposed IPO.

Fresho growth reportedly continued apace in Australia and also in New Zealand, where the business had signed two large suppliers, and its first multi-venue user going live in the period.

StreamTV Networks announced joint cooperation with Beijing Optical and Electric to commercialise its Ultra-D Glasses-Free 3D technology in its next generation 8K panels.

Finally, TruSpine Technologies made “key senior appointments” whilst protracted funding negotiations began to show progress, Primorus explained.

“The board remains confident that the private and pre-IPO markets remain significantly under-served and, as such, significant opportunities exist for the company going forward,” commented executive chairman Alastair Clayton.

“We look forward to 2018 being one in which we can demonstrate our business model by exiting some more of our investment positions, thereby realising tangible value for all shareholders.”