16th Oct 2018 12:54
LONDON (Alliance News) - Primorus Investments PLC on Tuesday said it invested AUD500,000, about GBP272,000, in Zuuse Pty Ltd through the purchase of series B loan notes.
The investment company said these notes have a 12-month term, yielding an attractive coupon of 12% and the added attraction of free attaching options over approximately 0.8% of Zuuse which expire at the end of September 2021.
Zuuse is a software platform which services small, medium and large construction companies throughout its Payapps and GC Pay brands. Zuuse expects to deliver revenue between AUD16 million and AUD18 million in 2019 with earnings before interest, taxes, depreciation, and amortization in a range of AUD3 million to AUD5 million.
"I am pleased that we have been able to participate in this fully subscribed AUD5 million series B 12 month loan note," said Non-Executive Chairman Jeremy Taylor-Firth.
"The rationale behind the investment was to manage short to medium term cash reserves in a more efficient manner and the 12% coupon for the risk-profile was highly attractive on its own right," added Taylor-Firth.
Primorus Investments shares were trading 0.8% higher on Tuesday at 0.13 pence each.
Related Shares:
Primorus Inv.