Primorus Investments PLC (PRIM)

ORD 0.2P

Sell: 3.20p|Buy: 4.00p|Change: 0 (0%)

This share can be held in a Dealing account Stocks and shares ISA Lifetime ISA JISA SIPPand can be used with Dividend reinvestment

This investment is listed on the Alternative Investment Market (AIM). Investments on this market can be higher risk and have lower liquidity, meaning they can be harder to buy or sell, and their prices may be more volatile. Before investing, make sure you understand the risks of investing.

Pri0r1ty Intelligence threatens litigation after Primorus sells shares

(Alliance News) - Pri0r1ty Intelligence Group PLC on Monday said it was investigating whether a recent share disposal by Primorus Investments PLC breached a lock-in agreement between the firms.

Both based in London, Pri0r1ty provides software-as-a-service focused on AI, while Primorus is an investor in small and mid cap companies.

Pri0r1ty on Monday sent a letter of claims, reserving the right to initiate legal action against Primorus, and said it awaited "a substantive response" from its investor.

A few hours later, Primorus acknowledged receipt of a pre-action letter, which it plans "to defend robustly".

Pri0r1ty joined AIM on December 30, noting in its admission document that Primorus had committed not to sell its shares for at least 12 months.

However on June 25, Primorus cut its stake to below the reporting threshold, down from 8.05%. This coincided with Pri0r1ty saying it will list on the OTCQB market and cross-trade shares in the US. A few days prior on June 20, Pri0r1ty announced its adoption of a bitcoin treasury policy, and its shares jumped 47% to 6.70p in London.

On Monday afternoon, Pri0r1ty shares were down 10% at 4.05 pence, while Primorus stock fell 9.0% to 3.78p.

By Holly Munks, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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