LONDON - Primorus Investments PLC (AIM: PRIM), a company listed on the Alternative Investment Market (AIM), has announced its participation in the acquisition of Pri0r1ty AI Ltd by its investee company, Alteration Earth PLC (ALTE). The transaction includes a fundraising effort that saw ALTE raise £855,000 through the issuance of new shares.
As part of the fundraising, Primorus has made an additional investment of £80,000 to purchase 592,592 new ordinary shares in ALTE at a price of 13.5 pence per share. This investment will increase Primorus's stake in ALTE to approximately 12% of the issued share capital upon ALTE's expected admission to AIM.
The move comes despite ALTE's reported loss of roughly £273,000 for the fiscal year ending on September 30, 2023. The aggregate holdings of Primorus, alongside company directors Rupert Labrum and Matthew Beardmore, will represent about 16% of ALTE's issued share capital following the admission.
This strategic acquisition of the UK-based artificial intelligence software as a service (SaaS) company, Pri0r1ty AI, by Alteration Earth is part of a broader initiative to expand its capabilities in the AI sector. The announcement is deemed to contain inside information under the UK Market Abuse Regulation, and the directors of Primorus are accountable for the release of this statement.
The integration of Pri0r1ty AI into ALTE's operations is expected to enhance the company's product offerings and market position within the AI industry. The precise impact of this acquisition on ALTE's financial performance and market share will be monitored following the completion of the transaction and its subsequent admission to the AIM.
This report is based on a press release statement and aims to provide investors with a concise overview of the recent developments involving Primorus Investments PLC and its investee company, Alteration Earth PLC.
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