In a statement, the company announced it had sold 20mln Greatland shares at an average price of 23.09p to generate £4.6mln of proceeds.
Primorus said it no longer has an interest in Greatland. The investment company noted that it realised in excess of £6.5mln over the life of its investment in Greatland. It began with an investment of £630,000 made in late 2018 and early 2019.
Proceeds are earmarked for reinvestment in line with the company’s investment policy.
“The Greatland Gold investment has, by any measure, been extremely successful. Having made a high-conviction investment call in late 2018, it has been hugely satisfying to watch Greatland grow to a market cap in excess of £800mln,” said Alastair Clayton, Primorus executive director in a statement.
“Whilst the outlook for Greatland is extremely positive, after nearly 2 years, it is time for Primorus to realise its remaining gains and look to re-invest elsewhere in accordance with its investment mandate. Current cash reserves of Primorus now exceed the market capitalisation of the company,” he added.