Pires Investments PLC Market Update (6403H)
26 Marzo 2020 - 8:00AM
UK Regulatory
TIDMPIRI
RNS Number : 6403H
Pires Investments PLC
26 March 2020
Pires Investments PLC
("Pires" or the "Company")
Market update
The Company is pleased to announce that, as at 25 March 2020,
its unaudited net asset value was approximately GBP2.4 million,
equivalent to 3.6 pence per share compared to the Company's share
price of 1.8 pence as at the market close on 25 March 2020. The
Company has been increasing its focus on the technology sector
(with a particular emphasis on artificial intelligence, machine
learning, cyber security, IOT and augmented/virtual reality) such
that around GBP1.58 million or 65% of the Company's gross assets
are now represented by investments in the sector.
As part of this focus on technology, the Company has disposed of
the majority of its holding in Eco (Atlantic) Oil and Gas Limited
("Eco"), prior to the recent market turmoil and the setback in oil
prices, generating total net cash proceeds of GBP1.57 million and
realising a total net profit on disposal of almost GBP1 million
from this investment. Eco currently represents less than 5% of the
Company's net asset value.
The Company is also pleased to highlight some developments with
respect to certain companies in its technology portfolio.
As previously announced, Artomatix, a developer of artificial
intelligence ("AI") software technology that reduces the cost of
content creation for animated movies and video games and augmented
reality/virtual reality applications by over 85% through AI
automation was sold to San Francisco based Unity Technologies Inc (
www.unity.com ) in Q4 2019. Pires achieved a return of EUR803,274
from this investment of which EUR721,274 has already been received,
with the balance of around EUR82,000 expected in June 2021.
This represents a significant return for the Company compared to
its initial investment in Sure Valley Ventures ("SVV") of GBP1.1
million which was made on 21 November 2019 . The sale of Artomatix
represents a cash multiple of around 5x the initial investment made
by SVV.
During 2019, Warducks Limited secured a EUR3.3 million series A
investment from EQT Ventures ( https://eqtventures.com/ ) one of
Europe's leading venture capital funds, representing a 4x uplift on
the company's valuation at the time of the investment by SVV.
Warducks Limited is a company focused on the building of high
quality augmented and virtual reality games.
Chairman, Peter Redmond said;
"I am very pleased with the progress that is being made by our
investments in the technology sector although, disappointingly our
shares still trade at a significant discount to our underlying net
asset value."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Peter Redmond, Chairman
Nicholas Lee, Director
Nominated Adviser Tel: +44 (0) 20 7213 0880
Cairn Financial Advisers LLP
Liam Murray
Ludovico Lazzaretti
Broker Tel: +44 (0) 20 7469 0935
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0936
Duncan Vasey/Lucy Williams
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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