Pires Investments PLC Partial sale of shareholding in VR Education (5764Q)
22 Giugno 2020 - 8:00AM
UK Regulatory
TIDMPIRI
RNS Number : 5764Q
Pires Investments PLC
22 June 2020
22 June 2020
Pires Investments plc
("Pires" or the "Company")
Partial sale of shareholding in VR Education
Pires to receive its second distribution of funds from its
investment in SVV
since November 2019
Pires Investments plc (AIM: PIRI), the investment company
focused on next generation technology, is pleased to provide an
update on its investment in Sure Valley Ventures ("SVV") in
relation to VR Education Holdings plc ("VR Education"), a leading
virtual reality technology company, which sits within the SVV
portfolio. VR Education is listed on AIM under the ticker
"VRE".
Given the significant progress that VR Education has made and
the appreciation in its share price since listing on AIM in March
2018, SVV has sold 3,362,000 shares, receiving gross proceeds of
GBP522,422, in order to realise and return the cost of its initial
investment. SVV still believes that VR Education has significant
growth potential and so plans to retain the balance of its
shareholding, comprising 10,578,580 shares, equivalent to a 4.38%
shareholding in the company, valued at GBP1.82 million based on the
closing mid-market price of 17.25 pence on Friday 19 June 2020. The
current share price of VR Education represents some 465% of the
price at which SVV made its initial investment.
The funds received from the sale of shares will be distributed
to SVV's investors, as is standard practice when realisations are
made, and so Pires expects to receive around GBP65,000 in due
course. This is the second distribution of funds that Pires will
have received from its investment in SVV since it was made around
seven months ago. The first distribution from Pires' investment
related to the sale of Artomatix, which was announced in December
2019, generating a return of EUR803,275 to Pires.
VR Education, a leading virtual reality technology company
focused on the education and virtual meeting space, recently
announced that HTC Corporation ("HTC") has agreed to invest EUR3.0
million in the business and enter into a strategic partnership for
the distribution and license of its ENGAGE platform globally
through HTC enterprise sales channels. HTC's investment follows the
success of the 2020 HTC VIVE Ecosystem Conference which was hosted
on the VR Education's ENGAGE platform in March 2020.
Pires has a circa 13% interest in SVV. SVV is a venture capital
fund focused on investing in the software technology sector with a
specific focus on artificial intelligence, the internet of things
and augmented and virtual reality.
Peter Redmond, Chairman commented:
"Thanks to the continued progress made by VR Education over
recent months, we are delighted to note SVV's partial sale of
shares to return its initial investment made into VR Education.
This marks the second realisation and distribution of funds to
Pires, around some seven months after having made our initial
investment. We believe that this realisation is further endorsement
of Pires' investment strategy and, with the software technology
sector poised for further growth, we therefore hope this is the
second of many."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Pires Investments plc
Peter Redmond, Chairman Tel: +44 (0) 20 3368 8961
Nicholas Lee, Director
Nominated Adviser
Cairn Financial Advisers LLP Tel: +44 (0) 20 7213 0880
Liam Murray
Ludovico Lazzaretti
Broker
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0935
Duncan Vasey/Lucy Williams Tel: +44 (0) 20 7469 0936
Financial media and PR
Yellow Jersey Tel: +44 (0) 20 3004 9512
Sarah Hollins
Henry Wilkinson
Annabel Atkins
Notes to Editors
About Pires Investments plc
Pires Investments plc (AIM: PIRI) is an investment company
providing investors with access to a portfolio of next generation
technology businesses with significant growth potential.
The Company is building an investment portfolio of high-tech
businesses across areas such as Artificial Intelligence ("AI"),
Internet of Things ("IoT"), Cyber Security, Machine Learning,
Augmented Reality and Virtual Reality ("AR/VR") and Big Data, which
the Board believes demonstrate evidence of traction and the
potential for exponential growth, due to increasing global demand
for development in these sectors.
For further information, visit: https://piresinvestments.com/
.
About VR Education
VR Education, together with its wholly owned subsidiary, is an
early stage VR software and technology group based in Waterford,
Ireland, dedicated to transforming the delivery methods of
education and corporate training by utilising VR technologies to
deliver fully immersive virtual learning experiences. The company's
core focus is the development and commercialisation of its online
virtual social learning and presentation platform called ENGAGE,
which provides a platform for creating, sharing and delivering
proprietary and third-party VR content for educational and
corporate training purposes.
In addition to the ongoing development of the ENGAGE platform,
the company has also built two downloadable showcase VR
experiences, being the award-winning Apollo 11 VR experience and
the Titanic VR experience.
Further details about VR Education can be found at www.vreducationholdings.com
A video interview with the Founder and CEO of VR Education,
David Whelan, and Nicholas Lee, Director of Pires, can be found on
the Pires website at www.piresinvestments.com .
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END
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