TIDMPIRI
RNS Number : 8242F
Pires Investments PLC
17 July 2019
Pires Investments PLC
("Pires" or the "Company")
Unaudited interim results for the six months to 30 April
2019
Highlights
-- Net asset value at the period end was GBP2.36 million,
representing an increase of 148% compared to the figure at 31
October 2018 of GBP0.95 million
-- Market capitalisation as at the period end represented a 28% discount to net asset value
-- Net asset value principally comprises cash and shares in Eco
(Atlantic) Oil & Gas Limited ("ECO")
-- Cash at period end was GBP0.93 million, increasing to the current level of GBP1.35 million
-- Profit of GBP659,048 made during period
Chairman's Statement
The Company is pleased to report further strong progress for the
period under review, with a profit before taxation of GBP659,048
(six months ended 30 April 2018: GBP122,556) as a result of an
increase in the value of our investment portfolio, net of
disposals, and a reduction in our operating expenses.
As at the period end, our net asset value was GBP2,358,120 (31
October 2018: GBP949,617), which represented an increase of some
148% on the position at the year end and principally comprises cash
and investments. Net assets per share increased from GBP0.028p to
GBP0.035p over the same period.
The principal investment in the portfolio remains ECO, together
with a holding in Portage Biotech resulting from a transaction by
one of our investee companies, SalvaRx plc, referred to in our 2018
full year results.
During the period, we disposed of part of our holding in ECO
against a background of a further significant rise in its share
price. Since the period end, the ECO share price has fallen back
modestly. We continue to actively manage our investment portfolio
with a view to locking in gains progressively. As a result of this
strategy and a successful placing carried out by the Company
earlier in the year, our cash balance has now increased to a
current level of around GBP1.35 million.
We continue to review potential new opportunities and are
confident that we will continue to make further progress in the
months ahead.
Peter Redmond
Chairman
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 7917 1817
Nominated Adviser
Cairn Financial Advisers LLP Tel: +44 (0) 20 7213 0880
Liam Murray / Tony Rawlinson
Broker
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0935
Duncan Vasey / Lucy Williams Tel: +44 (0) 20 7469 0936
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 April 2019
Unaudited Unaudited Audited
6 months 6 months Year
ended ended Ended
30-Apr 30-Apr 31-Oct
2019 2018 2018
Continuing activities GBP GBP GBP
Notes
Revenue
Investment income - - -
Other income 291 6 11
Total revenue 291 6 11
Gains on investments held at
fair value through profit or
loss 764,994 271,165 574,987
Operating expenses (106,237) (148,615) (252,929)
---------- ---------- -------------
Operating profit from continuing
activities 659,048 122,556 322,069
Profit before taxation from
continuing activities 659,048 122,556 322,069
Tax - - -
Profit for the period from continuing
activities 659,048 122,556 322,069
---------- ---------- -------------
Profit for the period and total
comprehensive income attributable
to equity holders of the Company 659,048 122,556 322,069
========== ========== =============
Basic profit per share 3
Equity holders
Basic and diluted 1.46p 0.37p 0.95p
UNAUDITED STATEMENT OF FINANCIAL POSITION
As at 30 April 2019
Unaudited Unaudited Audited
As at As at As at
30-Apr 30-Apr 31-Oct
2019 2018 2018
GBP GBP GBP
Notes
NON-CURRENT ASSETS
Property, plant - - -
and equipment
Investment in subsidiaries 1 1 1
TOTAL NON CURRENT
ASSETS 1 1 1
CURRENT ASSETS
Investments 1,477,056 799,101 1,029,526
Trade and other
receivables 15,876 7,400 11,357
Cash and cash equivalents 932,864 113,587 48,028
------------- ------------- -------------
TOTAL CURRENT ASSETS 2,425,796 920,088 1,088,911
------------- ------------- -------------
TOTAL ASSETS 2,425,797 920,089 1,088,912
============= ============= =============
EQUITY
Called up share
capital 11,996,156 11,914,727 11,914,727
Share premium account 4,249,081 3,581,055 3,581,055
Retained earnings (14,051,784) (14,910,345) (14,710,832)
Capital redemption
reserve 164,667 164,667 164,667
------------- ------------- -------------
TOTAL EQUITY 4 2,358,120 750,104 949,617
LIABILITIES
CURRENT LIABILITIES
Trade and other
payables 67,677 169,985 139,295
------------- ------------- -------------
TOTAL LIABILITIES
AND CURRENT LIABILITIES 67,677 169,985 139,295
TOTAL EQUITY AND
LIABILITIES 2,425,797 920,089 1,088,912
============= ============= =============
UNAUDITED CASH FLOW STATEMENT
For the six months ended 30 April 2019
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended ended
30-Apr 30-Apr 31-Oct
2019 2018 2018
GBP GBP GBP
Cash flows from operating
activities 659,048 122,556 322,069
Depreciation - - -
Realised (gain) on disposal
of investments (120,060) (94,930) (82,192)
Fair value movement in investments (644,934) (176,235) (492,795)
Finance income (291) (6) (11)
(Increase)/decrease in receivables (4,519) 2,476 (1,482)
Increase/(decrease) in payables (71,618) 3,085 (27,596)
Net cash absorbed by operating
activities (182,374) (143,054) (282,007)
Cash flows from investing
activities
Payments to acquire investments - (176,000) (176,000)
Proceeds of sale of investments 317,464 191,493 264,882
Finance income received 291 6 11
Net cash from investing
activities 317,755 15,499 88,893
Cash flows from financing
activities
Proceeds from issue of equity 749,455 - -
Finance costs paid - - -
Net cash from financing
activities 749,455 - -
Net increase/(decrease)
in cash and cash equivalents
during the period 884,836 (127,555) (193,114)
Cash and cash equivalents
at beginning of the period 48,028 241,142 241,142
Cash and cash equivalents
at end of the period 932,864 113,587 48,028
Notes to the Unaudited Interim Report
1. GENERAL INFORMATION
Pires Investments Plc (the "Company") is a company domiciled in
England whose registered office address is c/o Cooley Services
Limited, Dashwood, 69 Old Broad Street, London EC2M 1QS. The
condensed interim financial statements of the Company for the six
months ended 30 April 2019 is that of the Company only.
The condensed consolidated interim financial statements do not
constitute statutory accounts as defined in Section 434 of the
Companies Act 2006.
The financial information for the year ended 31 October 2018 has
been extracted from the statutory accounts for that period which
were prepared in accordance with International Financial Reporting
Standards ("IFRS"). The auditors' report on the statutory accounts
was unqualified. A copy of those financial statements has been
filed with the Registrar of Companies.
The financial information for the six months ended 30 April 2018
and 2019 was also prepared in accordance with IFRS.
The condensed consolidated interim financial statements do not
include all of the information required for full annual financial
statements.
The condensed interim financial statements were authorised for
issue on 16 July 2019.
2. BASIS OF ACCOUNTING
The financial statements are unaudited and have been prepared on
the historical cost basis in accordance with International
Financial Reporting Standards as adopted by the EU ("IFRS") using
the same accounting policies and methods of computation as were
used in the annual financial statements for the year ended 31
October 2018. As permitted, the interim report has been prepared in
accordance with the AIM rules for Companies and is not compliant in
all respects with IAS 34 Interim Financial Statements. The
condensed consolidated interim financial statements do not include
all the information required for full annual financial statements
and hence cannot be construed as in full compliance with IFRS.
3. PROFIT / LOSS PER SHARE
The calculation of the basic loss per share is based on the
following data:
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30-Apr 30-Apr 31-Oct
2019 2018 2018
GBP GBP GBP
Profit on continuing activities
after tax 659,048 122,556 322,069
Basic and fully diluted
Basic and fully diluted earnings per share have been computed
based on the following data:
Number of shares
Weighted average number of ordinary
shares for the period 45,238,999 33,521,353 33,521,353
Basic earnings per share from
continuing activities (p) 1.46 0.37 0.95
There were no dilutive instruments that would give rise to diluted
earnings per share
4. STATEMENT OF CHANGES IN EQUITY
Share Capital Share Premium Capital Retained Earnings Total
Redemption
Reserve
GBP GBP GBP GBP GBP
At 1 November 2017 11,914,727 3,581,055 164,667 (15,032,901) 627,548
Profit for the 6
months ended 30
April 2018 122,556 122,556
At 30 April 2018 11,914,727 3,581,055 164,667 (14,910,345) 750,104
Profit for the 6
months ended 31
October 2018 199,513 199,513
At 31 October 2018 11,914,727 3,581,055 164,667 (14,710,832) 949,617
Issue of Share Capital 81,429 668,026 749,455
Profit for the 6
months ended 30
April 2019 659,048 659,048
At 30 April 2019 11,996,156 4,249,081 164,667 (14,051,784) 2,358,120
============= ============= =========== ================= =========
5. DISTRIBUTION OF INTERIM REPORT
Copies of the Interim Report for the six months ended 30 April
2019 are available on the Company's website,
www.piresinvestments.com.
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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