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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July 17, 2019 05:00 ET (09:00 GMT)

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