TIDMPIRI
RNS Number : 2109E
Pires Investments PLC
28 June 2023
Pires Investments plc
("Pires" or the "Company")
Final Results for the year ended 31 December 2022
The Board of Pires Investments plc (AIM: PIRI), the investment
company investing in next generation technology with a focus on AI,
announces its audited results for the year ended 31 December 2022
.
Financial highlights
-- Net asset value ("NAV") of GBP7,822,000 as at the year-end
(31 December 2021: GBP7,223,000), an increase of 8.3% compared to
the prior year figure
-- NAV per share of 4.28 pence per share (2021: 4.56 pence) a
decrease of 6.0% compared to the previous year
-- Loss of GBP0.37 million for the year (year ended 31 December
2021: profit before taxation of GBP1.49 million)
-- Placing to raise GBP500,000 before expenses in August 2022
-- Two-year debt funding facility amounting to GBP1.235 million announced on 22 December 2022
-- The Pires share price is currently at a 57% discount to its NAV per share of 4.28 pence
Portfolio highlights
-- Getvisibility- raised EUR10 million from two new venture
capital investors at a significantly increased valuation
-- Investment in a second Sure Valley Ventures ("SVV2") fund,
alongside the British Business Bank ("BBB"), an investment arm of
the UK Government. SVV managed funds made new investments in
Everyangle, Jaid and Retinize
-- Portfolio companies continue to attract international
investors such as Alpha Intelligence Capital, Fortino Capital
Partners, Act Venture Capital and Furthr VC.
-- Smarttech247 successfully achieved a listing on AIM, at a
significantly higher valuation compared to the original investment
cost.
-- Sure Valley Ventures Fund ("SVV1") enters realisation phase of its investment cycle.
Review of activities
Pires Investments plc is an investment company focused on next
generation technology with a focus on Al. Pires invests in its
portfolio companies directly, or indirectly through (i) its
investment in two funds managed by SVV and (ii) its investment in
Sure Ventures plc.
2022 was a testing year for small-cap listed companies and for
those companies with a technology focus. However, a significant
uplift in value was achieved both from the Company's investment in
Getvisibility, and Smarttech247 achieved a listing on AIM,
notwithstanding difficult market conditions. More generally, the
Company has taken a prudent view on the value of its investment
portfolio and adjusted the value of certain of its investments
downwards to reflect the current weak economic background.
Consequently, the net effect of these non-cash adjustments has,
unfortunately, led to an overall loss for the year.
The Company's principal investment portfolio categories are
summarised below:
Cost or Cost
valuation or valuation
at 31 December at 31
2022 December
GBP000's 2021
GBP000's
------------------------------ ---------------- --------------
Categories
----------------------------------------------------------------
SVV 5,219 4,146
---------------- --------------
Direct investments 2,901 2,835
---------------- --------------
Cash/other listed securities 856 409
------------------------------ ---------------- --------------
Total 8,976 7,390
------------------------------ ---------------- --------------
A. Investments in SVV funds
1. Sure Valley Ventures Fund ("SVV1")
SVV1 is SVV's first fund which has completed its new investment
phase and has now entered its realisation phase. It has already
achieved three realisations/liquidity events to date, including the
recent listing of Smarttech247, with more expected in the short
term.
Within the SVV1 portfolio, highlights during 2022 include:
-- Getvisibility raised EUR10 million from new investors
including Alpha Intelligence Capital, a global venture capital firm
which invests in deep artificial intelligence/machine learning
technology based companies and Fortino Capital Partners, a leading
B2B software venture capital and growth equity firm.
-- Admix, the leading In-Play monetisation company that bridges
the gap between gaming content and brands, merged with LandVault
Inc ("LandVault") (https://landvault.io/), a builder of virtual
experiences in metaverse worlds aimed at attracting people into
blockchain and metaverse ecosystems, in order to enter into the
Web3 space.
-- A new investment was made in Everyangle. Everyangle is a
Dublin-based computer-vision company that helps physical retailers,
hospitality venues and convenience service stations optimise
operations. Everyangle raised EUR2.7 million in a seed fundraise in
October 2022. This fundraise marked the final new company
investment within SVV1, and the funds will be used to accelerate
sales, invest in ongoing product development, and drive further
expansion in the US and UK. The funding round was led by SVV, Act
Venture Capital and Furthr VC (formerly DBIC Ventures), with
participation from Enterprise Ireland.
-- Smarttech247 Group plc ("Smarttech247") (AIM: 5247) is an
established global artificial intelligence-based cybersecurity
business, specialising in automated managed detection and response.
It has a successful track record of revenue growth and
profitability and is positioned at the intersection of three major
cyber security growth markets: security threat incidents, growth of
cloud adoption and proliferation of cyber security data generation
that needs to be integrated.
On 15 December 2022, the company's shares were admitted to
trading on the London Stock Exchange's AIM market raising gross
proceeds of GBP3.7 million through a placing at a price of 29.66
pence per new ordinary share. Smarttech247's share price as at 19
June 2023 was 34.5 pence per share, representing an increase of
approximately 16% since listing and a significant uplift compared
to the level at which the investment was initially made. The recent
full year and interim results of Smarttech247 support the company's
growth trajectory.
As at the year end, SVV1 had a portfolio of 15 investee
companies at different stages of development spanning a range of
sectors. The portfolio provides Pires with exposure to a number of
key, cutting-edge and rapidly growing technology sectors. Further
details of the portfolio companies and recent developments are set
out below:
Ar ti fi cial
intelligence
Ambisense Provides an artificial intelligence platform
(Ambisense Limited) to deliver environmental risk assessment to allow
realtime gas and environmental monitoring using
both loT and sensor solutions. The company has
already been awarded a number of major contracts
and has a substantial pipeline of opportunities.
------------------------------------------------------------
Buymie An artificial intelligence based same day grocery
(Buymie Technologies) delivery company operating in both the UK and
Ireland working with companies such as Tesco,
Lidl, Asda and the Co-op.
------------------------------------------------------------
EveryAngle An artificial intelligence platform that uses
machine learning to provide enterprises, such
as large retailers, with line of business solutions
to reduce fraud, churn and waste using machine
vision.
------------------------------------------------------------
Security
------------------------------------------------------------
Nova Leah An artificial intelligence cyber-security risk
(Nova Leah Limited) assessment and protection platform for connected
medical devices.
connected medical devices.
------------------------------------------------------------
Getvisibility An artificial intelligence security company addressing
(Visibility Blockchain the substantial problem faced by corporations
Limited) in storing, sorting, accessing and protecting
data. Recently raised additional funds at a significant
premium and has been voted as one of Ireland's
top 18 start-ups.
------------------------------------------------------------
PreCog An artificial intelligence security solution
(Polience Limited) platform company that provides data intelligence
to combat crime, terrorism and protect vulnerable
people. Customers include leading law enforcement
and security agencies, and transport infrastructure
groups.
------------------------------------------------------------
Smarttech247 An established global artificial intelligence-based
cybersecurity business, specialising in automated
managed detection and response. The company is
listed on AIM.
(Smarttech247
Group PLC)
------------------------------------------------------------
Immersive Technologies
------------------------------------------------------------
Engage XR A developer of virtual reality and immersive
(Engage XR Holdings experiences with a specific focus on education
plc) and enterprise learning and development. The
company is listed on AIM, has over 100 commercial
customers and is rapidly growing revenue and
margins.
------------------------------------------------------------
LandVault (Formerly A platform enabling the monetisation of interactive
Admix) programmatic brand placements in, for example,
video games and other AR/VR applications. The
company is rapidly growing revenues and numbers
of active users and merged with Landvault in
June.
(WAM Group Limited)
------------------------------------------------------------
Warducks An AR/VR game development studio which has produced
(Warducks Limited) leading VR games and will soon launch a new AR
game, Edge of Earth.
------------------------------------------------------------
Vivid Q A deep tech software company which has developed
(Vivid Q Limited) a framework for real-time 3D holographic displays
for use in heads-up displays and AR headsets
and glasses.
------------------------------------------------------------
Volograms An artificial intelligence deep learning company
(Volograms Limited) that uses Al to create 3D augmented reality from
2D photos and videos. The company has launched
a consumer AR Camera app called Volu and has
pro user and enterprise versions in development.in
development.
------------------------------------------------------------
Virtex A company building a platform for the next-generation
(Virtex Limited) of live, immersive entertainment within the virtual
reality gaming and esports industries. It is
actively developing its new stadium app.
------------------------------------------------------------
Internet of things
------------------------------------------------------------
CameraMatics An artificial intelligence platform enabling
(MySafe Drive transport fleet managers to reduce risk, increase
Limited) driver safety and comply with growing industry
governance and compliance. The company recently
raised GBP3 million from existing investors to
assist with funding growth. The company is expanding
into new geographies, with good traction being
gained in the US and new clients being won including
customers such as Maritime Transport, one of
the UK's largest privately owned transport companies.
------------------------------------------------------------
Wia Provides a platform solution for smart buildings.
(WIA Technologies Its platform provides full device and application
Limited) management, security, data capture and storage,
analysis and control.
------------------------------------------------------------
2. Sure Valley Ventures UK Software Technology Fund ("SVV2")
In March 2022, the Company invested in a second SVV fund, the
Sure Valley Ventures UK Software Technology Fund. The principal
investor in SVV2 is the British Business Bank ("BBB") an investment
arm of the UK Government. The first close of this fund amounted to
GBP85 million, with the BBB investing up to GBP50 million and other
investors ("Private Investors"), including Pires, investing up to
GBP35 million over the 10 year life of the fund.
Pires expects to invest up to GBP5 million in total over the
life of the fund which would provide it with a circa 5.9% interest.
SVV2 will invest in a range of private UK software companies with a
focus on companies in the artificial intelligence sector and within
the subsectors of enterprise, Immersive Technologies (such as
AR/VR) and cybersecurity sectors.
SVV2 is managed by the same SVV team which, to date, has been
highly successful in achieving a number of cash realisations from,
and upward revaluations of, companies in the SVV1 portfolio. The
profit share arrangements within SVV2 are designed to encourage the
involvement of private investors alongside the BBB, meaning that
Pires and the other private investors would expect to receive a
significantly enhanced share of the total return generated by the
fund compared to industry standard.
During 2022, SVV2 has made two investments which are outlined
below:
RetÌnÍZE Limited
RETiniZE Limited, the award-winning creative-tech company based
in Belfast, Northern Ireland, successfully raised GBP2 million in a
seed round led by SVV. The company is developing an innovative
software product called Animotive that is harnessing the latest VR
and Generative Al technologies to transform the 3D animation
production process. The proceeds of the seed round will drive the
next two-year plan for growth and the global rollout of
Animotive.
Jaid
Jaid is a rapidly growing platform that uses Al as a Service
(AIaaS) solution to help businesses reduce costs, improve
efficiency and make data-driven decisions, including client service
automation, sales automation, payment exception processing and
claims administration processing. On 14 December 2022, the company
raised GBP3 million in seed funding to enable it to make additional
hires within the machine learning team, increase its presence
within the US and Europe and to launch in the Asian market. In
addition, the company is set to expand into various other sectors,
such as healthcare, after previously focusing solely on the finance
industry.
Whilst further investments for this fund are being reviewed, the
funding requirement is expected to be relatively limited in the
short-term and will be met from existing cash resources and/or
realisations from SVV1.
3. Sure Ventures plc ("SV plc")
SV plc (LSE: SURE) is a London-listed venture capital fund which
invests in early-stage software companies in the rapidly growing
technology areas of Augmented Reality, Virtual Reality, Internet of
Things and artificial intelligence. Pires has a 22.6% shareholding
in SV plc whose principal investment is a 25.9% interest in SVV1
and a commitment to SVV2. Pires therefore has an aggregate (direct
and indirect) interest in SVV1 of around 19%, which comprises its
original direct 13% interest in SVV1 and an indirect interest of
5.9%, through its 22.6% shareholding in SV plc. SV plc also has
direct shareholdings in VividQ and Let's Explore Group.
B. Direct investments
Getvisibility
Getvisibility is a cybersecurity company focusing on data
visibility and control. It uses state-of-the-art artificial
intelligence to classify and secure unstructured information. Its
methods allow organisations to quickly visualise their data
footprint where new and changing data risks have become evident,
thus allowing for proactive data management and security. Its dual
approach provides flexibility to employees to manually classify
data whilst also being created with suggestions and automated
checking. Getvisibility also provides risk and compliance
assessments as well as enforcing protection on sensitive data.
In March 2022, Getvisibility raised EUR10 million in new funds
from Alpha Intelligence Capital, a global venture capital firm
which invests in deep artificial intelligence/machine learning
technology based companies and Fortino Capital Partners, a leading
B2B software venture capital and growth equity firm. Based on the
post-funding round valuation, Pires' direct stake in Getvisibility
is now valued at circa EUR1,500,000 or over 4 times its total
investment cost to date since it made its first investment in March
2020. In addition, Pires has a further interest in Getvisibility
via its 13% interest in SVV1 and an indirect interest through its
holding in Sure Ventures plc, which together are valued at circa
EUR1,280,000. Pires' effective interest in Getvisibility, in
aggregate, is therefore now valued at circa EUR2,780,000.
The company is growing rapidly, with a significant number of new
channel partners being onboarded in the last quarter of 2022,
leading to a substantial increase in its number of enterprise
customers.
Low6
Low6 is a leader in sports gaming technology that powers
franchises with their own branded gaming experiences to engage and
monetise their digital fanbases. In October 2022, the company
restructured its capital base which included the conversion of the
outstanding convertible notes and the raising of GBP2.4 million in
new funds. The new funding was cornerstoned by a leading Australian
wagering operator, with operations in Australia and the US, for
approximately GBP0.5 million, with major shareholders also
supporting the transaction.
Low6 is now focused on free-to-play and affiliate markets in
North America with the ambition to be the global leader in fan
engagement. A number of new partnerships have been established,
including the appointment as the National Hockey League ("NHL")
free to play provider for a period of 3 years, who have also
invested in Low6. Trading is in line with expectations for the year
to 30 June 2023, having achieved circa US$5 million in contracted
revenue for the first six months, with the company focused on
achieving a breakeven EBITDA.
Precog
PreCog is a security solution platform company that provides
data intelligence to combat crime, terrorism and protect vulnerable
people. Its customers include leading law enforcement and security
agencies, and transport infrastructure groups. The company has
continued to develop its product offering and, in particular, it
has developed an "off the shelf product" which is expected to
minimise manufacturing risk. The company operates in an exciting
security sector with significant potential demand for its products
expected going forward.
Emergent
Pluto Digital was a crypto technology and operations company
with a focus on decentralised finance and the metaverse (blockchain
gaming and NFTs). In October 2022, Pluto Digital announced a merger
with Maze Theory, a London-based digital entertainment studio, to
create Emergent Entertainment ("Emergent"). Emergent is focused on
becoming a next-generation entertainment company, bringing
audiences and storytellers together by harnessing emerging
technologies. Since then, the company has launched a VR game, Peaky
Blinders, and is making good progress on the development of its
Web3 game, Resurgence. In addition to this, the company is actively
discussing the co-development of a new game with a global games
publishing group and has been in ongoing conversations with
numerous leading organisations regarding upcoming projects. The
management team is also working on reducing the company's cost base
and has revised its 2023 revenue forecasts upwards.
Other
In June 2022, Pires was the subject of a share for share offer
from Tern plc, on terms that equated to 8 pence per Pires share,
representing a 53.6% premium to the Pires share price prior to
announcement, based on the respective companies share prices just
prior to announcement. Whilst this offer was accepted by the
majority of the Pires shareholders, the requisite percentage to
effect a scheme of arrangement was not achieved and so the offer
lapsed.
Financial
For the year under review, the Company reported a loss before
taxation of GBP0.37 million (for the year ended 31 December 2021:
profit of GBP1,491,000). The profit or loss for the Company
includes unrealised gains/losses in the portfolio of quoted equity
investments which are marked to market, plus any return from and
adjustment to the carrying value of its unlisted investments.
Net asset value as at the end of the year amounted to
GBP7,822,000 (31 December 2021: GBP7,223,000). We continue to
believe that absolute NAV does not fairly represent the Company's
financial potential, given the scope for significant valuation
uplift of the companies within the portfolio. This is clearly
demonstrated by the gains, both realised and unrealised, that are
regularly being achieved to date from the investment portfolio.
Furthermore, it is worth reiterating that realisations achieved
within the SVV portfolio result in cash distributions to the
Company and are not retained within the fund.
Administration costs for the period were significantly higher
than the previous period as they include the costs associated with
the offer by Tern plc for Pires that did not ultimately
proceed.
Since 1 January 2022, the holders of 12,211,433 warrants over
ordinary shares in the Company have exercised their warrants at 4
pence per share for a total consideration of GBP488,000.
Unexercised warrants currently comprise 6,250,000 in relation to
the August 2022 placing and 47,839,284 in relation to the loan
facility put in place in December 2022. These outstanding warrants
expire in August 2023 and December 2025 respectively.
On 1 August 2022, the Company placed shares at a price of 4
pence per share, raising gross proceeds of GBP500,000, The shares
were placed at a 4 per cent. premium to the closing mid-price of
the ordinary shares on 29 July 2022. Placees also received one
warrant for every two ordinary shares subscribed for, exercisable
at 8 pence from the date of admission and expiring on the one-year
anniversary of the date of Admission. In aggregate, 6,250,000
placing warrants were issued.
On 22 December 2022, the Company entered into a two-year
GBP1.235 million unsecured loan facility accruing interest at 7.5%
per annum with a bullet repayment of principal and interest at the
end of the term. Warrants over 47,839,284 new ordinary shares were
issued to the investors which will vest if the average of the
Company's volume-weighted average price over five consecutive
trading days exceeds 5.163 pence within the three-year exercise
period of the warrants. The warrant exercise price is 4 pence,
which represented a 60% premium to the closing mid-market price of
2.5 pence per Pires ordinary share on 21 December 2022.
Post year end
On 23 February 2023, Pires announced that it had agreed to
invest in SVV's new venture capital fund, Sure Valley Ventures III
Limited Partnership("SVV3"), alongside Enterprise Ireland, the
fund's cornerstone investor that committed 50% or EUR15 million to
the fund. SVV3 plans to invest in circa 15 high-growth Al software
companies in sectors such as Enterprise, Immersive Technologies and
Cybersecurity across the Republic of Ireland.
Whilst new investments for this fund are being reviewed, the
funding requirement is expected to be relatively limited in the
short-term and will be met from existing cash resources and/or
realisations from SVV1.
Outlook
Whilst 2022 has been a difficult year, the Company believes that
it has managed to safely navigate its way through the period
relatively unscathed. It has also achieved some excellent results
such as the valuation uplifts from Getvisibility and
Smarttech247.
Our investment strategy is focused on next generation technology
businesses with an emphasis on Al focused businesses. We remain
encouraged by the progress made to date by our investments and the
outlook for the respective sectors in which they operate.
We expect that in the coming months we will see some additional
realisations or liquidity events from the investment portfolio.
Furthermore, it is important to note that, as previously mentioned,
SVV1 has now completed its deployment phase and has moved to its
realisation phase which is expected to generate further cash
inflows for the Company.
In summary, we believe that our investment strategy in the
technology sector has already proven to have been successful. Going
forward, the Company is well positioned as a leading next
generation technology investment company with an exciting portfolio
of technology companies that have the potential for significant
growth and the delivery of real returns for shareholders.
Nicholas Lee
Director
27 June 2023
STATEMENT OF COMPREHENSIVE INCOME
Year Ended 31 Year ended
December 2022 31 December
GBP000's 2021 GBP000's
------------------------------------------ ----------------- ----------------
CONTINUING ACTIVITIES
Income
Other Income - -
------------------------------------------ ----------------- ----------------
Total income - -
Gain on investments held at fair value
through pro fi t or loss 420 2,081
Opera ti ng expenses (786) (590)
------------------------------------------ ----------------- ----------------
Opera ti ng (loss) / profit from con
ti nuing ac ti vi ti es (366) 1,491
------------------------------------------ ----------------- ----------------
Loss / profit before taxa ti on from
con ti nuing ac ti vi ti es (366) 1,491
Taxa ti on - --
------------------------------------------ ----------------- ----------------
Loss / profit for the year from con
ti nuing ac ti vi ti es (366) 1,491
------------------------------------------ ----------------- ----------------
Other Comprehensive Income - --
------------------------------------------ ----------------- ----------------
Total Comprehensive Income a tt ributable
to equity holders of the Company (366) 1,491
========================================== ================= ================
Basic (loss) / profit per share
Equity holders
Basic (0.20p) 1.00p
Fully diluted (0.20p) 0.8p
========================================== ================= ================
STATEMENT OF CHANGES IN EQUITY
Share Capital Retained
Capital Share Premium Redemption Earnings Total
GBP000's GBP000's Reserve GBP000's GBP000's GBP000's
-------------------- --------- -------------------- ------------------- -------------------- --------------------
Balance at 1 January
2021 12,135 5,158 165 (14,533) 2,926
Profit and total
comprehensive
profit for the
period -- -- -- 1,491 1,491
Issue of shares (net
of costs) 90 2,716 - 2,806
-------------------- --------- -------------------- ------------------- -------------------- --------------------
Cancellation of
deferred shares (11,830 - 11,830 - -
-------------------- --------- -------------------- ------------------- -------------------- --------------------
As at 31 December
2021 396 7,874 11,995 (13,042) 7,223
-------------------- --------- -------------------- ------------------- -------------------- --------------------
Loss and total
comprehensive loss
for the period - - - (366) (366)
Issue of shares (net
of costs) 61 904 - - 965
As at 31 December
2022 457 8,778 11,995 (13,408) 7,822
==================== ========= ==================== =================== ==================== ====================
STATEMENT OF FINANCIAL POSITION
31 December 31 December
2022 GBP000's 2021 GBP000's
----------------------------- -------------------------- --------------------------
Current assets
Investments 8,129 7,016
Trade and other receivables 373 8
Cash and cash equivalents 847 374
----------------------------- -------------------------- --------------------------
Total current assets 9,349 7,398
----------------------------- -------------------------- --------------------------
Total assets 9,349 7,398
============================= ========================== ==========================
Equity
Issued share capital 457 396
Share premium 8,778 7,874
Retained earnings (13,408) (13,042)
Capital redemption reserve 11,995 11,995
----------------------------- -------------------------- --------------------------
Total equity 7,822 7,223
Non-current Liabilities
Term Loan 1,235 -
--Current liabilities
Trade and other payables 292 175
----------------------------- -------------------------- --------------------------
Total liabilities 1,527 175
----------------------------- -------------------------- --------------------------
Total equity and liabilities 9,349 7,398
============================= ========================== ==========================
EARNINGS PER SHARE
2022 2021
GBP000's GBP000's
Profit attributable to the owners of the
Company
Continuing Operations (366) 1,491
--------------------------------------------------- ------------ ------------
2022 2021
No. of No. of
Shares shares
--------------------------------------------------- ------------ ------------
Weighted average number of shares for calculating
basic (loss)/profit per share 171,274,697 149,021,386
Weighted average number of shares for calculating
the fully diluted (loss)/profit per share 171,274,697 177,639,789
=================================================== ============ ============
2022 2021
Pence Pence
--------------------------------------------------- ------------ ------------
Basic and diluted profit per share
Continuing Operations - basic (0.20) 1.00
Continuing Operations - diluted (0.20) 0.80
=================================================== ============ ============
Copies of the accounts will shortly be posted to shareholders
and will be available on the Company's website at
www.piresinvestments.com .
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
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
Financial media and PR Tel: +44 (0) 20 3004 9512
Yellow Jersey
Sarah Hollins
Annabelle Wills
Jazmine Clemens
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,
Immersive Technologies 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/
.
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.
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