TIDMPIRI

RNS Number : 3424I

Pires Investments PLC

14 April 2022

14 April 2022

Pires Investments plc

("Pires" or the "Company")

Update on investment in Pluto Digital PLC

Pires Investments plc (AIM: PIRI), the investment company focused on next generation technology, is pleased to note that one of its investments, Pluto Digital PLC ("Pluto"), has just finalised its audited accounts ("Accounts") and has recently held a webinar to provide an update to shareholders.

The Accounts were prepared to 30 September 2021 and have been fully audited. Since March 2021, when the company raised GBP31 million in new funds, Pluto has grown its net assets by circa GBP30 million on a net basis. Therefore, as at 30 September 2021, Pluto's net assets amounted to GBP61 million or 9.5 pence per share.

Pluto has continued to progress its business which includes working alongside Maze Theory Limited ("Maze Theory"), a London-based digital entertainment studio, to release high quality games that incorporate token economics to empower the next generation of gamers. As part of this arrangement, Pluto is investing GBP4 million in Maze Theory and has formed a new gaming blockchain and metaverse studio, called Emergent Games, as a joint venture.

Furthermore, in September 2021 Pluto fully acquired the YOP platform and has been actively developing this platform to help enable users to operate in and navigate the DeFi space, which has been growing strongly. As at December 2021, the Total Value Locked in DeFi is believed to have been circa US$275 billion.

On 8 April 2022, NFT Investments PLC ("NFT") announced that it was no longer proceeding with its proposed acquisition of Pluto and therefore Pluto is currently pursuing other alternatives to access public markets, which is most likely to focus on Canadian markets.

For further details on Pluto, please see the following link: https://plutodigital.medium.com

Pires currently holds 32,518,876 shares in Pluto and warrants over 24 million new ordinary shares in Pluto, subject to certain vesting conditions, 6 million of which have already vested.

Nicholas Lee, Director of Pires, commented:

"Pluto has made substantial progress in the DeFi, Metaverse and NFT sectors since its inception around 12 months ago. The audited NAV per share figure represents a significant increase compared to the price of the most recent funding round, however, in terms of market valuation, companies similar to Pluto can often trade at a multiple of NAV. It is important that Pluto makes its transition to the public markets in the optimum way and at the right time to maximise the creation of value for its investors and we, as one of the company's original shareholders, are fully supportive of Pluto's current approach."

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/Jo Turner/Ludovico 
  Lazzaretti 
 Joint Broker                      Tel: +44 (0) 20 7469 0935 
  Peterhouse Capital Limited        Tel: +44 (0) 20 7469 0936 
  Duncan Vasey/Lucy Williams 
 Joint Broker                      Tel: +44 (0) 20 3167 7221 
  Tennyson Securities 
  Peter Krens 
 Financial media and PR            Tel: +44 (0) 20 3004 9512 
  Yellow Jersey 
  Sarah Hollins 
  Henry Wilkinson 
  Annabelle Wills

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, Internet of Things, 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/

About Pluto Digital PLC

Pluto Digital PLC ("Pluto") is a crypto technology and operations company whose goal is to bring Decentralised Finance (DeFi) and Metaverse (blockchain gaming and NFTs) to the global economy. Pluto is making DeFi available to everyone through products and services created by Pluto's software development Labs division, new yield farming strategies through Pluto's Yield division and collaborating with emerging DeFi projects and the NFT metaverse through Pluto's Ventures division.

   For further information, visit:    https://plutodigital.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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDGPUPPCUPPPUW

(END) Dow Jones Newswires

April 14, 2022 02:00 ET (06:00 GMT)

Mindflair (LSE:MFAI)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024 Haga Click aquí para más Gráficas Mindflair.
Mindflair (LSE:MFAI)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024 Haga Click aquí para más Gráficas Mindflair.