Pires Investments PLC Update re Sure Ventures plc (9070L)
18 Mayo 2022 - 1:05AM
UK Regulatory
TIDMPIRI
RNS Number : 9070L
Pires Investments PLC
18 May 2022
18 May 2022
Pires Investments plc
("Pires" or the "Company")
Update re Sure Ventures plc
Pires Investments plc (AIM: PIRI), the investment company
focused on next generation technology, is pleased to note the
announcement made yesterday by London-listed venture capital fund
Sure Ventures plc ("SV plc"), providing an update on its portfolio,
including its principal investment in Sure Valley Ventures ("SVV"),
in which it has a 25.9% interest.
During Q1 of 2022, SVV's NAV per share increased from EUR1.33 to
EUR1.47 which has driven SV plc's NAV per share to 128.9p,
representing an 8.9% uplift compared to its NAV per share at 31
December 2021 of 118.3p. This follows on from a 10.4% increase in
NAV during Q4 2021. Pires has a 24.9% shareholding in SV plc which
currently trades at 105p per share compared to SV plc's current NAV
of 128.9p per share.
The Q1 2022 growth in NAV was principally driven by the funding
round secured by Getvisibility during this period when it raised
EUR10 million in equity from new investors Alpha Intelligence
Capital, a global venture capital firm and Fortino Capital
Partners, a leading B2B software venture capital and growth equity
firm. This funding round, based on the post funding round valuation
of Getvisibility, has resulted in a 4x uplift on SVV's original
investment.
Also, since 31 December 2021, SV plc made a commitment of GBP5
million to the Sure Valley Ventures UK Software Technology Fund, a
new fund that recently announced its first close of GBP85 million,
which included a cornerstone investment of GBP50 million from the
British Business Bank, an investment arm of the UK Government. This
fund has already made its first investment.
More recently, VividQ, one of SV plc's other principal
investments announced the launch of its Alpha Optical Engine
Demonstrator at the SID Display Week Conference in California. The
technology displays high resolution 3D visuals (60 PPD) with
excellent contrast and realistic focal depth using
Computer-Generated Holography (CGH), the process of engineering
light in software.
Pires has a combined direct and indirect interest of circa 20%
in SVV, a venture capital fund focused on investing in the software
technology sector with a specific focus on Artificial Intelligence,
the Internet of Things, Cyber Security, Machine Learning, Immersive
Technologies and Big Data. It also has a direct shareholding in
Getvisibility.
Nicholas Lee, Director of Pires commented:
"We are very pleased to note SV plc's continued growth in NAV in
Q1 2022, driven predominantly by the upward revaluation of
Getvisibility following its latest funding round. VividQ, in which
SV plc has invested in both directly and via SVV, continues to make
operational strides, demonstrated by its recent unveiling of its
Alpha Optical Engine Demonstrator."
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/
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