TIDMPIRI
RNS Number : 8862O
Pires Investments PLC
15 June 2022
Pires Investments plc
("Pires" or the "Company")
Final Results for the year ended 31 December 2021
The Board of Pires Investments plc (AIM: PIRI), the investment
company focused on next generation technology, announces its
audited results for the 12-month period ended 31 December 2021.
Financial highlights
-- Profit achieved of GBP1.49 million during the period (14
months ended 31 December 2020: loss before taxation of
GBP687,000)
-- Net asset value ("NAV") of GBP7,223,000 as at the period end
(31 December 2020: GBP2,926,000), an increase of 147% compared to
the prior year figure, equating to an increase of circa 100% in NAV
per share to 4.57 pence since 31 December 2020
-- NAV at the end of the period does not include the impact of
the recent significant increase in valuation of Getvisibility which
took place in 2022 and from which the Company benefits through both
its direct and indirect holdings in this company
Portfolio highlights
-- Effective interest in Sure Valley Ventures ("SVV") increased
to circa 20% through the purchase of a shareholding in Sure
Ventures plc ("SV plc")
-- New investments made by SVV include Virtex, PreCog and Smarttech247
-- Further successful funding rounds for portfolio companies include:
o Getvisibility - raised EUR1.1 million during 2021 and a
further EUR10 million post period end
o VividQ - raised GBP11 million
o Ambisense - raised EUR3 million
o Admix - raised US$25 million
o CameraMatics raised EUR4 million and then a further EUR3.9
million
-- Significant increase in the valuation of a number of
portfolio companies based on new funding rounds involving third
party investors
-- Portfolio companies, both direct or via SVV, continue to
attract international investors such as EQT, University of Tokyo,
Foresight Williams Technology (a joint collaboration between
Foresight Group and Williams Advanced Engineering), Business Growth
Fund, Puma Investments, Japanese Miyako Capital, Austrian APEX
Ventures, Silicon Valley's R42 Group, Northwell Holdings &
Ventures and Alpha Intelligence Capital
-- Balance of proceeds received from the sale of Artomatix
-- Smarttech247, a recent portfolio investment, is actively pursuing an IPO
-- New direct investment made in PreCog and follow - on
investments in Getvisibility, combined with a significant increase
in the valuation of Getvisibility
-- Investment made in the digital assets technology sector and ultimately Pluto Digital plc
Post--period end highlights
-- Commitment to invest GBP5 million in the New SVV Fund
alongside GBP50 million from the British Business Bank with scope
to achieve enhanced returns compared to industry standard
-- Further significant EUR10 million fund raise and revaluation for Getvisibility
Review of activities
The Company has had a very busy and successful 2021 with
multiple new investments being made and excellent results from a
number of the Company's investments resulting in a significant
profit for the year and an uplift in the Company's NAV which, as
previously discussed, always lags the value of the Company's
investment portfolio.
Investment Overview
The Company's principal investment portfolio categories are
summarised below:
Cost or Cost or
valuation valuation
at 31 December at 31 December
2021 2021
GBP000's GBP000's
----------------------------- --------------- ---------------
Category
Sure Valley Ventures/SV plc 4,146 1,507
Direct investments 884 419
Digital assets sector 1,951 -
Cash/other listed securities 409 1,122
----------------------------- --------------- ---------------
Total 7,390 3,048
----------------------------- --------------- ---------------
Investment in SVV and SV plc
In February 2021, the Company increased its exposure to SVV
through the purchase of 1.5 million shares in SV plc, a listed
specialist fund, from existing SV plc shareholders using new Pires
shares priced at 13.6 pence as consideration. SV plc's principal
investments include a 25.9% interest in SVV and a direct investment
in Vivid Q , one of the SVV portfolio companies. As a result of
this transaction, Pires achieved an aggregate (direct and indirect)
interest in SVV of around 20%, which comprises its original direct
13% interest in SVV and an indirect interest of 6.5%, through its
25% shareholding in SV plc.
Within the SVV portfolio, new investments have been made in:
-- Virtex, a company building a platform for the next -
generation of live, immersive entertainment within the virtual
reality gaming and e sports industries;
-- PreCog, a security solution platform company that provides
data intelligence to combat crime, terrorism and protect vulnerable
people; and
-- Smarttech247, a global artificial intelligence based cyber
security cloud business that protects enterprises as they migrate
to cloud - based IT operations. Smarttech247 is profitable with
high forecast revenue growth and has over 100 technology partners,
including Tanium and CrowdStrike, and 50 clients based in Europe
and the US. Smarttech247 is currently pursuing a stock market
listing by way of a reverse takeover transaction which is expected
to complete later in the year.
Additionally, during the period, a number of the portfolio
companies have been revalued upwards based on new funding rounds
which have taken place at higher valuations compared to the
valuation at the time of the initial investment. These companies
include:
-- CameraMatics raised EUR4 million in January 2021 in
additional funding at a valuation that represents over 300% of the
CameraMatics' valuation as at the time of SVV's initial investment
in November 2017. The round was led by Puma Investments, a leading
provider of growth capital. CameraMatics also announced a major
partnership with UK transport and logistics operator Maritime
Transport Ltd. The company then raised a further EUR3.9 million in
December 2021, again on the basis of an increased valuation thereby
demonstrating this company's rapid growth in value.
-- Getvisibility completed a EUR1.1 million funding round in
June 2021 at a significant premium to its previous round. This was
led by Herb Hribar who was formerly CEO of Eircom, the largest
telecoms group in Ireland and is currently a director of
ScienceLogic, Inc, a leading provider of AI - based operations
technology. Then post period end in March 2022, the company 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.
-- Vivid Q. raised new funds of GBP11 million in July 2021 at a
significant premium to previous valuations. This funding was led by
a consortium of new international investors including the
University of Tokyo, Foresight Williams Technology (a joint
collaboration between Foresight Group and Williams Advanced
Engineering), Japanese Miyako Capital, Austrian APEX Ventures and
Silicon Valley's R42 Group, with follow - on investments from SVV,
University of Tokyo Edge Capital (UTEC) and Essex Innovation. SV
plc has a significant direct investment in VividQ. thereby
providing Pires with an increased interest in VividQ. through its
shareholding in SV plc.
-- Engage XR (previously VR Education Holdings before its name
change in October 2021), one of the portfolio companies which is
already listed on AIM, and from which funds have already been
returned to Pires, has also made significant progress during the
period with increasing revenues. In addition, it raised GBP7.7
million before expenses at a price of GBP0.16 per share by way of
an oversubscribed placing, announced in June 2021.
-- Ambisense successfully raised EUR3 million in August 2021
from the Business Growth Fund and existing investors, including
SVV.
-- In October 2021, Admix raised US$25 million in a series B
round to scale up its In-Play solution worldwide and establish it
as the content monetisation layer for gaming worlds and the
formative metaverse. SVV participated in the Series B round
alongside renowned VCs Elefund, Force Over Mass, DIP Capital,
Notion Capital, Speedinvest, Rocket Capital, Colopl Next and
Sidedoor Ventures, as well as growth investor Kuvi Capital and
angels from the gaming industry. This new funding was raised at a
valuation that represents around 1,500% of the company's valuation
at which SVV initially invested in the business in 2018. This
clearly reflects the significant progress that Admix has made.
-- In December 2021, Nova Leah announced the closing of its seed
investment round led by Northwell Holdings & Ventures, the for
- profit venture investment arm of Northwell Health, New York
State's largest healthcare provider. The investment includes
additional funding from existing investors Kernel Capital and SVV.
Nova Leah plans to use the funds to significantly expand its market
opportunity and global reach.
As at the period end, SVV had a portfolio of 14 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:
Artificial intelligence
Ambisense Provides an Artificial Intelligence platform
(Ambisense Limited) to deliver environmental risk assessment to allow
real - time gas and environmental monitoring
using both IoT 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. Also recently announced
a partnership with Asda in Leeds and Bristol.
------------------------------------------------------------
Security
------------------------------------------------------------
Nova Leah An artificial intelligence cyber-security assessment
(Nova Leah Limited) and protection platform for 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 A security solution platform company that provides
(Polence Limited) data intelligence to combat crime, terrorism
and protect vulnerable people. The company completed
a GBP1 million fundraising round in March 2021.
Customers include leading law enforcement and
security agencies, and transport infrastructure
groups.
------------------------------------------------------------
Smarttech247 A global artificial intelligence based cyber
security cloud business that protects enterprises
as they migrate to cloud - based IT operations.
The company has recently won a major new contract
with a Fortune Global - 1000 company employing
over 100,000 staff and already has a purchase
order under this contract for EUR6 million. It
is also currently pursuing a listing via an RTO
process.
(Zefone Limited)
------------------------------------------------------------
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. It recently raised EUR9 million in new
funds.
------------------------------------------------------------
Admix A platform enabling the monetisation of interactive
(WAM Group Limited) programmatic brand placements in, for example,
video games and other AR/VR applications. The
company is rapidly growing revenues and numbers
of active users.
------------------------------------------------------------
Warducks A game development studio known for the production
(Warducks Limited) of leading games and is soon to launch an AR
game that could be the next Pokémon Go.
------------------------------------------------------------
VividQ A deep tech software company which has developed
(VividQ Limited) a framework for real - time 3D holographic displays
for use in heads - up displays and AR headsets
and glasses. The company recently completed an
GBP11 million funding round at a significant
premium.
------------------------------------------------------------
Volograms A deep learning company that uses AI to create
(Volograms Limited) 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.
------------------------------------------------------------
Virtex A company building a platform for the next -
(Virtex Limited) generation of live, immersive entertainment within
the virtual reality ("VR") gaming and e - sports
industries. It is actively developing its new
Stadium app.
------------------------------------------------------------
Internet of things
------------------------------------------------------------
CameraMatics Platform enabling transport fleet managers to
(MySafe Drive reduce risk, increase driver safety and comply
Limited) with growing industry governance and compliance.
It recently raised EUR4 million at a 300% uplift
in valuation. The company is growing revenues
considerably and building its presence in the
very significant US market where it has already
won a number of new contracts.
------------------------------------------------------------
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.
------------------------------------------------------------
The investment in SVV has already proven successful for Pires
with a realisation and a cash distribution being achieved soon
after the investment, as a result of the sale of one of the
portfolio companies, Artomatix. In 2019, Artomatix was sold at a
valuation some 500% of the price of the original investment in the
company. Following the progress made by Engage XR, which is listed
on AIM, in 2020, SVV also realised the value of its original
investment through the partial disposal of its holding. This was
the second cash realisation to be made from the Company's
investment in SVV.
The success of the direct SVV investment provided the rationale
to increase the Company's exposure to this portfolio by acquiring a
shareholding in SV plc in February 2021, particularly when it was
possible to do so on attractive terms.
The first SVV fund has now substantially completed its
deployment phase and is moving more towards a realisation phase
which should lead to further returns to the Company and its
shareholders.
Furthermore, post the period end, the Company invested in a
second SVV fund, the Sure Valley Ventures UK Software Technology
Fund (the "New SVV Fund"). The principal investor in the New SVV
Fund 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 has initially invested circa GBP90,000, in the New SVV
Fund and expects to invest up to GBP5 million in total over the
life of the New SVV Fund which would provide it with a circa 5.9%
interest. The New SVV Fund will invest in a range of private UK
software companies with a focus on companies in the Metaverse,
Artificial Intelligence and Cybersecurity sectors.
The New SVV Fund will be 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 SVV
portfolio. The profit share arrangements within the New SVV Fund
are designed to encourage the involvement of the 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
Direct investments
During the period, Low6 has continued to grow and develop its
business raising additional funding both during the period and post
the period end. 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 February 2022, the
company announced that is planning to achieve a list by way of a
reverse takeover of a company listed on the TSX Venture
Exchange.
The Company made a new investment of GBP250,000 in PreCog, a
security solution platform company that provides data intelligence
to combat crime, terrorism and protect vulnerable people, as part
of its GBP1 million fundraising round. Its customers include
leading law enforcement and security agencies, and transport
infrastructure groups.
Getvisibility, is a leader in data visibility and control, using
state-of-the-art artificial intelligence ("AI") to classify and
secure unstructured information. Getvisibility also provides risk
and compliance assessments as well as enforcing protection on
sensitive data. The company operates across the US, Europe, the
Middle East and North Africa with a presence in several industry
sectors including banking, healthcare and the public sector.
Getvisibility's clients include a leading global producer of energy
and chemicals, a major airport group, one of the largest financial
institutions in the Middle East as well as US government entities
in the pharmaceutical and manufacturing sectors.
Pires made a follow-on investment in Getvisibility in June 2021,
as part of a EUR1.1 million funding round led by a new lead
investor Herb Hribar, who has also become Chairman of the company.
This new funding took place at a significant premium to the
valuation at which Pires made its original investment in March
2020.
In March 2022, Getvisibility then raised a further EUR10
million. Pires made its original investment of EUR250,000 in March
2020, with a follow-on investment of EUR62,000 in June 2021. Since
then, Getvisibility has made significant progress such that, based
on the post funding round valuation, Pires' direct stake in
Getvisibility (including its additional investment) is now valued
at circa EUR1,500,000 or over 4 times its total investment cost to
date since it made its first investment two years ago. In addition,
Pires has a further interest in Getvisibility via its 13% interest
in SVV and an indirect interest through its holding in Sure
Ventures plc, which together are now valued at circa EUR1,330,000.
Pires' effective interest in Getvisibility, in aggregate, is
therefore now valued at circa EUR2,830,000.
Digital assets sector
The Company completed its first investment in the digital assets
sector through an investment in De Tech Studio Limited, which was
developing a decentralised finance technology platform ("YOP"), and
YOP tokens. Certain YOP tokens were sold to realise a cash profit
and the balance of the investment was used to subscribe for shares
in Pluto Digital plc ("Pluto").
Pluto is a crypto technology and operations company with a focus
on Decentralised Finance (DeFi) and the Metaverse (blockchain
gaming and NFTs).
During the period, Pluto has invested in Maze Theory Limited
("Maze Theory"), a London-based digital entertainment studio, with
a view to developing high quality games that incorporate token
economics. As part of this arrangement, Pluto and Maze Theory
formed a new gaming blockchain and metaverse studio joint venture,
called Emergent Games. Given the experience of the team at Maze
Theory and the work that they have done, Pluto is planning to
extend its relationship with Maze Theory as it believes that this
is a sector that provides an exciting growth opportunity.
Also, during 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
rapidly.
As at 31 December 2021, the Company's equity holding in Pluto
was valued at almost GBP2 million based on a price of 6 pence per
share, which is the price at which the company's most recent
funding raising took place. This represents a very significant
uplift on the Company's initial investment in this sector.
Financial
For the year under review, the Company reported a profit before
taxation of GBP1,491,000 (for the 14--month period ended 31
December 2020: loss of GBP687,000). 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 our unlisted investments in
the technology sector.
NAV as at the end of the period amounted to GBP7,223,000 (31
December 2020: GBP2,926,000). Whilst the Company's net assets have
increased by 147% over the period and NAV per share is up circa
100%, 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 that are achieved within the SVV portfolio result in
cash distributions to the Company and are not retained within the
fund. Furthermore, the period end NAV figures do not take into
account the significant increase in value of the Company's holding
in Getvisibility which occurred post period end.
During the period, the holders of warrants over 21,656,579
ordinary shares in the Company exercised their warrants at 4 pence
per share with total net proceeds to the Company of GBP866,000. As
at the period end there were unexercised warrants over 28,618,403
new ordinary shares in the Company, although this figure has now
reduced to 25,468,421. These warrants will expire at the end of
June 2022.
Other
In February 2021, the Company was delighted to welcome a new
director, David Palumbo, to the Board. David is currently CEO of
EQTEC plc and brings a wealth of experience in the venture capital
and technology sectors. Also, at the AGM, Peter Redmond retired
from the Board. We would therefore like to thank Peter for his time
at Pires and his valuable contribution to the progress that the
Company has made over recent years. We all wish Peter the very best
in his future endeavours.
Post the period end
In March 2022, the Company agreed to invest in a second SVV
fund, the New SVV Fund, alongside the British Business Bank which
is investing up to GBP50 million. This fund has already made its
first investment in RETi ni ZE Limited ("RETi ni ZE"), a technology
company based in Belfast, Northern Ireland which is developing an
innovative software product called Animotive that is harnessing the
latest VR technologies to transform the 3D animation production
process.
As previously mentioned, Getvisibility, which the Company holds
directly, and through SVV and its holding in SV plc completed a
EUR10 million fund raise in March 2022, generating a significant
uplift in the value of Getvisibility and therefore the Company's
investment portfolio both from its direct shareholdings and
indirect interests from its holdings in SVV and SV plc.
Since 1 January 2022, the holders of 3,149,982 warrants over
ordinary shares in the Company have exercised their warrants at 4
pence per share for a total consideration of GBP126,000. The total
number of ordinary shares of the Company in issue are following
recent allotments will be 161,395,191. Unexercised warrants
currently total 25,468,421 and these warrants expire at the end of
June 2022.
On 1 June 2022, Tern plc ("Tern") announced a recommended share
offer for the issued and to be issued share capital of the Company
on the basis of 0.51613 Tern shares for each share in the Company.
This valued each share in the Company at 8 pence based on the
closing price of Tern shares on 31 May 2022 and represented a
premium of 53.8% to the closing price of the Company's shares on 31
May 2022.
Outlook
As set out at the beginning of this statement, 2021 has been
extremely busy for Pires and this has continued into 2022. A number
of exciting new investments have been made, both directly and
through the Company's investment in SVV, and the investment
portfolio has achieved significant growth in value. In particular,
this has continued into 2022 with Getvisibility.
Our investment strategy is focused on next generation technology
businesses with significant potential for accelerated growth across
sectors such as AI, IoT and Immersive Technologies, as well as the
digital assets sector. 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,
the first SVV fund has now substantially completed its deployment
phase with potentially one more new investment and some small
follow--on investments to come and so is moving towards a
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 very well positioned to become a leading
next generation technology investment company with an exciting
portfolio of technology companies held either directly or
indirectly through its interests in SVV that have the potential for
significant growth and the ability to deliver real returns for
shareholders.
Nicholas Lee
Director
14 June 2022
STATEMENT OF COMPREHENSIVE INCOME
14 month
Year Ended period ended
December 31 December
2021 GBP000's 2020 GBP000's
---------------------------------------------- ----------------- ----------------
CONTINUING ACTIVITIES
Income
Other Income - 1
---------------------------------------------- ----------------- ----------------
Total income - 1
Gain/(loss) on investments held at fair value
through pro fi t or loss 2,081 (149)
Opera ti ng expenses (590) (539)
---------------------------------------------- ----------------- ----------------
Opera ti ng pro fi t/(loss) from con ti
nuing ac ti vi ti es 1,491 (687)
---------------------------------------------- ----------------- ----------------
Pro fi t/(loss) before taxa ti on from con
ti nuing ac ti vi ti es 1,491 (687)
Taxa ti on - --
---------------------------------------------- ----------------- ----------------
Pro fi t/(loss) for the year from con ti
nuing ac ti vi ti es 1,491 (687)
---------------------------------------------- ----------------- ----------------
Other Comprehensive Income - --
---------------------------------------------- ----------------- ----------------
Total Comprehensive Income a tt ributable
to equity holders of the Company 1,491 (687)
============================================== ================= ================
Basic pro fi t/(loss) per share
Equity holders
Basic 1.00p (0.64p)
Fully diluted 0.8p (0.64p)
============================================== ================= ================
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
November 2019 11,996 4,249 165 (13,845) 2,565
Profit and total
comprehensive
profit for the
period -- -- -- (687) (687)
Issue of shares (net
of costs) 139 909 1,048
-------------------- --------- -------------------- ------------------- -------------------- --------------------
As at 31 December
2020 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
==================== ========= ==================== =================== ==================== ====================
STATEMENT OF FINANCIAL POSITION
31 December 31 December
2021 GBP000's 2020 GBP000's
------------------------------------------ -------------------------- --------------------------
Current assets
Investments 7,016 2,029
Trade and other receivables 8 15
Cash and cash equivalents 374 1,019
------------------------------------------ -------------------------- --------------------------
Total current assets 7,398 3,063
------------------------------------------ -------------------------- --------------------------
Total assets 7,398 3,063
========================================== ========================== ==========================
Equity
Issued share capital 396 12,135
Share premium 7,874 5,158
Retained earnings (13,042) (14,532)
Capital redemption reserve 11,995 165
------------------------------------------ -------------------------- --------------------------
Total equity 7,223 2,926
Liabilities
Current liabilities
Trade and other payables 175 137
------------------------------------------ -------------------------- --------------------------
Total liabilities and current liabilities 175 137
------------------------------------------ -------------------------- --------------------------
Total equity and liabilities 7,398 3,063
========================================== ========================== ==========================
EARNINGS PER SHARE
2021 2020
GBP000's GBP000's
Profit attributable to the owners of the
Company
Continuing Operations 1,491 (687)
--------------------------------------------------- ------------ ------------
2021 2020
No. of No. of
Shares shares
--------------------------------------------------- ------------ ------------
Weighted average number of shares for calculating
basic profit per share 149,021,386 107,298,817
177,639,789 107,298,817
=================================================== ============ ============
2021 2020
Pence Pence
--------------------------------------------------- ------------ ------------
Basic and diluted profit per share
Continuing Operations - basic 1.00 (0.64)
Continuing Operations - diluted 0.80 (0.64)
=================================================== ============ ============
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
Cairn Financial Advisers LLP Tel: +44 (0) 20 7213 0880
Liam Murray/Ludovico Lazzaretti
Joint Broker
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0935
Duncan Vasey/Lucy Williams Tel: +44 (0) 20 7469 0936
Joint Broker
Tennyson Securities Tel: +44 (0) 20 3167 7221
Peter Krens
Financial media and PR
Yellow Jersey Tel: +44 (0) 20 3004 9512
Sarah Hollins
Henry Wilkinson
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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