TIDMPIRI

RNS Number : 3542U

Pires Investments PLC

01 August 2022

1 August 2022

Pires Investments Plc

("Pires" or the "Company")

Placing, Related Party Transactions, Issue of Warrants and Directors' dealings

Pires Investments plc (AIM: PIRI), the investment company focused on next generation technology, announces that the Company has placed 12,500,000 new ordinary shares in the Company (the "Placing Shares"), at a price of 4 pence per share, raising gross proceeds of GBP500,000 (the "Placing"), subject to admission to trading on AIM. The Placing Shares have been placed at a 4 per cent. premium to the closing mid-price of the ordinary shares on 29 July 2022.

Placees will also receive one warrant for every two ordinary shares subscribed for, exercisable at 8 pence from the date of Admission (defined below) and expiring on the one-year anniversary of the date of Admission (the "Placing Warrants"). In aggregate, 6,250,000 Placing Warrants will be issued.

The following Directors have subscribed, in aggregate, for 750,000 new ordinary shares as part of the Placing. Their subscription for new Ordinary Shares is on the same terms and conditions as the Placing.

 
 Director         Number of            Resulting      Resulting        No. of Placing     Resulting 
                   new Ordinary         holding        % of Ordinary    Warrants           warrants 
                   Shares subscribed    of Ordinary    Share Capital    issued pursuant    held following 
                   for pursuant         Shares         following        to the Placing     the Placing 
                   to the Placing                      the Placing 
 Nicholas 
  Lee             350,000              350,000        0.19%            175,000            175,000 
                 -------------------  -------------  ---------------  -----------------  ---------------- 
 John May         200,000              200,000        0.11%            100,000            100,000 
                 -------------------  -------------  ---------------  -----------------  ---------------- 
 David Palumbo    200,000              200,000        0.11%            100,000            100,000 
                 -------------------  -------------  ---------------  -----------------  ---------------- 
 

Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. Admission of the new ordinary shares is expected to occur on or around 26 August 2022 ("Admission"). The Placing Shares will rank pari passu with the existing Ordinary Shares.

Related party transactions

Riverfort Global Opportunities PLC ("RGO") has an existing interest over 35,728,393 ordinary shares in the Company, representing 20.96% of the Company's issued share capital and, as such, is a substantial shareholder as defined in the AIM Rules for Companies ("AIM Rules"). Accordingly, the transaction between the Company and RGO is a related party transaction ("Transaction") pursuant to Rule 13 of the AIM Rules. Nicholas Lee, a director of the Company, is also the Investment Director of RGO and, accordingly, has not been involved in the approval of the Placing by the Company's board. RGO has agreed to subscribe for 2.5 million new ordinary shares in the Placing, bringing its aggregate holding to 38,228,393 or 20.89% of the Company's issued share capital as enlarged by the Placing.

The directors of the Company independent of the Transaction, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, consider the terms of the Transaction to be fair and reasonable insofar as the Company's shareholders are concerned.

Chris Akers has an existing interest over 25,150,000 ordinary shares in the Company, representing 14.75% of the Company's issued share capital and, as such, is a substantial shareholder as defined in the AIM Rules for Companies ("AIM Rules"). Accordingly, the transaction between the Company and Mr. Akers is a related party transaction (the "Akers Transaction") pursuant to Rule 13 of the AIM Rules. Mr. Akers has agreed to subscribe for 1,250,000 new ordinary shares in the Placing, bringing his aggregate holding to 26,400,000 or 14.43% of the Company's issued share capital as enlarged by the Placing.

The directors of the Company independent of the Akers Transaction, having consulted with the Company's Nominated Adviser, Cairn Financial Advisers LLP, consider the terms of the Akers Transaction to be fair and reasonable insofar as the Company's shareholders are concerned.

Total voting rights

Following Admission, the Company will have 182,956,642 Ordinary Shares in issue, each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The above figure of 182,956,642 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Nicholas Lee, Director of Pires, commented:

"We have a clear focus of investing in next-generation technology and we have clearly demonstrated through both realisations and revaluations that we have an excellent investment portfolio with exciting prospects for growth. The fact that we have been able to raise new funds in difficult market conditions at a premium to the prevailing market price reinforces this point and demonstrates the supportive nature of and belief in the Company by our shareholder base. We look forward to providing further portfolio updates in due course."

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.

For further information please contact:

 
 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 
  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/ .

 
 Notification of a Transaction pursuant to Article 19(1) of Regulation 
  (EU) No. 596/2014 
 1     Details of the person discharging managerial responsibilities/person 
        closely associated 
      ---------------------------------------------------------------------------------------------- 
 a.    Name                                 A) Nicholas Lee 
                                             B) John May 
                                             C) David Palumbo 
      -----------------------------------  --------------------------------------------------------- 
 2     Reason for notification 
      -----------------------------------  --------------------------------------------------------- 
 a.    Position/Status                      A) Director 
                                             B) Director 
                                             C) Director 
      -----------------------------------  --------------------------------------------------------- 
 b.    Initial notification/                Initial notification 
        Amendment 
      -----------------------------------  --------------------------------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      ---------------------------------------------------------------------------------------------- 
 a.    Name                                 Pires Investments plc 
      -----------------------------------  --------------------------------------------------------- 
 b.    LEI                                  213800HIDICWXHGZBC82 
      -----------------------------------  --------------------------------------------------------- 
 4     Details of the transaction(s): section to be repeated for 
        (i) each type of instrument; (ii) each type of transaction; 
        (iii) each date; and (iv) each place where transactions have 
        been conducted 
      ---------------------------------------------------------------------------------------------- 
 a.    Description of                       Ordinary shares of 0.25 pence each 
        the financial 
        instrument, type 
        of instrument 
                                             ISIN: GB00BD07SH45 
        Identification 
        Code 
      -----------------------------------  --------------------------------------------------------- 
 b.    Nature of the                        Purchase of shares as part of the Placing 
        transaction 
      -----------------------------------  --------------------------------------------------------- 
 c.    Price(s) and volume(s)                         Price   Volume 
                                                 A)    4p      350,000 
                                                      ------  -------- 
                                                 B)    4p      200,000 
                                                      ------  -------- 
                                                 C)    4p      200,000 
                                                      ------  -------- 
      -----------------------------------    ------------------------------------------------- 
 
 d.    Aggregated information 
 
        - Aggregated Volume                   N/A 
 
        - Price                               N/A 
      -----------------------------------  --------------------------------------------------------- 
 e.    Date of the transaction              1 August 2022 
      -----------------------------------  --------------------------------------------------------- 
 f.    Place of the transaction             London 
      -----------------------------------  --------------------------------------------------------- 
 Notification of a Transaction pursuant to Article 19(1) of Regulation 
  (EU) No. 596/2014 
 1     Details of the person discharging managerial responsibilities/person 
        closely associated 
      ---------------------------------------------------------------------------------------------- 
 a.    Name                                 A) Nicholas Lee 
                                             B) John May 
                                             C) David Palumbo 
      -----------------------------------  --------------------------------------------------------- 
 2     Reason for notification 
      -----------------------------------  --------------------------------------------------------- 
 a.    Position/Status                      A) Director 
                                             B) Director 
                                             C) Director 
      -----------------------------------  --------------------------------------------------------- 
 b.    Initial notification/                Initial notification 
        Amendment 
      -----------------------------------  --------------------------------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      ---------------------------------------------------------------------------------------------- 
 a.    Name                                 Pires Investments plc 
      -----------------------------------  --------------------------------------------------------- 
 b.    LEI                                  213800HIDICWXHGZBC82 
      -----------------------------------  --------------------------------------------------------- 
 4     Details of the transaction(s): section to be repeated for 
        (i) each type of instrument; (ii) each type of transaction; 
        (iii) each date; and (iv) each place where transactions have 
        been conducted 
      ---------------------------------------------------------------------------------------------- 
 a.    Description of                       Warrants over ordinary shares of 0.25 pence 
        the financial                        each 
        instrument, type 
        of instrument 
 
        Identification                       ISIN: GB00BD07SH45 
        Code 
      -----------------------------------  --------------------------------------------------------- 
 b.    Nature of the                        Issue of 1 warrant for every 2 shares subscribed 
        transaction                          for in the Placing 
      -----------------------------------  --------------------------------------------------------- 
 c.    Price(s) and volume(s)                         Price   Volume 
                                                 A)    8p      175,000 
                                                      ------  -------- 
                                                 B)    8p      100,000 
                                                      ------  -------- 
                                                 C)    8p      100,000 
                                                      ------  -------- 
      -----------------------------------    ------------------------------------------------- 
 
 d.    Aggregated information 
 
        - Aggregated Volume                   N/A 
 
        - Price                               N/A 
      -----------------------------------  --------------------------------------------------------- 
 e.    Date of the transaction              1 August 2022 
      -----------------------------------  --------------------------------------------------------- 
 f.    Place of the transaction             London 
      -----------------------------------  --------------------------------------------------------- 
 

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August 01, 2022 02:00 ET (06:00 GMT)

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