TIDMPIRI
RNS Number : 0795B
Pires Investments PLC
29 September 2022
29 September 2022
Pires Investments PLC
("Pires" or the "Company")
Unaudited interim results for the six months ended 30 June
2022
Pires Investments plc (AIM: PIRI), the investment company
focused on next-generation technology, is pleased to announce its
unaudited interim results for the six-month period ended 30 June
2022.
Highlights
Company highlights
-- Profit of GBP992,000 during the period (six months ended 30
June 2021: profit before taxation of GBP1.53 million)
-- Net asset value ("NAV") of GBP8,702,000 as at the period end
(31 December 2021: GBP7,223,000), equating to an increase of 20%
since 31 December 2021
-- Pires is now trading at a 41% discount to its NAV per share of 5.23 pence
-- Warrants exercised over 12,211,425 ordinary shares in the
Company at 4 pence per share with total net proceeds to the Company
of GBP488,457
Portfolio highlights
-- Portfolio valuation increased to GBP9,398,000 from
GBP7,390,000, an increase of 27% since 31 December 2021
-- Significant increase in the valuation of the Company's
holdings in Getvisibility as a result of a EUR10 million fundraise
by this company in March 2022
-- The first Sure Valley Ventures fund ("SVV1") has increased its NAV by 10.7% over the period
-- Sure Ventures plc ("SV plc") grew its NAV by 6.2% to 125.8p
per share and its share price increased by 11.4% over the period to
107.5p
-- GBP5 million commitment over the 10-year life of the fund to
invest in a new Sure Valley Ventures fund ("SVV2") alongside the
British Business Bank, an investment arm of the British
Government
-- Smarttech247, a recent portfolio investment, is actively progressing a stock market listing
-- Merger of Admix with LandVault Inc
Post-period end highlights
-- Placing to raise GBP500,000 before expenses, completed in August 2022
Nicholas Lee, Director of Pires, commented:
"The Company has made strong progress during this period, with a
significant uplift in the valuation of its portfolio, driven by the
increasing valuation of Getvisibility, in which it has both direct
and indirect interests via SVV1 and SV plc. Given the growth in
NAV, the Company is now trading at a 41% discount to its NAV.
"The Company has also invested a further GBP300,000 in SVV1
during the period. SVV1 includes a number of companies, such as
Getvisibility, Admix and CameraMatics, which have grown materially
in value as a result of both organic growth and new investment
resulting in upward revaluations. Furthermore, SVV1 has now almost
completed its initial investment phase and we are now looking
forward to further increases in the value of the portfolio
companies and subsequent exits, resulting in cash returns to the
Company.
"In March 2022, Pires invested GBP90,000 in SVV2 alongside the
British Business Bank, which has committed to invest GBP50 million
in this new fund. In March 2022, SVV2 led a seed round raising GBP2
million for RETìníZE Limited, the award-winning creative-tech
company based in Belfast, Northern Ireland, marking this fund's
first investment. We look forward to following further developments
from SVV2 in due course.
"Going forward, t he Company has a clear and proven strategy of
investing in next-generation technology and realising returns from
its investments which it will continue to implement. Our portfolio
of investments remains well-poised to achieve significant growth,
delivering value to Pires and its shareholders."
Investment overview
Summary
The Company's principal investment portfolio categories are
summarised below:
Category Cost or Cost or
valuation valuation
at 30 June at 31 December
2022 2021
GBP000s GBP000s
------------ ----------------
Investment in Sure Valley
Ventures 5,104 4,146
------------ ----------------
Direct investments 3,694 2,835
------------ ----------------
Cash/other listed securities 600 409
------------ ----------------
Total 9,398 7,390
------------ ----------------
Investment in Sure Valley Ventures
Pires has exposure to the Sure Valley Ventures funds via:
- a 13% direct investment in SVV1
- a 23.3% holding in Sure Ventures plc, the principal
investments of which comprise a 25.9% interest in SVV1 and a
holding in VividQ
- a 5.9% interest in SVV2 alongside the British Business Bank
Pires therefore has an aggregate direct and indirect interest in
SVV1 of circa 20%.
As at the period end, SVV1 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 Description Recent developments
intelligence
Ambisense Provides an Artificial Intelligence New major contract
platform to deliver environmental to assess mine gas
risk assessment to allow ingress and helping
real-time gas and environmental The Lower Thames Crossing
monitoring using both IoT project stay green.
and sensor solutions.
------------------------------------ -------------------------------
Buymie An artificial intelligence-based Partnership with Asda
same day grocery delivery in Leeds and Bristol
company operating in both launched in March 2022.
the UK and Ireland working
with companies such as Tesco,
Lidl, Asda and the Co-op.
------------------------------------ -------------------------------
Security
------------------------------------ -------------------------------
Nova Leah An Artificial Intelligence Multiple new pilot
cyber-security assessment schemes recently established.
and protection platform
for connected medical devices.
------------------------------------ -------------------------------
Getvisibility An Artificial Intelligence In March 2022, it raised
security company addressing additional funds at
the substantial problem a significant premium
faced by corporations in and has been voted
storing, sorting, accessing as one of Ireland's
and protecting data. top 18 start-ups. Revenue
growing significantly.
------------------------------------ -------------------------------
PreCog A security solution platform New contracts and trials
company that provides data established.
intelligence to combat crime,
terrorism and protect vulnerable
people. Customers include
leading law enforcement
and security agencies and
transport infrastructure
groups.
------------------------------------ -------------------------------
Smarttech247 A global artificial intelligence The company has recently
based cyber security cloud won a number of new
business that protects enterprises clients and has just
from cyber-attacks. Smarttech247 launched a new MDR
has over 100 technology product, Vision X.
partners, including IBM It is also actively
and Microsoft, and more progressing a stock
than 50 clients based in market listing.
Europe and the US.
------------------------------------ -------------------------------
Immersive
Technologies
------------------------------------ -------------------------------
Engage XR A developer of Virtual Reality Revenue grew by 41%
and immersive experiences in the first half of
with a specific focus on 2022. Currently developing
education and enterprise its metaverse offering
learning and development. which is expected to
The company is listed on launch in Q4. Partners
AIM. include HTC and the
Virtual Human Interaction
Lab at Stanford University.
------------------------------------ -------------------------------
Admix A platform enabling the The company is rapidly
monetisation of interactive growing its revenues
programmatic brand placements and, in June 2022,
in applications such as announced a merger
video games and other AR/VR with LandVault, a builder
applications. of virtual experiences
in metaverse worlds.
------------------------------------ -------------------------------
Warducks A game development studio Has been getting good
known for the production traction for its new
of leading games. It is mapping platform that
currently developing a major can use real-world
new AR mobile game that geographical locations
is in the same category to create 3D virtual
as Pokémon Go. worlds.
------------------------------------ -------------------------------
VividQ A deep tech software company Partnered with Zemax
which has developed a framework Optics Studio in April
for real-time 3D holographic 2022. In May 2022,
displays for use in heads-up they launched their
displays and AR headsets proprietary Alpha Optical
and glasses. Engine Demonstrator
and in July 2022 appointed
a new Chairman, Francois
Auque.
------------------------------------ -------------------------------
Volograms An Augmented Reality capture It is currently trialling
and volumetric video company. a new app which has
had positive feedback
to date.
------------------------------------ -------------------------------
Virtex A company building a platform It is actively developing
for the next-generation its new Stadium app.
of live, immersive entertainment
within the virtual reality
("VR") gaming and e-sports
industries.
------------------------------------ -------------------------------
Internet of
things
------------------------------------ -------------------------------
CameraMatics CameraMatics is a disruptive The company is growing
technology for fleet and revenues significantly
driver risk management. in the UK and US.
The CameraMatics SaaS-based
full-stack platform is a
modular software platform
based on camera technology,
vision systems, AI, machine
learning and telematics,
combined with fleet safety
modules that help fleet
operators drive to new safety
standards across their fleet
and drivers.
------------------------------------ -------------------------------
Wia Wia is an Internet of Things The company is actively
(IoT) company with a cloud progressing new contracts.
platform, enabling developers
to turn any type of sensor
device quickly into a secure,
smart and useful application.
Wia's end-to-end platform
provides full device and
application management,
security, data capture and
storage, analysis, control,
as well as the integration
of enterprise systems.
------------------------------------ -------------------------------
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.
Getvisibility is continuing to rapidly build revenue whilst
taking on new clients, retaining existing clients and signing a
number of multi-year contracts. The company has also expanded its
pipeline by US$6 million and has onboarded 31 new channel partners
across seven countries.
In March 2022, 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.
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 and a half years ago. In
addition, Pires has a further interest in Getvisibility via its 13%
interest in SVV1 and an indirect interest through its holding in SV
plc, which together are now valued at circa EUR1,337,000. Pires'
effective interest in Getvisibility, in aggregate, is therefore now
valued at circa EUR2,837,000.
CameraMatics is a disruptive technology for fleet and driver
risk management. The CameraMatics SaaS-based full-stack platform is
a modular software platform based on camera technology, vision
systems, AI, machine learning and telematics, combined with fleet
safety modules that help fleet operators to drive new safety
standards across their fleet and drivers. The company is growing
revenues significantly in the UK and US and has recently been
shortlisted for the Fleet Safety Product Award as part of the UK
Fleet Champions Award 2022.
VividQ, a leading software and IP developer for holography has
developed a framework for real-time 3D holographic displays for use
in heads-up displays and AR headsets and glasses. In April 2022,
the company announced that it was partnering with Zemax Optics
Studio to demonstrate how computer-generated holography has become
an accessible display for original design manufacturers who want to
release high performance AR products and to showcase the
prototyping of miniaturised optical engines for AR devices. In May
2022, the company launched its proprietary Alpha Optical Engine
Demonstrator aimed at manufacturers of high-end augmented reality
headsets. In July 2022, the company appointed a new Chairman,
Francois Auque. He is a partner at InfraVia Capital, a leading
independent European private equity firm and also serves as a
member of the Board of Directors of Rexel, a wholesale electrical
distributor. His experience in dealing with large corporations,
paired with his knowledge as an investor in deep tech start-ups
will prove valuable in supporting the company in its continued
advancement of breakthrough technology.
Admix, the leading In-Play monetisation company that bridges the
gap between gaming content and brands, announced on 20 June 2022,
that it is merging with LandVault Inc ("LandVault"), a builder of
virtual experiences in metaverse worlds like The Sandbox and
Decentraland, aimed at attracting people into blockchain and
metaverse ecosystems, in order to enter into Web3.
By merging with LandVault, Admix aims to become a go-to service
provider for major intellectual property holders and brands,
enabling large companies across all industries to enter the
metaverse and be monetised with its in-game advertising technology.
The combined company, which will be known as LandVault, will be
able to access US$25 million in growth capital from Admix's Series
B round in October 2021. Samuel Huber, Founder and Chief Executive
Officer of Admix, will remain as Chief Executive Officer of the
combined business.
Smarttech247 is a global artificial intelligence-based cyber
security cloud business that protects enterprises from
cyber-attacks. Smarttech247 has over 100 technology partners,
including IBM and Microsoft, and more than 50 clients based in
Europe and the US. The company has recently won a number of new
clients and has just launched a new MDR product, Vision X. It is
also actively progressing a stock market listing.
SV plc grew its NAV by 6.2% to 125.8p per share and its share
price increased by 11.4% over the period to 107.5p. SV plc's
principal investment is a 25.9% stake in SVV1 and a shareholding in
VividQ.
During the period, the Company also invested in a second SVV
fund, SVV2. 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 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 SVV2 and
expects to invest up to GBP5 million in total over the 10-year 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 Metaverse, Artificial Intelligence and
Cybersecurity sectors. This fund has already made its first
investment in RETi ni ZE Limited, a technology company based in
Belfast which is developing an innovative software product called
Animotive which is harnessing the latest VR technologies to
transform the 3D animation production process.
SVV2 is being managed by the same team which, to date, has been
highly successful in achieving a number of cash realisations from,
and upward revaluations of, companies in SVV1. The profit share
arrangements within SVV2 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
Low6
Low6 has developed a next-generation sports gaming technology
platform that powers franchises with their own branded gaming
experiences to engage their digital fanbases .
The company's current focus is to charge customers, typically
iGaming operators and sporting franchises, for developing and
licensing digital free-to-play games that they embed in their
mobile apps/websites as a way of driving users to their core
operations. The current financial year is progressing well with
signed contracts, signed term sheets or advanced contractual
negotiations being achieved in respect of a significant portion of
that year's revenue which, due to the investment made in the
company's technology platform, is expected to be high margin. At
the same time the company's cost base and burn rate have been
reduced significantly. The company is currently working with its
advisers and cornerstone investors to raise more capital for the
business to support revenue growth and the move towards
breakeven.
PreCog
A security solution 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. The company is busy
establishing new contracts and trials.
Getvisibility
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. See above for further detail.
Pluto Digital
Pluto Digital PLC ("Pluto") is a Web3 technology company with a
focus on the Metaverse, blockchain gaming and NFTs. During the
period, Pluto has been working with Maze Theory Limited ("Maze
Theory"), a London-based digital entertainment studio, with a view
to developing high-quality games that incorporate token economics.
Pluto is working on a corporate transaction which will include
Emergent Games, a new Web3 gaming studio which is a joint venture
with Maze Theory. A further announcement on the progress of this
transaction is expected in Q4 2022.
As at 30 June 2022, 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
fundraising took place and the price at which Pluto's corporate
transaction with Maze is expected to take place. This represents a
very significant uplift on the Company's initial investment in this
sector.
Key financial indicators
The key unaudited performance indicators are set out below:
Performance indicator 30 June 2022 31 December Change
2021
-------------------------------- ------------- ----------- ------
GBP000s GBP000s
Profit attributable GBP992 GBP1,491
Net asset value GBP 8,702 GBP 7,223
Net asset value - fully diluted
per share 5.23p 4.57p
The Company has generated significant profits during the period
driven by increases in value of its investment portfolio. Whilst
the Company's net assets have continued to increase, we do not
believe that the Company's net asset value fairly represents its
financial potential, given the scope for significant valuation
uplift for the companies within the portfolio. This is clearly
demonstrated by a series of gains, both realised and unrealised,
that have been achieved to date from its investment portfolio.
Furthermore, realisations that are achieved within the SVV
portfolio result in cash distributions to the Company and are not
retained within the fund thereby delivering a real cash return to
the Company.
During the period, the holders of warrants over 12,211,425
ordinary shares in the Company exercised their warrants at 4 pence
per share with total net proceeds to the Company of GBP488,457. All
warrants issued in June 2020 have now been exercised or have
expired by 30 June 2022.
In July 2022, the recommended offer for Pires by Tern plc,
whilst being supported by the majority of Pires shareholders voting
both by number of shareholders and number of shares held, was not
approved by the requisite number to effect a scheme of arrangement,
and therefore lapsed.
Post the period end, the Company raised an additional GBP500,000
before expenses and a further 6,250,000 warrants were issued
exercisable at 8 pence, in conjunction with 12,500,000 shares
issued as part of the placing on 26 August 2022.
Outlook
We remain encouraged by the progress made to date by our
investee companies 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 SVV1 fund has now substantially completed its deployment phase
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 successful. Going forward, the
Company is well positioned to become a leading next-generation
technology investment company with an exciting portfolio of
technology companies that have the potential for significant growth
and the ability to deliver real returns for shareholders.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation. The person who arranged the
release of this information is Nicholas Lee, Director of the
Company.
Enquiries:
Pires Investments plc
Nicholas Lee, Director Tel: +44 (0) 20 3368 8961
Nominated Adviser
Cairn Financial Advisers LLP Tel: +44 (0) 20 7213 0880
Liam Murray/Ludovico Lazzaretti
Broker
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0935
Lucy Williams/Duncan Vasey
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/
.
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2022
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30-Jun 30-Jun 31-Dec
2022 2021 2021
Continuing activities GBP000s GBP000s GBP000s
Notes
Revenue
Investment income - - -
Other income - - 1
Total revenue - - 1
Gains on investments held
at fair value through profit
or loss 1,422 1,802 2,081
Operating expenses (430) (270) (590)
---------- ---------- -----------
Operating profit from continuing
activities 992 1,532 1,491
Profit before taxation
from continuing activities 992 1,532 1,491
Tax - - -
Profit for the period from
continuing activities 992 1,532 1,491
---------- ---------- -----------
Profit for the period and
total comprehensive income
attributable to equity holders
of the Company 992 1,532 1,491
========== ========== ===========
Basic profit per share 3
Equity holders
Basic and diluted 0.58p 1.07p 1.00p
UNAUDITED STATEMENT OF FINANCIAL POSITION
As at 30 June 2021
Unaudited Unaudited Audited
As at As at As at
30-Jun 30-Jun 31-Dec
2022 2021 2021
GBP000s GBP000s GBP000s
Notes
CURRENT ASSETS
Investments 8,810 6,800 7,016
Trade and other
receivables 9 4 8
Cash and cash equivalents 588 360 374
---------- ---------- ---------
TOTAL CURRENT ASSETS 9,407 7,164 7,398
---------- ---------- ---------
TOTAL ASSETS 9,407 7,164 7,398
========== ========== =========
EQUITY
Called up share
capital 416 12,214 396
Shares to be issued 10 - -
Share premium account 8,176 7,701 7,874
Share premium account 155 - -
for shares to be
issued
Retained earnings (12,050) (13,000) (13,042)
Capital redemption
reserve 11,995 165 11,995
---------- ---------- ---------
TOTAL EQUITY 4 8,702 7,080 7,223
LIABILITIES
CURRENT LIABILITIES
Trade creditors
and other liabilities 705 84 175
---------- ---------- ---------
TOTAL LIABILITIES
AND CURRENT LIABILITIES 705 84 175
TOTAL EQUITY AND
LIABILITIES 9,407 7,164 7,398
========== ========== =========
UNAUDITED CASH FLOW STATEMENT
For the six months ended 30 June 2022
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30-Jun 30-Jun 31-Dec
2022 2021 2021
GBP000s GBP000s GBP000s
Cash flows from operating
activities - Profit for
the period 992 1,532 1,491
Depreciation - - -
Realised (gain) on disposal
of investments (14) - (61)
Fair value movement in
investments (1,408) (1,802) (2,020)
(Increase)/decrease in
receivables (1) 10 7
Increase/(decrease) in
payables 530 (53) 38
Net cash absorbed by
operating activities 99 (312) (545)
Cash flows from investing
activities
Payments to acquire investments (440) (2,969) (1,066)
Proceeds of sale of investments 68 - 111
Net cash from investing
activities (372) (2,969) (955)
Cash flows from financing
activities
Net proceeds from shares
issued or to be issued 487 2,622 855
Net cash from financing
activities 487 2,622 855
Net increase /(decrease)
in cash and cash equivalents
during the period 214 (659) (645)
Cash and cash equivalents
at beginning of the period 374 1,019 1,019
Cash and cash equivalents
at end of the period 588 360 374
Notes to the Unaudited Interim Report
1. GENERAL INFORMATION
Pires Investments plc (the "Company") is a company domiciled in
England whose registered office address is 9(th) Floor, 107
Cheapside, London EC3V 6DN. The condensed interim financial
statements of the Company for the six months ended 30 June 2022 is
that of the Company only.
The condensed interim financial statements do not constitute
statutory accounts as defined in Section 434 of the Companies Act
2006.
The financial information for the year ended 31 December 2021
has been extracted from the statutory accounts for that period
which were prepared in accordance with International Financial
Reporting Standards ("IFRS"). The auditors' report on the statutory
accounts was unqualified. A copy of those financial statements has
been filed with the Registrar of Companies.
The financial information for the six months ended 30 June 2021
and 30 June 2022 were also prepared in accordance with IFRS.
The condensed interim financial statements do not include all of
the information required for full annual financial statements.
The condensed interim financial statements were authorised for
issue on 28 September 2022.
2. BASIS OF ACCOUNTING
The financial statements are unaudited and have been prepared on
the historical cost basis in accordance with International
Financial Reporting Standards as adopted by the EU ("IFRS") using
the same accounting policies and methods of computation as were
used in the annual financial statements for the year ended 31
December 2021. As permitted, the interim report has been prepared
in accordance with the AIM rules for Companies and is not compliant
in all respects with IAS 34 Interim Financial Statements. The
condensed interim financial statements do not include all the
information required for full annual financial statements and hence
cannot be construed as in full compliance with IFRS.
3. PROFIT/LOSS PER SHARE
The calculation of the basic profit per share is based on the
following data:
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30-Jun 30-Jun 31-Dec
2022 2021 2021
GBP000s GBP000s GBP000s
Profit on continuing activities
after tax 992 1,532 1,491
Basic and fully diluted
Basic and fully diluted earnings per share have been computed
based on the following data:
Number of
shares
Weighted average number of ordinary
shares for the period 159,463,671 143,210,371 149,021,386
Basic earnings per share from
continuing activities (p) 0.6 1.07 1.00
There were no dilutive instruments that would give rise to diluted
earnings per share.
4. STATEMENT OF CHANGES IN EQUITY
Share Capital Shares Share Premium Capital Retained Earnings Total
to be issued Redemption
Reserve
GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
At 1 January
2021 12,135 - 5,158 165 (14,532) 2,926
Issue of shares
(net of costs) 79 - 2,543 - 2,622
Loss for the
6 months ended
30 June 2021 - - - - 1,532 1,532
-------------
At 30 June
2021 12,214 - 7,701 165 (13,000) 7,080
Issue of shares
(net of costs) 11 - 173 - - 184
Cancellation
of deferred
shares (11,830) - 11,830 -
-------------
Loss for the
6 months ended
31 December
2021 - - - (41) (41)
-------------
At 31 December
2021 396 - 7,874 11,995 (13,042) 7,223
Issue of shares
(net of costs) 20 165 302 - - 487
Profit for the
6 months ended
30 June 2022 - - - - 992 992
-------------
At 30 June
2022 416 165 8,176 11,995 (12,050) 8,702
============= ------------- ============= =========== ================= =======
5. DISTRIBUTION OF INTERIM REPORT
Copies of the Interim Report for the six months ended 30 June
2022 are available on the Company's website,
www.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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IR SEWESAEESESU
(END) Dow Jones Newswires
September 29, 2022 02:00 ET (06:00 GMT)
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