Pires Investments PLC Further re sale of Artomatix (3147H)
03 Agosto 2021 - 1:00AM
UK Regulatory
TIDMPIRI
RNS Number : 3147H
Pires Investments PLC
03 August 2021
3 August 2021
Pires Investments plc
("Pires" or the "Company")
Balance of cash proceeds received from the sale of Artomatix
Pires Investments plc (AIM: PIRI), the investment company
focused on next generation technology, is pleased to provide an
update on its investment in Sure Valley Ventures ("SVV") in
relation to the sale of Artomatix, one of the companies within the
SVV portfolio.
On 23 December 2019, the Company announced SVV's sale of
Artomatix, an AI software company able to automate the creation of
3D content, to leading technology company Unity, at a valuation
some 500% of the price of the original investment in the
company.
When realisations are made within the SVV portfolio, the
proceeds are distributed to the fund's investors. As a result of
the sale, EUR796,753 of total net sale proceeds accrued to Pires in
connection with its 13% direct holding, representing over a 70%
return on the Company's initial investment of GBP1.1 million in
SVV. EUR721,274 was distributed to Pires shortly after the
completion of the sale with the balance remaining in escrow. The
Company confirms that an amount of EUR75,478 has now been received
thereby settling the outstanding balance.
Pires has a circa 20% interest 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.
Peter Redmond, Chairman of Pires commented:
"We are pleased to announce the receipt of the remaining funds
from SVV's sale of Artomatix in December 2019. The sale of the
company clearly demonstrates SVV's ability to identify high-growth
potential opportunities within the software technology sector.
Pires' investment strategy is to invest in companies with the
ability to increase significantly in valuation post initial
investment and subsequently deliver near-term cash returns to Pires
and its shareholders. SVV's sale of Artomatix perfectly
demonstrates this strategy. We look forward to updating the market
on further developments within our portfolio in due course."
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Peter Redmond, Chairman
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/
.
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