TIDMPIRI

RNS Number : 7761L

Pires Investments PLC

15 September 2021

15 September 2021

Pires Investments PLC

("Pires" or the "Company")

Unaudited interim results for the six months ended 30 June 2021

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 2021.

Highlights

Company highlights

-- Profit achieved of GBP1.53 million during the period (six months ended 30 April 2020: loss before taxation of GBP427,000)

-- Net asset value ("NAV") of GBP7,080,000 as at the period end (31 December 2020: GBP2,926,000), equating to NAV per share of 4.94 pence, an increase of over 80% since 31 December 2020

Portfolio highlights

-- Interest in Sure Valley Ventures ("SVV") increased to circa 20% via the purchase of a shareholding in Sure Ventures plc ("SV plc")

-- New investments made by SVV include Virtex, PreCog, Smarttech247 and follow-on investments in Warducks and Getvisibility

-- Significant increase in valuation of the majority of portfolio companies based on new funding rounds involving third party investors

o Portfolio continues 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 and Silicon Valley's R42 Group

-- New direct investment made in PreCog and follow-on investments in Low6 and Getvisibility, coupled with an increase in valuation of Getvisibility

   --    Investments made in the digital assets technology sector 

Post-period end highlights

-- GBP11 million raised by VividQ from investors including the University of Tokyo, Foresight Williams Technology and Silicon Valley's R42 Group

-- EUR3 million raised by Ambisense through funding round led by BGF and supported by existing investors, including SVV, Atlantic Bridge and Enterprise Ireland

-- CameraMatics announced a partnership with UK transport and logistics operator Maritime Transport Ltd

   --    Balance of proceeds received from the sale of Artomatix 
   --    Capital restructuring of the Company's balance sheet approved by shareholders 
   --    Smarttech247, a recent portfolio investment, is already actively pursuing an IPO 

Nicholas Lee, Director of Pires, commented:

"This has been another very busy and exciting period for the Company, with a significant level of investment activity and gains made across the portfolio. We strongly believe that our investment portfolio has the potential to deliver a high level of return, as demonstrated by the progress made to date. In particular, our investment in SVV is performing beyond the Board's expectation, with the majority of the portfolio companies attracting additional investment from other investors at significantly higher valuations compared to the level of original investment and thereby also ensuring that these companies are well funded going forward.

Furthermore, SVV has almost completed its initial portfolio investment deployment and we anticipate further increases in the value of the portfolio companies and subsequent exits over the medium term. We are also excited about our investment in the digital asset technology sector where we have already achieved substantial gains."

Investment overview

The Company's principal investment portfolio categories are summarised below:

 
 Category                        Cost or valuation   Cost or valuation 
                                        at 30 June      at 31 December 
                                              2021                2020 
                                           GBP000s             GBP000s 
                                ------------------  ------------------ 
 Sure Valley Ventures                        3,851               1,507 
                                ------------------  ------------------ 
 Direct investments                            884                 419 
                                ------------------  ------------------ 
 Digital assets sector                       1,951                   - 
                                ------------------  ------------------ 
 Cash/other listed securities                  474               1,122 
                                ------------------  ------------------ 
 
 Total                                       7,160               3,048 
                                ------------------  ------------------ 
 

Investment in SVV

During the period, the Company increased its exposure to SVV through the purchase of 1.5 million shares in SV plc using new Pires shares as consideration. SV plc has a 25.9% interest in SVV and a direct investment in VividQ, one of the SVV portfolio companies. As a result of this transaction, Pires now has an aggregate (direct and indirect) interest in SVV of around 20%.

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 has also recently announced its intention to seek a 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 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.

-- Getvisibility completed a further funding round at a significant premium to the last 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 which recently completed its own US$105 million round. Mr Hribar, who is based in the US, recently become Chairman of Getvisibility and is leading Getvisibility's dialogue with potential Silicon Valley investors.

-- Post the period end, VividQ has also raised new funds (GBP11 million) 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 and 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 a disproportionately greater interest in VividQ through its shareholding in SV plc.

VR Education ("VRE"), 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 revenue up 83% for the half year to 30 June 2021. In particular, its ENGAGE product has now reached the milestone of over 130 commercial customers, including Abbott Laboratories, KPMG, MongoDB, and the US State Department as recent additions. Its strategic partner HTC Corporation ("HTC") has commenced selling its ENGAGE product, VIVE Sessions, in China, as part of a software bundle with HTC's new headset, the VIVE Focus 3, and with new HP ProBook laptops being sold in the region. In June 2021, VRE announced the planned development of a new fully featured corporate metaverse called "ENGAGE Oasis" with the launch expected in the first half of 2022. In addition, it raised EUR9.0 million (GBP7.7 million) before expenses at a price of GBP0.16 per share by way of an oversubscribed placing, announced on 18 June 2021 - the company's net cash position was EUR9.2 million as at 30 June 2021.

As at the period end, SVV had a portfolio of 13 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 
                            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 delivery company operating in both 
                            the UK and Ireland working with companies 
                            such as Tesco, Lidl, Asda and the Co-op. 
                          ------------------------------------------------------ 
 Security 
                          ------------------------------------------------------ 
 Nova Leah                 An artificial intelligence cyber-security 
                            assessment and protection platform for connected 
                            medical devices. 
                          ------------------------------------------------------ 
 Getvisibility             An artificial intelligence security company 
                            addressing the substantial problem faced 
                            by corporations 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 data intelligence to combat crime, 
                            terrorism and protect vulnerable people. 
                            The company recently completed a GBP1 million 
                            fundraising round. 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 has also recently announced 
                            its intention to list via an RTO process. 
                          ------------------------------------------------------ 
 Immersive Technologies 
                          ------------------------------------------------------ 
 VR Education              A developer of virtual reality and immersive 
                            experiences with a specific focus on education 
                            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 EUR9.0 
                            million in new funds. 
                          ------------------------------------------------------ 
 Admix                     A platform enabling the monetisation of interactive 
                            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 
                            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 
                            a framework for real-time 3D holographic 
                            displays for use in heads-up displays and 
                            AR headsets and glasses. The company recently 
                            completed a significant GBP11 million funding 
                            round at a significant premium. 
                          ------------------------------------------------------ 
 Volograms                 A reality capture and volumetric video company. 
                            It is currently trialling a new app which 
                            has had very positive feedback to date. 
                          ------------------------------------------------------ 
 Virtex                    A company building a platform for the next-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 reduce risk, increase driver safety and 
                            comply with growing industry governance and 
                            compliance. It recently raised EUR4 million 
                            at a 300% uplift in valuation. The company 
                            is growing revenues significantly 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. 
                            Its platform provides full device and application 
                            management, security, data capture and storage, 
                            analysis and control. 
                          ------------------------------------------------------ 
 

Direct investments

During the period, the Company increased its investment in Low6, an influencer-led B2B gamification company for sports franchises around the world. Low6 recently raised an additional GBP6.5 million in July 2021 in an over-subscribed pre-IPO fund raising. Its user base continues to increase and it now has over 250,000 users. Low6 is also actively progressing its IPO.

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.

Pires also made a follow-on investment in Getvisibility, 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 of EUR250,000 in March 2020. The funds raised will be used to enhance the company's marketing and sales capability in addition to deepening its technology and research know-how The company is accelerating customer growth and is also now servicing customers in Europe and the MENA region.

Digital assets sector

The Company completed its first investment in the digital assets sector through an investment in De Tech Studio Limited and YOP tokens. Certain YOP tokens were sold to realise a substantial cash profit and the balance of the investment was used to subscribe for shares in Pluto Digital Assets plc ("Pluto"). The rationale for this transaction was to diversify and de-risk the investment and provide greater liquidity given Pluto's intention to list.

Pluto is a software technology company and operator in the decentralised finance ("DeFi") and non-fungible tokens ("NFT")/Metaverse (virtual environments) sectors. It is currently developing a DeFi software platform, that provides a highly usable web DeFi portal to open up DeFi to a mass audience. This platform provides vault middleware to find and categorise a set of proprietary DeFi vaults to offer users the ability to generate yield from crypto currencies. Furthermore, Pluto has partnered with a leading NFT metaverse platform and is currently engaging with owners of digital media and rights to offer their content to the NFT community. In addition to Pluto's operational activities, it has made further investments in Web3 ventures and has acquired an NFT portfolio including assets such as Cryptopunks, Artblocks and BAYCs.

Pluto has advised the Company that it currently holds treasury assets including Bitcoin, Ethereum, Polkadot, Cardano and Solana. The company has also advised that, overall, its portfolio of venture and treasury assets has been performing well and the company's current NAV per share exceeds 6 pence, the price at which Pluto carried out its most recent fund raise in March 2021.

During the summer of 2021, Pluto has been focusing on expanding its product team and forming key partnerships. This work has progressed well and the company now believes that it is well-positioned to proceed with its planned IPO.

The Company's equity holding in Pluto is valued at almost GBP2 million based on the price of 6 pence per share, which represents a 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 2021  31 December     Change 
                                                        2020 
--------------------------------  -------------  -----------  --------- 
                                        GBP000s      GBP000s 
Profit/(loss) attributable             GBP1,532     GBP(687) 
Net asset value                       GBP 7,080    GBP 2,926       +142% 
Net asset value - fully diluted 
 per share                                4.94p         2.7p       +83% 
 

The Company has generated significant profits during the period driven by increases in value of its investment portfolio. At the same time, the Company's net assets have continued to increase over the period, although we do not believe that the Company's net assets fairly represent its financial potential, given the scope for significant valuation uplift for the companies within the portfolio. This is clearly demonstrated by the 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 17,053,579 ordinary shares in the Company exercised their warrants at 4 pence per share with total net proceeds to the Company of GBP682,143. There are currently unexercised warrants over 33,221,403 new ordinary shares in the Company which expire in June 2022.

The Company is also very pleased 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 recent AGM, Peter Redmond retired from the Board. W e 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.

Furthermore, at the Company's recent AGM, shareholders approved the Company to proceed with a capital restructuring and reduction in order to both simplify the Company's capital and reserves and to eliminate the historical deficit on the profit and loss account in order to allow the Company to pay dividends and make distributions going forward.

With regard to Covid-19, the Company has remained fortunate in being able to trade as normal, with very limited impact on its investments.

In summary, the Company's investment in the technology sector has already proven to have been successful, with a substantial amount of the original investment already having been returned. Going forward, the Company is very well positioned to become a leading next generation technology investment company with an interest in a portfolio of high-tech companies that have the potential for significant growth.

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 
 Joint broker 
  Peterhouse Capital Limited          Tel: +44 (0) 20 7469 0935 
  Lucy Williams/Duncan Vasey 
 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/ .

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 June 2021

 
                                                 Unaudited    Unaudited       Audited 
                                                                             14 month 
                                                  6 months     6 months        period 
                                                     ended        ended         ended 
                                                    30-Jun       30-Apr        31-Dec 
                                                      2021         2020          2020 
 
 Continuing activities                             GBP000s      GBP000s       GBP000s 
                                         Notes 
 Revenue 
 Investment income                                       -            -             - 
 Other income                                            -            -             1 
 Total revenue                                           -            -             1 
 
 Gains/(Losses) on investments 
  held at fair value through profit 
  or loss                                            1,802        (261)         (149) 
 Operating expenses                                  (270)        (166)         (539) 
                                                ----------   ----------   ----------- 
 Operating profit from continuing 
  activities                                         1,532        (427)         (687) 
 
 
 Profit before taxation from 
  continuing activities                              1,532        (427)         (687) 
 Tax                                                     -            -             - 
 
 Profit for the period from continuing 
  activities                                         1,532        (427)         (687) 
                                                ----------   ----------   ----------- 
 
 
 Profit for the period and total 
  comprehensive income attributable 
  to equity holders of the Company                  1,532        (427)          (687) 
                                                ==========   ==========   =========== 
 
 Basic profit/ (loss) per share              3 
 Equity holders 
 Basic and diluted                                   1.07p      (0.81)p       (0.64)p 
 
 
 
 
 

UNAUDITED STATEMENT OF FINANCIAL POSITION

As at 30 June 2021

 
                                      Unaudited   Unaudited    Audited 
                                          As at       As at      As at 
                                         30-Jun      30-Apr     31-Dec 
                                           2021        2020       2020 
                                        GBP000s     GBP000s    GBP000s 
                              Notes 
 
 CURRENT ASSETS 
 Investments                              6,800       1,684      2,029 
 Trade and other 
  receivables                                 4       1,031         15 
 Cash and cash equivalents                  360         400      1,019 
                                     ----------  ----------  --------- 
 TOTAL CURRENT ASSETS                     7,164       3,115      3,063 
                                     ----------  ----------  --------- 
 TOTAL ASSETS                             7,164       3,115      3,063 
                                     ==========  ==========  ========= 
 
 EQUITY 
 Called up share 
  capital                                12,214      11,996     12,135 
 Shares to be issued                          -         132          - 
 Share premium account                    7,701       4,249      5,158 
 Share premium account                        -         808          - 
  for shares to be 
  issued 
 Retained earnings                     (13,000)    (14,272)   (14,532) 
 Capital redemption 
  reserve                                   165         165        165 
                                     ----------  ----------  --------- 
 TOTAL EQUITY                   4         7,080       3,078      2,926 
 
 LIABILITIES 
 
 CURRENT LIABILITIES 
 Trade and other 
  payables                                   84          37        137 
                                     ----------  ----------  --------- 
 TOTAL LIABILITIES 
  AND CURRENT LIABILITIES                    84          37        137 
 
 TOTAL EQUITY AND 
  LIABILITIES                             7,164       3,115      3,063 
                                     ==========  ==========  ========= 
 

UNAUDITED CASH FLOW STATEMENT

For the six months ended 30 June 2021

 
                                     Unaudited   Unaudited           Audited 
                                      6 months    6 months   14 month period 
                                         ended       ended             ended 
                                        30-Jun      30-Apr            31-Dec 
                                          2021        2020              2020 
                                       GBP000s     GBP000s           GBP000s 
 Cash flows from operating 
  activities - Profit /(Loss) 
  for the period                         1,532       (427)             (687) 
 Depreciation                                -           -                 - 
 Realised (gain) on disposal 
  of investments                             -       (284)             (128) 
 Fair value movement in 
  investments                          (1,802)         545               277 
 Finance income                              -           -               (1) 
 (Increase)/decrease in 
  receivables                               10     (1,019)               (4) 
 Increase/(decrease) in 
  payables                                (53)         (3)                98 
 
 Net cash absorbed by 
  operating activities                   (312)     (1,188)             (445) 
 
 Cash flows from investing 
  activities 
 Payments to acquire investments       (2,969)     (1,700)           (2,217) 
 Proceeds of sale of investments             -         920             1,205 
 Finance income received                     -           -                 1 
 
 Net cash from investing 
  activities                           (2,969)       (780)           (1,011) 
 Cash flows from financing 
  activities 
 Proceeds receivable from 
  shares to be issued                        -         941                 - 
 
 Net proceeds from shares 
  issued                                 2,622           -             1,048 
 
 Net cash from financing 
  activities                             2,622         941             1,048 
 
 Net (decrease) in cash 
  and cash equivalents 
  during the period                      (659)     (1,027)             (408) 
 Cash and cash equivalents 
  at beginning of the period             1,019       1,427             1,427 
 
 Cash and cash equivalents 
  at end of the period                     360         400             1,019 
 
 
 

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 2021 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 14-month period ended 31 December 2020 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 April 2020 and 30 June 2021 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 14 September 2021.

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 14-month period ended 31 December 2020. 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 loss per share is based on the following data:

 
                                                Unaudited      Unaudited         Audited 
                                                 6 months       6 months        14 month 
                                                                                  period 
                                                    ended          ended           ended 
                                                   30-Jun         30-Apr          31-Dec 
                                                     2021           2020            2020 
                                                  GBP000s        GBP000s         GBP000s 
 
 Profit/(Loss) on continuing activities 
  after tax                                         1,532          (427)           (687) 
 
   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                       143,210,371     52,766,010     107,298,817 
 Basic earnings per share from 
  continuing activities (p)                          1.07         (0.81)          (0.64) 
 
   There were no dilutive instruments that would give rise to diluted 
   earnings per share. 
 
 
 

4. STATEMENT OF CHANGES IN EQUITY

 
                  Share Capital   Shares to  Share Premium      Capital   Retained Earnings    Total 
                                  be issued                  Redemption 
                                                                Reserve 
                        GBP000s     GBP000s        GBP000s      GBP000s             GBP000s  GBP000s 
At 1 November 
 2019                    11,996           -          4,249          165            (13,845)    2,565 
Shares to be 
 issued                       -         941              -                                       941 
Loss for the 
 6 months ended 
 30 April 2020                -           -              -               -            (427)    (427) 
                                 ---------- 
At 30 April 
 2020                    11,996         941          4,249          165            (14,272)    3,078 
Issue of shares 
 (net of costs)             139       (941)            909            -                   -      107 
Loss for the 
 8 months ended 
 31 December 
 2020                         -           -              -            -               (260)    (260) 
                                 ---------- 
At 31 December 
 2020                    12,135           -          5,158          165            (14,532)    2,926 
Issue of shares 
 (net of costs)              79           -          2,543            -                   -    2,622 
Profit 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 
                  =============  ----------  =============  ===========   =================  ======= 
 

5. DISTRIBUTION OF INTERIM REPORT

Copies of the Interim Report for the six months ended 30 June 2021 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IR SFAFMLEFSEIU

(END) Dow Jones Newswires

September 15, 2021 01:59 ET (05:59 GMT)

Pires Investments (LSE:PIRI)
Gráfica de Acción Histórica
De Nov 2021 a Dic 2021 Haga Click aquí para más Gráficas Pires Investments.
Pires Investments (LSE:PIRI)
Gráfica de Acción Histórica
De Dic 2020 a Dic 2021 Haga Click aquí para más Gráficas Pires Investments.