TIDMPIRI
RNS Number : 3699Z
Pires Investments PLC
24 January 2022
24 January 2022
Pires Investments plc
("Pires" or the "Company")
Proposed acquisition of Pluto Digital plc by NFT Investments
plc
Pires Investments plc (AIM: PIRI), the investment company
focused on next generation technology notes today's announcement by
NFT Investments plc (AQSE:NFT) ("NFT Investments"), with regard to
Pluto Digital plc ("Pluto"), a company in which Pires holds an
investment.
NFT Investments, which is quoted on the Access segment of the
AQSE Growth Market and operates as an incubator specialising in the
market for non-fungible tokens ("NFTs"), has announced that it has
entered into a non-legally binding letter of intent to acquire the
entire issued share capital of Pluto.
NFT Investments believes that this will create a global
metaverse company and advance the activities of NFT Investments in
the NFTs sector as Pluto has already invested in NFTs and NFT
gaming.
NFT Investments is proposing to acquire the entire issued share
capital of Pluto for a consideration to be satisfied by the issue
of 2.4 billion ordinary shares in NFT Investments ("Proposed
Acquisition") .
Based on the closing mid-market share price of NFT Investments
on 21 January 2022 of 2.475p and the 516,570,526 Pluto shares in
issue based on the latest Companies House filings, this equates to
an indicative price per Pluto share of 11.5p.
Pires holds 32,518,876 shares in Pluto which are carried at a
valuation of 6p per share based on Pluto's last funding round.
Pires also holds warrants over 24 million new ordinary shares in
Pluto, subject to certain vesting conditions, 6 million of which
have already vested.
Based on the price of 11.5 pence per Pluto share referred to
above, this would value the Pires shareholding and vested warrants
in Pluto at approximately GBP4.1 million, compared to the current
Pires book value of its Pluto investment of circa GBP2 million.
The Proposed Acquisition would be a reverse takeover of NFT
Investments under the AQSE Rules and shares in NFT Investments have
been suspended from trading until the proposed acquisition of Pluto
is completed. The acquisition is conditional on certain approvals
and so there can be no guarantee that the acquisition will
complete. Furthermore, the ability of Pires to realise its holding
in NFT Investments will depend on prevailing liquidity at the time.
However, it should also be noted that NFT Investments recently
announced that it had submitted an initial application to list its
shares on the NEO Exchange Inc, a Canadian stock exchange based in
Toronto.
Nicholas Lee, Director of Pires commented:
"We are delighted to note the announcement made today by NFT
Investments regarding its intention to acquire Pluto. This
development will enable Pluto to effectively achieve a stock market
listing at a headline price significantly in excess of the price at
which Pires currently carries its investment in Pluto, representing
further significant gains from our original investment in this
sector.
"NFT Investments' interest and intention to acquire Pluto
demonstrates Pluto's clear value in the NFT and NFT gaming sector.
We look forward to providing further updates as and when
appropriate. "
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Nicholas Lee, Director
Nominated Adviser Tel: +44 (0) 20 7213 0880
Cairn Financial Advisers LLP
Liam Murray/Ludovico Lazzaretti
Joint Broker Tel: +44 (0) 20 7469 0935
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0936
Duncan Vasey/Lucy Williams
Joint Broker Tel: +44 (0) 20 3167 7221
Tennyson Securities
Peter Krens
Financial media and PR Tel: +44 (0) 20 3004 9512
Yellow Jersey
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/
About Pluto Digital Assets plc
Pluto Digital PLC ("Pluto") is a crypto technology and
operations company whose goal is to bring Decentralised Finance
(DeFi) and Metaverse (blockchain gaming and NFTs) to the global
economy. Pluto is making DeFi available to everyone through
products and services created by Pluto's software development Labs
division, new yield farming strategies through Pluto's Yield
division and collaborating with emerging DeFi projects and the NFT
metaverse through Pluto's Ventures division.
For further information, visit: https://plutodigital.com
About NFT Investments
NFT Investments plc is an incubator specialising in the market
for non-fungible tokens ("NFTs") and is the first ever NFT vehicle
to list in a major jurisdiction worldwide. The Company invests in a
diversified portfolio of NFTs, cryptocurrency, and/or in companies
or funds which have exposure to NFT or blockchain technology. The
Company's leadership team have an extensive track record in the
cryptocurrency sector and previously founded Argo Blockchain PLC, a
global crypto miner. NFT Investments is headquartered in London, UK
and its shares are listed on the Aquis Exchange Growth Market under
the ticker symbol NFT. The Company's website is located at
https://www.nftinvest.pro .
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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END
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