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 £992,000 during the period (six months ended 30 June 2021: profit before taxation of £1.53 million)

·    Net asset value ("NAV") of £8,702,000 as at the period end (31 December 2021: £7,223,000), 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 £488,457

 

Portfolio highlights

·    Portfolio valuation increased to £9,398,000 from £7,390,000, 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 €10 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

·    £5 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 £500,000 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 £300,000 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 £90,000 in SVV2 alongside the British Business Bank, which has committed to invest £50 million in this new fund.  In March 2022, SVV2 led a seed round raising £2 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, the 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 valuation at 30 June 2022

Cost or valuation at 31 December 2021


£000s

£000s

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 intelligence

Description

Recent developments

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.

New major contract to assess mine gas ingress and helping The Lower Thames Crossing project stay green.

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.

Partnership with Asda in Leeds and Bristol launched in March 2022.

Security



Nova Leah

An Artificial Intelligence cyber-security assessment and protection platform for connected medical devices.

Multiple new pilot schemes recently established.

Getvisibility

An Artificial Intelligence security company addressing the substantial problem faced by corporations in storing, sorting, accessing and protecting data.

In March 2022, it raised additional funds at a significant premium and has been voted as one of Ireland's top 18 start-ups. Revenue growing significantly.

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.

New contracts and trials established.

Smarttech247

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.

Immersive Technologies



Engage XR

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.

Revenue grew by 41% in the first half of 2022. Currently developing its metaverse offering which is expected to launch in Q4.  Partners include HTC and the Virtual Human Interaction Lab at Stanford University.

Admix

A platform enabling the monetisation of interactive programmatic brand placements in applications such as video games and other AR/VR applications.

The company is rapidly growing its revenues and, in June 2022, announced a merger with LandVault, a builder of virtual experiences in metaverse worlds.

Warducks

A game development studio known for the production of leading games.  It is currently developing a major new AR mobile game that is in the same category as Pokémon Go.

Has been getting good traction for its new mapping platform that can use real-world geographical locations to create 3D virtual worlds.

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.

Partnered with Zemax Optics Studio in April 2022. In May 2022, they launched their proprietary Alpha Optical Engine Demonstrator and in July 2022 appointed a new Chairman, Francois Auque.

Volograms

An Augmented Reality capture and volumetric video company.

It is currently trialling a new app which has had 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

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 drive to new safety standards across their fleet and drivers.

The company is growing revenues significantly in the UK and US.

Wia

Wia is an Internet of Things (IoT) company with a cloud 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.

The company is actively progressing new contracts.

 

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 €10 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 €250,000 in March 2020, with a follow-on investment of €62,000 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 €1,500,000 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 €1,337,000. Pires' effective interest in Getvisibility, in aggregate, is therefore now valued at circa €2,837,000. 

 

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 £85 million, with BBB investing up to £50 million and other investors ("Private Investors"), including Pires, investing up to £35 million over the 10-year life of the fund.

 

Pires has initially invested circa £90,000, in SVV2 and expects to invest up to £5 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 RETìníZE 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 €1,500,000 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 £2 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 2021

Change

 


£000s

£000s


Profit attributable

£992

£1,491


Net asset value

£8,702

£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 £488,457.  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 £500,000 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

Liam Murray/Ludovico Lazzaretti

 

 

Tel: +44 (0) 20 7213 0880

Broker

Peterhouse Capital Limited

Lucy Williams/Duncan Vasey

 

 

Tel: +44 (0) 20 7469 0935

 

Financial media and PR

Yellow Jersey

Sarah Hollins

Henry Wilkinson

Annabelle Wills

 

 

Tel: +44 (0) 20 3004 9512

 

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

 

£000s

 

£000s

 

£000s

 

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)


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

 

 

£000s

 

£000s

 

£000s

 

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 for shares to be issued


155


-


-

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

ended

 

6 months

ended

 

year

ended

 

 

30-Jun

 

30-Jun

 

31-Dec

 

 

2022

 

2021

 

2021

 

 

 

 

£000s

 

£000s

 

£000s

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 9th 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


£000s

£000s

£000s





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 to be issued

Share Premium

 

Capital Redemption Reserve

 

Retained Earnings

 

Total

 

£000s

 

£000s

£000s

 

£000s

 

£000s

 

£000s

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 identified 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 reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

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