TIDMPIRI
RNS Number : 3542U
Pires Investments PLC
01 August 2022
1 August 2022
Pires Investments Plc
("Pires" or the "Company")
Placing, Related Party Transactions, Issue of Warrants and
Directors' dealings
Pires Investments plc (AIM: PIRI), the investment company
focused on next generation technology, announces that the Company
has placed 12,500,000 new ordinary shares in the Company (the
"Placing Shares"), at a price of 4 pence per share, raising gross
proceeds of GBP500,000 (the "Placing"), subject to admission to
trading on AIM. The Placing Shares have been placed at a 4 per
cent. premium to the closing mid-price of the ordinary shares on 29
July 2022.
Placees will also receive one warrant for every two ordinary
shares subscribed for, exercisable at 8 pence from the date of
Admission (defined below) and expiring on the one-year anniversary
of the date of Admission (the "Placing Warrants"). In aggregate,
6,250,000 Placing Warrants will be issued.
The following Directors have subscribed, in aggregate, for
750,000 new ordinary shares as part of the Placing. Their
subscription for new Ordinary Shares is on the same terms and
conditions as the Placing.
Director Number of Resulting Resulting No. of Placing Resulting
new Ordinary holding % of Ordinary Warrants warrants
Shares subscribed of Ordinary Share Capital issued pursuant held following
for pursuant Shares following to the Placing the Placing
to the Placing the Placing
Nicholas
Lee 350,000 350,000 0.19% 175,000 175,000
------------------- ------------- --------------- ----------------- ----------------
John May 200,000 200,000 0.11% 100,000 100,000
------------------- ------------- --------------- ----------------- ----------------
David Palumbo 200,000 200,000 0.11% 100,000 100,000
------------------- ------------- --------------- ----------------- ----------------
Application will be made to the London Stock Exchange for the
Placing Shares to be admitted to trading on AIM. Admission of the
new ordinary shares is expected to occur on or around 26 August
2022 ("Admission"). The Placing Shares will rank pari passu with
the existing Ordinary Shares.
Related party transactions
Riverfort Global Opportunities PLC ("RGO") has an existing
interest over 35,728,393 ordinary shares in the Company,
representing 20.96% of the Company's issued share capital and, as
such, is a substantial shareholder as defined in the AIM Rules for
Companies ("AIM Rules"). Accordingly, the transaction between the
Company and RGO is a related party transaction ("Transaction")
pursuant to Rule 13 of the AIM Rules. Nicholas Lee, a director of
the Company, is also the Investment Director of RGO and,
accordingly, has not been involved in the approval of the Placing
by the Company's board. RGO has agreed to subscribe for 2.5 million
new ordinary shares in the Placing, bringing its aggregate holding
to 38,228,393 or 20.89% of the Company's issued share capital as
enlarged by the Placing.
The directors of the Company independent of the Transaction,
having consulted with the Company's nominated adviser, Cairn
Financial Advisers LLP, consider the terms of the Transaction to be
fair and reasonable insofar as the Company's shareholders are
concerned.
Chris Akers has an existing interest over 25,150,000 ordinary
shares in the Company, representing 14.75% of the Company's issued
share capital and, as such, is a substantial shareholder as defined
in the AIM Rules for Companies ("AIM Rules"). Accordingly, the
transaction between the Company and Mr. Akers is a related party
transaction (the "Akers Transaction") pursuant to Rule 13 of the
AIM Rules. Mr. Akers has agreed to subscribe for 1,250,000 new
ordinary shares in the Placing, bringing his aggregate holding to
26,400,000 or 14.43% of the Company's issued share capital as
enlarged by the Placing.
The directors of the Company independent of the Akers
Transaction, having consulted with the Company's Nominated Adviser,
Cairn Financial Advisers LLP, consider the terms of the Akers
Transaction to be fair and reasonable insofar as the Company's
shareholders are concerned.
Total voting rights
Following Admission, the Company will have 182,956,642 Ordinary
Shares in issue, each share carrying the right to one vote. The
Company does not hold any Ordinary Shares in treasury. The above
figure of 182,956,642 Ordinary Shares may be used by shareholders
in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest
in, or a change to their interest in, the share capital of the
Company under the Financial Conduct Authority's Disclosure Guidance
and Transparency Rules.
Nicholas Lee, Director of Pires, commented:
"We have a clear focus of investing in next-generation
technology and we have clearly demonstrated through both
realisations and revaluations that we have an excellent investment
portfolio with exciting prospects for growth. The fact that we have
been able to raise new funds in difficult market conditions at a
premium to the prevailing market price reinforces this point and
demonstrates the supportive nature of and belief in the Company by
our shareholder base. We look forward to providing further
portfolio updates in due course."
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
For further information please contact:
Pires Investments plc Tel: +44 (0) 20 3368 8961
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/
.
Notification of a Transaction pursuant to Article 19(1) of Regulation
(EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person
closely associated
----------------------------------------------------------------------------------------------
a. Name A) Nicholas Lee
B) John May
C) David Palumbo
----------------------------------- ---------------------------------------------------------
2 Reason for notification
----------------------------------- ---------------------------------------------------------
a. Position/Status A) Director
B) Director
C) Director
----------------------------------- ---------------------------------------------------------
b. Initial notification/ Initial notification
Amendment
----------------------------------- ---------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------------------
a. Name Pires Investments plc
----------------------------------- ---------------------------------------------------------
b. LEI 213800HIDICWXHGZBC82
----------------------------------- ---------------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------------------------------------
a. Description of Ordinary shares of 0.25 pence each
the financial
instrument, type
of instrument
ISIN: GB00BD07SH45
Identification
Code
----------------------------------- ---------------------------------------------------------
b. Nature of the Purchase of shares as part of the Placing
transaction
----------------------------------- ---------------------------------------------------------
c. Price(s) and volume(s) Price Volume
A) 4p 350,000
------ --------
B) 4p 200,000
------ --------
C) 4p 200,000
------ --------
----------------------------------- -------------------------------------------------
d. Aggregated information
- Aggregated Volume N/A
- Price N/A
----------------------------------- ---------------------------------------------------------
e. Date of the transaction 1 August 2022
----------------------------------- ---------------------------------------------------------
f. Place of the transaction London
----------------------------------- ---------------------------------------------------------
Notification of a Transaction pursuant to Article 19(1) of Regulation
(EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person
closely associated
----------------------------------------------------------------------------------------------
a. Name A) Nicholas Lee
B) John May
C) David Palumbo
----------------------------------- ---------------------------------------------------------
2 Reason for notification
----------------------------------- ---------------------------------------------------------
a. Position/Status A) Director
B) Director
C) Director
----------------------------------- ---------------------------------------------------------
b. Initial notification/ Initial notification
Amendment
----------------------------------- ---------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------------------
a. Name Pires Investments plc
----------------------------------- ---------------------------------------------------------
b. LEI 213800HIDICWXHGZBC82
----------------------------------- ---------------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------------------------------------
a. Description of Warrants over ordinary shares of 0.25 pence
the financial each
instrument, type
of instrument
Identification ISIN: GB00BD07SH45
Code
----------------------------------- ---------------------------------------------------------
b. Nature of the Issue of 1 warrant for every 2 shares subscribed
transaction for in the Placing
----------------------------------- ---------------------------------------------------------
c. Price(s) and volume(s) Price Volume
A) 8p 175,000
------ --------
B) 8p 100,000
------ --------
C) 8p 100,000
------ --------
----------------------------------- -------------------------------------------------
d. Aggregated information
- Aggregated Volume N/A
- Price N/A
----------------------------------- ---------------------------------------------------------
e. Date of the transaction 1 August 2022
----------------------------------- ---------------------------------------------------------
f. Place of the transaction London
----------------------------------- ---------------------------------------------------------
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