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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Pires Investments Plc | LSE:PIRI | London | Ordinary Share | GB00BD07SH45 | ORD 0.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.95 | 0.90 | 1.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 420k | -366k | -0.0020 | -475.00 | 173.81M |
From Apr 2019 to Apr 2024
TIDMPIRI
RNS Number : 5037M
Pires Investments PLC
31 July 2017
Pires Investments PLC
("Pires" or the "Company")
Unaudited interim results for the six months to 30 April 2017
Chairman's Statement
During the six months to 30 April 2017, the Company has made good progress towards implementing its strategy. It has successfully raised GBP675,000 gross by way of two placings at 3p. It has also invested GBP500,000 into Eco (Atlantic) Oil and Gas Ltd ("Eco"), an oil and gas business, which is listed on the Toronto Stock Exchange and on AIM. The Eco share price has, to date, increased by around 15% since our investment was made and some profits on this investment have already been realised.
The performance of the remainder of our portfolio has also been satisfactory as evidenced by the gains on investments shown in the profit and loss account. There has been a further modest increase in the overall value of our investments since 30 April 2017. At the same time, we have continued to reduce costs and conserve cash, though the effect of the cost reduction will be more evident in the second half of the financial year.
Our strategy continues to be focused on undertaking a substantial transaction - we continue to review some attractive opportunities and are hopeful that an appropriate transaction will be identified in the short term which will ultimately create value for shareholders.
Peter Redmond
Chairman
Enquiries:
Pires Investments plc Peter Redmond, Director Tel: +44 (0) 20 7917 1817 Nominated Adviser Cairn Financial Advisers Tel: +44 (0) 20 7148 7900 LLP Liam Murray Broker Peterhouse Corporate Finance Tel: +44 (0) 20 7469 0935 Duncan Vasey / Lucy Williams Tel: +44 (0) 20 7469 0936
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 April 2017
Hot Features
Premium
Unaudited Unaudited Audited
6 months 6 months Year
ended ended Ended
30-Apr 30-Apr 31-Oct
2017 2016 2016
Continuing activities GBP GBP GBP
Notes
Revenue
Investment income - - 33
Other income 5 13 21
Total revenue 5 13 54
Gains/(losses) on investments
held at fair value through
profit or loss 100,558 (22,843) (302,463)
Operating expenses (131,714) (130,980) (248,611)
---------- ---------- ----------
Operating (loss) from
continuing activities (31,151) (153,810) (551,020)
(Loss) before taxation
from continuing activities (31,151) (153,810) (551,020)
Tax - 342 -
(Loss) for the period from
continuing activities (31,151) (153,468) (551,020)
---------- ---------- ----------
Loss on disposal of discontinued
operations - - (8,617)
(Loss) for the period
and total comprehensive
income attributable to
equity holders of the
Company (31,151) (153,468) (559,637)
========== ========== ==========
Basic (loss) per share 3
Equity holders
Basic and diluted (0.091p) (0.006p) (5.00p)
UNAUDITED STATEMENT OF FINANCIAL POSITION
As at 30 April 2017
Unaudited Unaudited Audited
As at As at As at
30-Apr 30-Apr 31-Oct
2017 2016 2016
GBP GBP GBP
Notes
NON-CURRENT
ASSETS
Property, plant
and equipment 25 503 230
Investment in
subsidiaries 2 1 1
TOTAL NON CURRENT
ASSETS 27 504 231
CURRENT ASSETS
Investments 680,823 483,093 152,624
Trade and other
receivables 77,505 35,818 53,865
Cash and cash
equivalents 108,878 52,681 49,448
------------- ------------- -------------
TOTAL CURRENT
ASSETS 867,206 571,592 255,937
------------- ------------- -------------
TOTAL ASSETS 867,233 572,096 256,168
============= ============= =============
EQUITY
Called up share
capital 11,937,944 11,853,192 11,858,477
Share premium
account 3,557,838 2,904,840 2,997,555
Retained earnings (14,921,136) (14,483,815) (14,889,985)
Capital redemption
reserve 164,667 164,667 164,667
------------- ------------- -------------
TOTAL EQUITY 4 739,313 438,884 130,714
LIABILITIES
CURRENT LIABILITIES
Trade and other
payables 127,920 133,212 125,454
------------- ------------- -------------
TOTAL LIABILITIES
AND CURRENT
LIABILITIES 127,920 133,212 125,454
TOTAL EQUITY
AND LIABILITIES 867,233 572,096 256,168
============= ============= =============
UNAUDITED CASH FLOW STATEMENT
For the six months ended 30 April 2017
Unaudited Unaudited Audited
Year
6 months 6 months ended
ended ended ended
30-Apr 30-Apr 31-Oct
2017 2016 2016
GBP GBP GBP
Cash flows from operating
activities (31,151) (153,468) (559,637)
Depreciation 205 553 827
Realised (gain)/loss
on disposal of investments - 3,996
Fair value movement
in investments (100,558) 22,843 298,647
Finance income - (355) (33)
(Increase)/decrease
in receivables (23,640) 40,522 22,475
Increase/(decrease)
in payables 2,464 51,319 43,560
Net cash absorbed
by operating activities (152,680) (38,586) (190,165)
---------- ---------- ----------
Cash flows from investing
activities
Payments to acquire
investments (510,000) - -
Proceeds of sale of
investments 82,360 10,587 61,434
Disposal of subsidiary 18,500 18,321
Net proceeds from
share issue -
Finance income received - 355 33
Net cash (used in)/from
investing activities (427,640) 29,442 79,788
---------- ---------- ----------
Cash flows from financing
activities
Proceeds from issue
of equity 639,750 98,000
Finance costs paid - - -
Net cash from financing
activities 639,750 - 98,000
---------- ---------- ----------
Net increase/(decrease)
in cash and cash equivalents
during the period 59,430 (9,144) (12,377)
Cash and cash equivalents
at beginning of the
period 49,448 61,825 61,825
Cash and cash equivalents
at end of the period 108,878 52,681 49,448
========== ========== ==========
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 c/o Cooley Services Limited, Dashwood, 69 Old Broad Street, London EC2M 1QS. The condensed interim financial statements of the Company for the six months ended 30 April 2017 are for the Company only. The Company disposed of its subsidiary, Ventec Renewable Energy Limited, in February 2016. The condensed interim financial statements for the six months ended 30 April 2016 are those of the Group which had a subsidiary during that period.
The condensed consolidated 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 October 2016 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 2016 and 2017 was also prepared in accordance with IFRS.
The condensed consolidated 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 31 July 2017.
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 October 2016. 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 consolidated 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. LOSS PER SHARE
The calculation of the basic loss per share is based on the following data:
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30-Apr 30-Apr 31-Oct
2017 2016 2016
GBP GBP GBP
Profit/(loss) on continuing
activities after tax (31,151) (153,468) (551,020)
Basic and fully diluted
Basic and fully diluted (loss)/earnings per
share have been computed based on the following
data:
Number of
shares
Weighted average number
of ordinary shares for
the period 33,900,803 2,321,659,864 11,400,805
Basic (loss)/earnings
per share from continuing
activities (p) (0.091) (0.006) (5.00)
There were no dilutive instruments that would
give rise to diluted earnings per share.
4. STATEMENT OF CHANGES IN EQUITY
Share Capital Share Capital Retained Total
Premium Redemption Earnings
Reserve
GBP GBP GBP GBP GBP
At 1 November
2015 11,853,192 2,904,840 164,667 (14,398,671) 524,028
Loss for the
6 months ended
30 April 2016 (153,468) (153,468)
Adjustment re
disposal of
subsidiary 68,324 68,324
At 30 April
2016 11,853,192 2,904,840 164,667 (14,483,815) 438,884
Issue of shares 5,285 92,715 98,000
Loss for the
6 months ended
31 October 2016 (406,170) (406,170)
At 31 October
2016 11,858,477 2,997,555 164,667 (14,889,985) 130,714
Issue of shares 56,250 583,500 639,750
Adjustment re
share consolidation 23,217 (23,217) -
Loss for the
6 months ended
30 April 2017 (31,151) (31,151)
At 30 April
2017 11,937,944 3,557,838 164,667 (14,921,136) 739,313
============= ========= =========== ============ =========
5. DISTRIBUTION OF INTERIM REPORT
Copies of the Interim Report for the six months ended 30 April 2017 are available on the Company's website, www.piresinvestments.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SELFWUFWSEFW
(END) Dow Jones Newswires
July 31, 2017 02:00 ET (06:00 GMT)
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