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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mindflair Plc | LSE:MFAI | 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% | 0.75 | 0.70 | 0.80 | 0.75 | 0.75 | 0.75 | 25,446 | 07:30:44 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Finance Services | -2.17M | -2.67M | -0.0073 | -130.14 | 2.75M |
TIDMPIRI
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 GBP992,000 during the period (six months ended 30 June 2021: profit before taxation of GBP1.53 million)
-- Net asset value ("NAV") of GBP8,702,000 as at the period end (31 December 2021: GBP7,223,000), 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 GBP488,457
Portfolio highlights
-- Portfolio valuation increased to GBP9,398,000 from GBP7,390,000, 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 EUR10 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
-- GBP5 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 GBP500,000 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 GBP300,000 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 GBP90,000 in SVV2 alongside the British Business Bank, which has committed to invest GBP50 million in this new fund. In March 2022, SVV2 led a seed round raising GBP2 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, t he 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 Cost or valuation valuation at 30 June at 31 December 2022 2021 GBP000s GBP000s ------------ ---------------- 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 Description Recent developments intelligence Ambisense Provides an Artificial Intelligence New major contract platform to deliver environmental to assess mine gas risk assessment to allow ingress and helping real-time gas and environmental The Lower Thames Crossing monitoring using both IoT project stay green. and sensor solutions. ------------------------------------ ------------------------------- Buymie An artificial intelligence-based Partnership with Asda same day grocery delivery in Leeds and Bristol company operating in both launched in March 2022. the UK and Ireland working with companies such as Tesco, Lidl, Asda and the Co-op. ------------------------------------ ------------------------------- Security ------------------------------------ ------------------------------- Nova Leah An Artificial Intelligence Multiple new pilot cyber-security assessment schemes recently established. and protection platform for connected medical devices. ------------------------------------ ------------------------------- Getvisibility An Artificial Intelligence In March 2022, it raised security company addressing additional funds at the substantial problem a significant premium faced by corporations in and has been voted storing, sorting, accessing as one of Ireland's and protecting data. top 18 start-ups. Revenue growing significantly. ------------------------------------ ------------------------------- PreCog A security solution platform New contracts and trials company that provides data established. intelligence to combat crime, terrorism and protect vulnerable people. Customers include leading law enforcement and security agencies and transport infrastructure groups. ------------------------------------ ------------------------------- Smarttech247 A global artificial intelligence The company has recently based cyber security cloud won a number of new business that protects enterprises clients and has just from cyber-attacks. Smarttech247 launched a new MDR has over 100 technology product, Vision X. partners, including IBM It is also actively and Microsoft, and more progressing a stock than 50 clients based in market listing. Europe and the US. ------------------------------------ ------------------------------- Immersive Technologies ------------------------------------ ------------------------------- Engage XR A developer of Virtual Reality Revenue grew by 41% and immersive experiences in the first half of with a specific focus on 2022. Currently developing education and enterprise its metaverse offering learning and development. which is expected to The company is listed on launch in Q4. Partners AIM. include HTC and the Virtual Human Interaction Lab at Stanford University. ------------------------------------ ------------------------------- Admix A platform enabling the The company is rapidly monetisation of interactive growing its revenues programmatic brand placements and, in June 2022, in applications such as announced a merger video games and other AR/VR with LandVault, a builder
applications. of virtual experiences in metaverse worlds. ------------------------------------ ------------------------------- Warducks A game development studio Has been getting good known for the production traction for its new of leading games. It is mapping platform that currently developing a major can use real-world new AR mobile game that geographical locations is in the same category to create 3D virtual as Pokémon Go. worlds. ------------------------------------ ------------------------------- VividQ A deep tech software company Partnered with Zemax which has developed a framework Optics Studio in April for real-time 3D holographic 2022. In May 2022, displays for use in heads-up they launched their displays and AR headsets proprietary Alpha Optical and glasses. Engine Demonstrator and in July 2022 appointed a new Chairman, Francois Auque. ------------------------------------ ------------------------------- Volograms An Augmented Reality capture It is currently trialling and volumetric video company. a new app which has had positive feedback to date. ------------------------------------ ------------------------------- Virtex A company building a platform It is actively developing for the next-generation its new Stadium app. of live, immersive entertainment within the virtual reality ("VR") gaming and e-sports industries. ------------------------------------ ------------------------------- Internet of things ------------------------------------ ------------------------------- CameraMatics CameraMatics is a disruptive The company is growing technology for fleet and revenues significantly driver risk management. in the UK and US. 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. ------------------------------------ ------------------------------- Wia Wia is an Internet of Things The company is actively (IoT) company with a cloud progressing new contracts. 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. ------------------------------------ -------------------------------
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 EUR10 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 EUR250,000 in March 2020, with a follow-on investment of EUR62,000 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 EUR1,500,000 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 EUR1,337,000. Pires' effective interest in Getvisibility, in aggregate, is therefore now valued at circa EUR2,837,000.
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 GBP85 million, with BBB investing up to GBP50 million and other investors ("Private Investors"), including Pires, investing up to GBP35 million over the 10-year life of the fund.
Pires has initially invested circa GBP90,000, in SVV2 and expects to invest up to GBP5 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 RETi ni ZE 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 EUR1,500,000 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 GBP2 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 Change 2021 -------------------------------- ------------- ----------- ------ GBP000s GBP000s Profit attributable GBP992 GBP1,491 Net asset value GBP 8,702 GBP 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 GBP488,457. 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 GBP500,000 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 Tel: +44 (0) 20 7213 0880 Liam Murray/Ludovico Lazzaretti Broker Peterhouse Capital Limited Tel: +44 (0) 20 7469 0935 Lucy Williams/Duncan Vasey 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 2022
Unaudited Unaudited Audited 6 months 6 months year ended ended ended 30-Jun 30-Jun 31-Dec 2022 2021 2021 Continuing activities GBP000s GBP000s GBP000s 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) (590) ---------- ---------- ----------- 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 GBP000s GBP000s GBP000s 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 155 - - for shares to be issued 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 6 months year ended ended ended 30-Jun 30-Jun 31-Dec 2022 2021 2021 GBP000s GBP000s GBP000s 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 9(th) 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 GBP000s GBP000s GBP000s 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 Share Premium Capital Retained Earnings Total to be issued Redemption Reserve GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s 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 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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