Pires Investments Share Discussion Threads

[the_beagle] 07/4/2014 08:46

Sellers all over us atm. I thought the new year was supposed to bring a flood of buyers to the market. Not here it seems!

[moreforus] 07/4/2014 08:06

did you lot have a lay in??

did he wait for the new tax year to give us the rns???

[moreforus] 07/4/2014 07:06

rns...we bought some and converted some.....

[outspan] 04/4/2014 11:58

On further reading of the Admission Document, I'd say the Pires warrants were not converted as part of the extra 308,233 acquired as set out above.

The Document says that 1,077,695 warrants remain in issue on Admission. Later paras, explain that these comprise 952,695 given to Northland and the said 125,000 given to Pires.

As such, the warrants remain as a potential future benefit with a 3-year life.

[swizz] 04/4/2014 11:49

Thanks for that outspan, as the numbers did appear to point to a CLN conversion,......GL S

[outspan] 04/4/2014 11:46

However, don't waste too much time on that now because the deed has indeed been done already:

"...By notice dated 31 March 2014, Pires as holder of all the Convertible Loan Notes, has given notice to convert all the Convertible Notes into 3,037,037 Ordinary Shares (forming part of the Admission Shares) subject to Admission taking place within 14 days of the date of the notice and effective upon Admission..."

This was clearly at a 25% discount under the terms of the CLN viz: 18p (listing price) - 25% = 13.5p. £410k divided by 13.5p = 3,037,037.

However, given that Pires is shown as a holder of 3,345,270 ordinaries on Admission, it must have acquired a further 308,233 in the placing, presumably at 18p, making the total investment c. £465,482 which is immediately worth £602,148 at the listing share price

It's not clear in the Admission Document whether the Pires warrants were converted as part of this extra bit. As far as I can see, the Admission Document says only this on the subject:

Warrant Instrument

The Company has entered into a warrant instrument dated 7 February 2014 pursuant to which it has issued to Pires such number of warrants to subscribe for Ordinary Shares as equals £22,500 divided by the Placing Price (being 125,000 Ordinary Shares). These warrants are exercisable at such price at any time until and including 7 February 2017. The warrant instrument contains substantially similar covenants, protections and adjustment provisions as the instrument creating the Convertible Loan Notes. The warrant instrument is governed by English law and the parties irrevocably submit to the exclusive jurisdiction of the English courts.

Perhaps PIRI would like to advise shareholders of these significant events subsequent to their RNS in Feb. All considered, not at all bad in just a couple of months and a testament to the pre_IPO strategy they have as their investment mission. More of the same please!

[outspan] 04/4/2014 11:45

Well, if only Piri's RNS had been expressed as clearly as this, we may not have had to indulge in quite so much bogus guesswork:

"...On 7 February 2014 Pires Investments Plc, the Company, Rame Energy and Seawind Holding Sp.A entered into an Investment Agreement pursuant to which Pires subscribed for the Convertible Loan Notes totaling £410,000.

The Convertible Loan Notes shall be issued in amounts and multiples of £1,000 and the principal amount is limited to £410,000 plus capitalised interest.

Interest is payable on the Convertible Loan Notes at the rate of 10 per cent. (in case of default,10.5 per cent.) per annum, with an interest holiday for the nine month period from issue (save that interest is payable on 31 October 2014 for that period on any Convertible Loan Notes then remaining in issue and not converted and thereafter accrued interest is payable on conversion of such notes).

The Convertible Loan Notes are redeemable on 7 February 2017 or if Admission is not achieved in certain circumstances more than six months after their issue or upon occurrence of usual events of default.

The Convertible Loan Notes are convertible:

(a) by noteholders at any time prior to 7 February 2017 by notice to the Company;

(b) by the Company by notice to noteholders subject to either (i) Admission and a minimum of £1,000,000 being raised from investors as part of Admission or (ii) Admission within six months of issue and the Company raising £2,500,000 from investors as part of Admission or before or after Admission but within nine months of Admission.

In case of Admission within 12 months of issue, the number of Ordinary Shares to be issued on conversion is determined by dividing the principal amount of the Convertible Loan Notes to be converted by a price per share equal to a price which is at a 25 per cent. discount to the price at which new monies are raised
on Admission (i.e. a 25 per cent. discount to the Placing Price) provided that, if the market capitalisation of the Company pre-new money raised on Admission is more than US$33,000,000 then the price per share shall be determined on the basis of the value per share obtained by dividing the sum of US$25,000,000 by the number of shares in issue, ignoring any shares issued in connection with the
raising of new money on Admission...."

[swizz] 04/4/2014 10:58

just managed to get 2.5M at mid.......GL S

[moreforus] 04/4/2014 10:56

nah that's a buy at 0.06....

[flojo] 04/4/2014 10:54

heres the sellers again

[moreforus] 04/4/2014 09:05

still max buy 2.5 mill at 0.065

[moreforus] 04/4/2014 08:40

max buy 2,5 mill at 0.065 at tdw

[moreforus] 04/4/2014 08:37

well that's a whole 4 mill buys since people started buying yesterday afternoon!

[swizz] 04/4/2014 08:35

was just about buy another 5M at mid and someone pipped me to it, quote is now full offer........GL S

[xcap] 04/4/2014 08:33

our holding is worth about £650,000 atm, not bad for 2 months investment

at a mcap of £30m it would be worth £1m - time to exit?

I think management should take out the initial £400k and cash in now and run the rest free.

[moreforus] 04/4/2014 08:32

buys at just under mid....

[flojo] 04/4/2014 08:31

Are those buys or sells ?

[moreforus] 04/4/2014 08:15

wow a buyer....

another 600 quids worth...

the one yesterday added 10% to the market cap!

[swizz] 04/4/2014 07:59

Rame Aim rule 26 update, Pires listed as a shareholder......GL S

Issued Share Capital

Rame Energy has 95,269,451 ordinary shares of no par value in issue. The number of shares not in public hands represents 41.4% of the total shares in issue.

Directors' Interests

Name

Percentage Holding

Tim Adams

14.8%

William Fisher

0.7%

Pieter D'haen

0.4%

Jan Gawel

0.3%

Fernando Cubillos

0.4%

Andrew Cameron

0.1%


Significant Shareholders

As of 04 April 2014 the Company was aware of the following parties holding 3% or more of the issued ordinary shares:

Name

Percentage Holding

Splendid Suns Holding Ltd.

22.2%

James Wilson

11.2%

Tuda SPRL

7.7%

Mafatsana Overseas Ltd

6.6%

TNJ Limited

4.4%

Pires Investment, PLC

3.5%

Link....

[moreforus] 04/4/2014 07:59

so our stake is worth....33% more....!

[swizz] 04/4/2014 07:53

RAME - currently set to open 18p / 20p

[moreforus] 04/4/2014 07:53

And the epic is???