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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 |
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
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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