Pires Investments Share Discussion Threads

[bungeetrader] 16/2/2015 15:19

RNS out.
£80k investment in 3legs, giving 8% of a possible reverse transaction or significant investment.
Hmmm............

[moreforus] 16/2/2015 15:19

PIRI taken a chunk of 3LEG

RNS Number : 0347F

Pires Investments PLC

16 February 2015

Pires Investments PLC

("Pires" or the "Company")

Investment

The Board announce that it has subscribed for 34,482,760 new ordinary shares in a placing by 3Legs Resources PLC ("3Legs") for a consideration of GBP80,000. The 34,482,760 new ordinary shares represent approximately 8.0 per cent of 3Leg's total voting rights. 3Legs is an Isle of Man company whose shares are traded on AIM.

3Legs has recently undergone a reorganisation under which it disposed of its trading activities and returned GBP15.9m of its cash resources to its shareholders, pursuant to a resolution passed by its shareholders on 25 November 2014.

At its General Meeting on 13 February 2015, 3Legs confirmed the return of its remaining net funds amounting to GBP1.145m to its then shareholders, so that its entire cash resources, net of expenses, will have been returned to shareholders, and 3Legs adopted a new investing policy to invest in and/or acquire companies within the technology sector or within the resources sector.

Following approval of the resolutions at the General Meeting referred to above, 3Legs has also issued and allotted 345,025,861 new Ordinary Shares in the Company at a price of 0.232 pence per new Ordinary Share. The net proceeds of this subscription will be used in connection with the implementation of its new Investing Policy. The new shareholders will not be beneficiaries of the cash distribution referred to above.

New directors have today been appointed to the board of 3Legs and it is expected that they will now commence reviewing prospective opportunities for a reverse transaction or significant investment.

Pires played the key role in negotiating and coordinating the restructuring of 3Legs as an investing company.

Peter Redmond, Chairman commented "The investment in 3Legs represents a further step in the implementation of Pires' investing strategy and demonstrates its ability to use its resources to establish a broadly based investing company."

Enquiries:

[moreforus] 13/2/2015 12:25

3Legs Resources plc Results of Extraordinary General Meeting
Print
Alert
TIDM3LEG

RNS Number : 8906E

3Legs Resources plc

13 February 2015

For Immediate Release

13 February 2015

3Legs Resources plc

Results of Extraordinary General Meeting

Change of Directors

Total Voting Rights

At the Extraordinary General Meeting of 3Legs Resources plc ("3Legs" or the "Company") held today, all the resolutions contained in the Notice of Extraordinary General Meeting and put to the meeting were passed. All the resolutions were decided by way of a poll. Details of the votes cast were as follows.


Resolution In favour Against Withheld
------------------------------------------------- ----------- -------- ----------
1. To approve the Capital Return (as defined
in the circular published by the Company
on 27 January 2015 (the "Circular")) 43,741,421 0 0
------------------------------------------------- ----------- -------- ----------
2. To authorise the directors of the Company
to allot and issue 345,025,861 ordinary
shares of GBP0.00025 each at a price of
0.232 pence per share, as if the pre-emption
provisions of the Company's articles of
association did not apply 43,741,421 0 0
------------------------------------------------- ----------- -------- ----------
3. To approve the adoption of the Investing
Policy (as defined in the Circular) 43,741,421 0 0
------------------------------------------------- ----------- -------- ----------
4. To generally and unconditionally authorise
the directors of the Company to allot ordinary
shares of GBP0.00025 each up to an aggregate
par value of GBP150,000, as if the pre-emption
provisions of the Company's articles of
association did not apply 34,191,881 0 9,549,540
------------------------------------------------- ----------- -------- ----------

Details of the Capital Return

Immediately following the Extraordinary General Meeting, the board of directors reconsidered the Company's solvency position and confirmed the Capital Return at 1.33 pence per qualifying Ordinary Share, equal to approximately GBP1.145 million in total. Capital return payments of 1.33 pence per Ordinary Share are expected to be made to Qualifying Shareholders (as defined in the Circular) on 20 February 2015.

Following completion of the Capital Return, the Company will have returned a total of 19.83 pence per share to shareholders, equal to approximately GBP17.1 million in all, which is in excess of the indication given by the Company in the circular dated 7 November 2014. Moreover, the two capital returns and associated transactions executed by the Company will result in a faster return of funds to shareholders than would have been achieved by a conventional liquidation process.

Details of the Subscription

Following the passing of the Resolutions, the Company has issued and allotted 345,025,861 new Ordinary Shares in the Company at a price of 0.232 pence per new Ordinary Share. The net proceeds of the Subscription (as defined in the Circular) will be used in connection with the implementation of the Company's new Investing Policy. Application has been made for the admission of the new Ordinary Shares to trading on AIM which is expected to occur at 8.00 a.m. on 16 February 2015 ("Admission").

Following Admission, the Company will have 431,152,590 Ordinary Shares in issue and each share will carry the right to one vote. This number may be used by Shareholders as the denominator for any calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Change of Directors

In accordance with the Company's plans announced on 27 January 2015, Tim Eggar and Kamlesh Parmar will resign as directors and, respectively, Chairman and Chief Executive Officer of the Company with effect from Admission. Richard Armstrong and Colin Weinberg have been appointed directors of the Company with effect from Admission. The information required to be disclosed in accordance with Schedule Two (g) of the AIM Rules for Companies for Mr. Armstrong and Mr. Weinberg is set out below.

Richard James Armstrong, aged 67, is or has been in the past five years a director of the following companies:


Current Directorships Past Directorships

Blenheim Wind (UK) plc Bass Energy Pty Limited
Petrocapital Resources plc Blenheim Energy Limited
Blenheim Wind and Biomass Limited
Citypoint Investments plc
Devonshire Wind Projects Limited
Ecovista plc
IGas Energy plc
Pires Investments plc
Xchange House plc


Richard Armstrong resigned as a director of Bass Energy Pty Ltd in January 2012. The company was placed into liquidation on 13 December 2012.

Upon completion of the Subscription Mr. Armstrong will hold 6,465,517 Ordinary Shares representing 1.5 per cent. of the enlarged share capital of the Company.

Colin Lawrence Weinberg, aged 65, is or has been in the past five years a director of the following companies:


Current Directorships Past Directorships

Akoris Trading Limited Denby Investment (UK) Limited
Aspley Investments Limited Crayson Limited
Associated British Engineering plc
Atticus Projects Limited
British Polar Engines Limited
Hirst & Mallinson Limited
Kennedy Ventures plc
Zander Group Limited

Upon completion of the Subscription Mr. Weinberg will hold 4,310,345 Ordinary Shares representing 1 per cent. of the enlarged share capital of the Company. Mr. Weinberg is a director of British Polar Engines Limited which has subscribed for 86,206,897 Ordinary Shares representing 20 per cent. of the enlarged capital of the Company.

Unless the context otherwise requires, defined terms used in this announcement shall have the meanings given to them in the circular posted to Shareholders on 27 January 2015, which is available to view on the Company's website (www.3legsresources.com).

Enquiries:


3Legs Resources plc Tel: [phone]
Kamlesh Parmar, Chief Executive
Officer
Alexander Fraser, Chief Financial
Officer

Northland Capital Partners Limited Tel: [phone]
(Nominated Adviser and Broker)
Matthew Johnson
Edward Hutton

FTI Consulting Tel: [phone]
Oliver Winters

[moreforus] 13/2/2015 10:11

StephenFryUp retweeted
Rame Energy PLC ‏@RameEnergy 15m15 minutes ago
More photos of Raki / Huajache 15MW wind farm just posted on our website!
…
#renewables #rame

[moreforus] 05/2/2015 18:49

Well it's either one of those ... Not that the market gives a ... Hoot...!!!

[outspan] 05/2/2015 17:46

Even more interesting, LM's reply to you elsewhere - it'll surely react if and when his apparent lithium pointer comes along:

moreforus - 05 Feb 2015 - 07:37:58 - 488767 of 489293

any news coming for PIRI LM

is it gonna be Lithium?

is it gonne be 3LEG?

Liquid Millionaire - 05 Feb 2015 - 08:24:06 - 488809 of 489293

PIRI



Yes moreforus ref: PIRI

[moreforus] 03/2/2015 12:41

Interesting out span ... piri and avp yet to react!

[outspan] 03/2/2015 12:14

European Lithium project located in Austria. German Commerzbank increases holdings at Redmond's MITH and related CLEE. Coincidence?

PR's MITH is the one targeting a resources pathway. Raised £3m+ when coming to the market in late Dec, looking for a purpose. Euro Lith said to be looking for £5m in conjunction with IPO which Shares Mag has recently said is still on. PR appointed John May to PIRI Board in Dec and now said to have joined Euro Lith Board. Could see MITH being the vehicle. Could PIRI and AVP cash make up the difference?

[moreforus] 02/2/2015 13:47

red to blue

5 mill max at 0.05....

[moreforus] 29/1/2015 11:59

yep but keen sellers...for now

saw a buy at AVP too.l....

[moreforus] 29/1/2015 11:11

+47%!

0.059 paid!!!

[moreforus] 29/1/2015 10:57

no online offer

[moreforus] 29/1/2015 10:51

ping

looks like this his bottomed...

again

[cammy3] 28/1/2015 06:07

Redmond advising 3legs in yesterday's release.

[moreforus] 23/1/2015 09:51

now 0.0495 to buy

[moreforus] 23/1/2015 09:51

lol thats a buy

[moreforus] 23/1/2015 09:49

PIRI the plot thickens!!

[moreforus] 23/1/2015 09:43

you moved the market....

[ashleyjv] 23/1/2015 09:42

just bought at .044

[moreforus] 23/1/2015 08:31

sell order or delayed dump...

can buy 10 mill max at 0.048

[outspan] 22/1/2015 20:06

Good work FX.

So, let me see, Finance lady moves from HAYT to PIRI in Sep 14 to fill a post we barely knew we had any previous call for. Why would she do that?



Then John May, the HAYT non-exec Chairman joins PIRI as part of major Boardroom changes. Surely can't be just coincidence that Carly Hines was sent on a couple of months ahead and formally appointed as Company Secretary in Dec according to Companies House? Preparing for a new dawn?

Now we hear John May has joined the Board of European Lithium which has been working up to a London listing for about 6 months now.



Meanwhile, PIRI launches a new website and goes heavy on becoming "a niche strategic investor focusing on the funding gap for companies before IPO or other significant corporate events"

EL apparently looking to raise £5m in conjunction with their listing so not sure I can see a reverse into AVP with this one.

Very interesting!