Pires Investments Share Discussion Threads

[ryan83] 13/3/2014 13:40

So thats over 3%! like 3.7% ish

[moreforus] 13/3/2014 13:40

and a 78 mill dump at the same time

168 mill....any of the named holders out then??

[divmad] 13/3/2014 13:39

Stupid post Mike.

[flojo] 13/3/2014 13:38

90 mill dump, so 32 mill still left.

[moreforus] 13/3/2014 13:38

nope

its that 90 mill sell at 0.0475p

[mike111d] 13/3/2014 13:28

Likely a placing then, I will maintain a watching brief.

[moreforus] 13/3/2014 13:02

not if they held less than 3%!

[ryan83] 13/3/2014 13:01

so there should be a holding RNS

50m = approx 2% of shares in issue?

[moreforus] 13/3/2014 13:01

gobbled up!

[moreforus] 13/3/2014 12:58

55 mill now

tdw just cut the buy limit

50 mill dump to be reported!

[moreforus] 13/3/2014 12:53

maybe but the gobbles need to be larger!

[droftarts] 13/3/2014 12:51

The interesting thing is the sell is being gobbled up !!

[moreforus] 13/3/2014 12:43

37 mill taken now

still stock to go

[ryan83] 13/3/2014 12:42

are any of these leaving the bulding?

Significant Holders of Ordinary Shares

Shareholder : Notified holding

Ambrosia Investment Ltd : 16.1%
Gledhow Investments plc : 8.6%
Otterswick UK Limited :7.2%
AIMS Consultancy Limited : 5.4%

[moreforus] 13/3/2014 12:40

30 mill buys so far

its gonna be a mega whopper dump

50 mill at 0.05??

[moreforus] 13/3/2014 12:37

there were some large buys last week...

10 mill in the 0.70s

[barnetpeter] 13/3/2014 12:34

Good time to buy? In for a few ...

[moreforus] 13/3/2014 12:32

large sell filled or being worked

can buy max poss at TDW

[flasher2] 13/3/2014 12:31

maybe good day to buy

[flasher2] 13/3/2014 12:28

it's blood all over today.

[mike111d] 13/3/2014 12:26

There is sure to be one, large sell order in perhaps.

[ryan83] 13/3/2014 12:19

Any thoughts on the drop?

[xcap] 10/3/2014 06:59

Outspan
Thanks for taking the trouble
Excellent post

[outspan] 09/3/2014 23:49

Class posts xcap, thanks.

Re your post 1990 and LDP, I think PR makes a very open and frank appraisal of the Manas debacle in his last prelims statement there and it's well worth a read. No way to dress the investment up as turning out well but on the plus side for us here, I think the initial investment had much merit at the time it was made and PR comes through quite well as having tried hard to bang heads and to move things forward but sadly for LDP, to no avail.

I actually think he displayed integrity both during his tenure and in his departure from LDP and even following it e.g. by agreeing the cancellation of his residual options. In this regard, I think it is noteworthy that TW's (the re-invented shareholder's champion lol) unbridalled assault on PR at the end of last year ended with a remarkably pleasant, almost contrite piece on PR, having met him following his resignation. I think that apparent reversal is meaningful.



Again, on the plus side for PIRI, I get the feeling that the Manas experience left a hefty mark along the lines of "once bitten, twice shy", I think evidenced in part by last Summer's statements to steer PIRI to a wider brief than the resource sector and to restate their pre-IPO mission, very much in tune with your final para in your last post in fact.

You say "".....such transactions" would clearly suggest (to me at least) that they are looking at companies close to delivering value via IPOs. That's exactly where you want to be; 3-6 months ahead of a listing. At this point companies will be cleaning up their balance sheets, providing a strong business plan, and releasing value by securing funding through the capital markets for future growth."

They say "...While the Company continues to look for reverse takeover transactions, it is also looking to take advantage of opportunities to seed transactions at a pre-IPO stage with the intention of incubating them to come to market in a way which will enhance the value of Pires initial holding"...and most recently..."The Board is now seeing a broader range of potentially attractive opportunities, some of which are now under active review. The Board believes that it will be beneficial to invest in a series of such opportunities either at or shortly prior to their coming to market...The Board believes that it can then move forward fairly rapidly in evaluating and hopefully completing on a material transaction and so build shareholder value."

You say "I hope the BoD also consider it important to assess and invest in cash generative businesses to keep corporate overheads covered through internally generated cash (via dividends or other distributions of cash)."

As I suggested earlier, the opening paras of PR's LDP prelims statement may well give strong clues here of a lesson well learnt and implicitly an approach to deals now to be applied at PIRI, in conjunction with the reformed and previously successful RA partnership rather than his Board of Gibbs and Patel at LDP who I note come in for more than a little dig in the Shareprophets article:

"...During the period under review, the Directors continued to seek reverse or substantial investment opportunities which would bring enhanced value to shareholders and have seen a range of proposed transactions. One in particular looked attractive and we finalised and entered into heads of terms. However the incoming party later sought to alter the terms in a way which we did not think was justified or in the interests of shareholders. It was therefore not possible to reach a final agreement.

Since then we have reviewed other transactions but have not found one to date that has passed the tests for a successful reverse transaction in present market conditions. The past year has been a difficult one for the resources sector and there are a number of good resource companies and projects that are struggling to raise capital in the market. The market has become wary of pure exploration plays, as we are, and the task has been to find a project that can be funded to a point where definitive extra value has been created, given the level of resources that we have, together with those that the incoming party and its advisers could bring to bear. We have been unwilling over the period in question to finance projects or entertain reverses where substantial additional funds would be required in the future and where there was not reasonable clarity as to how or whether this funding could be obtained. Given the greater difficulty in raising funds in the resource sector over the past year, we felt that this would be imprudent and would leave the Company as a hostage to fortune.

Having said that, we therefore continue to believe that Leed is in a strong position to deliver value through a transaction in the period ahead, but it needs to continue to approach projects with a critical eye and to ensure that any transaction is completed on terms that reflect the current market situation..."