Pires Investments Share Discussion Threads

[moreforus] 21/3/2014 10:22

yep

as it's the only named investment....apart from the cash in the teapot at PIRI HQ

[vizcaya2] 21/3/2014 10:19

PIRI should issue an RNS as this is a "material event" I believe!

[moreforus] 21/3/2014 10:13

I saw something flash up didn't click! .... should get an rns here

[flojo] 21/3/2014 10:12

Viz ,willwe issue a RNS for the same do you think ?

[vizcaya2] 21/3/2014 10:04

Rame Energy announcement about listing just out on RNS!

[divmad] 21/3/2014 04:46

Morning outspan. I'm in HK right now for a few days. I see PR gets a bad rap on the lse bb by some folk. Not having ever met the man, I couldn't possibly comment, but I am hoping and assuming that he has "selected" PIRI as his chosen vehicle to fight back and show he can create shareholder wealth again, rather than destroy it. Greater clarity on the way forward would be a good first step.

[outspan] 20/3/2014 21:32

Well said, m4. Warrants too? The interest rate is 10%. Apart from this, I think there's just things we could do with a whole lot more detail/clarity on.

For example, we are told a listing occurring 6 months after drawdown would mean conversion thereafter would be at PIRI's discretion. However, while reaching this point would change rights, it would not necessarily change outcomes.

Albeit highly unlikely if Rame prospers as well as might be supposed, PIRI could, for example, still seek repayment of the loan in due course if things turned out unexpectedly.

So while a switch in rights would appear to give some certainty to PIRI in terms of who holds the conversion rights, it does not mean that Rame will not, no matter when it lists, wish to convert the loan into equity at some point rather than rid itself of £410k in much needed cash it may well otherwise just have to raise again in order to further/continue with its growth ambitions over the next 3-4 years.

Not sure if that's very clear but I know what I mean! As I say, there is much that could have been made clearer by the RNS, hopefully it will emerge soon. For example, can anyone fathom how these two statements gel with each other:

"...Should an IPO not occur within 12 months of drawdown, Rame will repay the loan in 8 quarterly instalments the first payment to be made 15 months after drawdown..."

"...Should an IPO not occur within 12 months of drawdown of the CLN facility ("drawdown"), the conversion price will be a 25% discount to the Fundraising (which is taking place in parallel with the CLN facility), which is at a value of US$27m...."

In one breath, Rame will repay, in the other PIRI will convert? How does that work? Much more to know I would suggest.

And why no AGM notice yet by the way? A day or two short of 12 months since the last one, two weeks notice required, prelims by the end of next month too. Scope for newsflow certainly but I also recall a poster being told that the AGM was likely also to be used as the meeting required to change matters connected to the investment policy. Just wondering if the apparent delay is suggestive of something much larger needing a shareholder vote and perhaps still in the process of being drawn up?

I came across something else while reading last year's annual report. Not only have PR and AQ got a lump of warrants (exercisable at .1p) expiring Apr 15, Peterhouse, PIRI's brokers, also have a big lump expiring (and again exercisable at 0.1p) in Mar 15.

If incentive has anything to do with outcomes here, we're in for a big year. Even 40% share price gain from here just isn't enough to make those warrants worth the paper they're written on.

[moreforus] 20/3/2014 16:24

thought they get shares at a small discount?

does anyone want to read the rns??

[supermabs] 20/3/2014 16:22

Isn't the loan converted to equity in rame?

[divmad] 20/3/2014 04:04

Just the cash value of the loan extended to them, plus a nominal interest rate.

[supermabs] 19/3/2014 21:11

What's piri's investment in Rame worth if the Rame IPO happens inside 6 months?

[moreforus] 18/3/2014 15:11

not sure what they are and maybe we will see some matching traders later as I can sell still at a premium to the bid....

[swizz] 18/3/2014 14:39

DM, my ciggie pkt calcs from a few days ago there was approx 35M still to clear, so with this 36M, we may well be clear now and a holdings RNS may not be to far away.......GL S

[swizz] 18/3/2014 14:33

Another 27M cleared.......GL S

[divmad] 18/3/2014 12:03

Are they waiting to report the disposal until the whole position is sold?

[swizz] 18/3/2014 11:59

Another 9M cleared......GL S

[moreforus] 17/3/2014 12:19

paying 0.064p ?

[swizz] 17/3/2014 11:54

Still a bit around by the looks of things, Barcs offering 0.06 for a decent chunk........GL S

[moreforus] 17/3/2014 10:55

not sure but there was certainly a bit of a dash for shares from pi's and some of the larger late reported buys would suggest a home was found for a large chunk of it

[swizz] 17/3/2014 10:53

IMHO the BOD will have been fully aware of this overhang with Otterwicks / City Equities, I just wonder if they have helped facilitate the sale to another party?.......GL S

[moreforus] 17/3/2014 10:39

bit quiet here

+8.3%

[moreforus] 17/3/2014 09:34

look at the CHL holdings rns today..nice and clean matched book

will we get something like that here???

[moreforus] 17/3/2014 09:29

lol supermabs - don't we all buy stuff that we know is going down soon???

the investment was only a month ago....

[supermabs] 17/3/2014 09:21

Holding rns will be a few days yet. Any news on Rame IPO? I know it said in the rns that it will be around 6 months but I reckon it will be sooner. I can't believe Redmond would have sunk 400 grand in unless he was sure it was going down soon.

[moreforus] 17/3/2014 08:14

Well we are seeing some interest this am...still waiting for that holding rns or rnssss!