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 Shares Traded Last Trade
  -0.10 -3.08% 3.15 9,245,468 13:37:42
Bid Price Offer Price High Price Low Price Open Price
3.10 3.20 3.45 3.15 3.25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 1.37 0.87 1.64 1.9 2
Last Trade Time Trade Type Trade Size Trade Price Currency
16:25:37 O 7,573 3.2156 GBX

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Date Time Title Posts
03/7/202013:57PIRES INVESTMENTS51
26/4/202018:46PIRI Spicy Hot & Ready to RTO517
18/1/201716:163rd time lucky3,320
26/4/201213:32Third time lucky-

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Pires Investments Daily Update: Pires Investments Plc is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker PIRI. The last closing price for Pires Investments was 3.25p.
Pires Investments Plc has a 4 week average price of 3.15p and a 12 week average price of 2.10p.
The 1 year high share price is 5.75p while the 1 year low share price is currently 1.55p.
There are currently 74,043,894 shares in issue and the average daily traded volume is 500,581 shares. The market capitalisation of Pires Investments Plc is £2,332,382.66.
scotty666: Pareto Securities chat just out (again stolen from ECO BB) Conclusion: A commercial success on Guyana would be a company making event for Eco with a possible ~3-4x upside to the last closing share price (GBp67) on our estimates, assuming a de-risked recoverable volume range of 250-670mmbbl. Eco Atlantic is an exploration-focused company with attractive and potentially high-impact exploration prospects offshore Namibia and Guyana, in our view. As a pure explorer the company is a high risk investment proposition. However, with its available funding and 2019 catalysts, we consider the company as an attractive investment on a risk-adjusted basis, and a strong addition to a balanced portfolio. We re-iterate our BUY recommendation with a GBp120 target price.
cityfarmer: Bit puzzling the share price here as is now pretty much a pure play on ECO being 87% of portfolio (RNS 24 Jan noting PIRI had a NAV of 3.4p as of 18 Jan 2019). ECO has risen another c.10% + since then (so suspect NAV is closer to 3.65p +) and you can now buy PIRI for 2.5p. Appreciate these sort of stocks often trade at a discount to NAV but with effectively only one holding in a liquid stock like ECO discount seems a bit much? ie if we wound up PIRI today and just sold our ECO stake we would be 65% richer!! And that delta just gets bigger as ECO continues to rise ………;…….
timely4: No idea about scotty, but being a reverse takeover situation it could take years but when (if) it does there will hopefully be a rise in the stagnant share price.
timely4: Wow the big spenders are certainly splashing the cash today! Surprised the share price hasn't shot up lol
timely4: At least the share price of ECO is rising on the back of hope of finding oil sometime in the next year or 2!
smart_investor: Post 3301 Any buying pressure on this now you would think it would force the share price to rise with the shortage of shares available. Must be very illiquid. I know buying my 2.5% or so I had to buy in small sums online. Didn't bother ring up to work an order on the telephone. For only £30,000 you can build just shy of a 3% stake in a company on AIM not bad especially one with genuine RTO prospects. Thats what I am here for, an RTO.
timely4: Changes all sorted and share price just above the predicted level. Let's hope they find a RTO candidate soon.
timely4: I guess that until RAME's share price recovers that PIRI will remain in the doldrums?
skiboy10: Thanks to schoolboy for the excellent research... Cash Shells To Watch Research Note – 09.08.2012 CASH SHELLS TO WATCH BRDY v PIRI v KENV Over the past year, cash shells have been staging a fierce return to the AIM. So prevalent in the first half of the last decade, their popularity amongst businessmen and investors alike evaporated subsequent to the stringent new rules introduced in 2005/6 by the London Stock Exchange to protect the interests of the latter group. In short, there are two types of cash shells, termed 'clean' and 'dirty'. A clean shell is specifically established and listed on the market for the purpose of investing in an asset, and (in most cases) ultimately performing a Reverse Takeover (RTO) with said asset. In a RTO deal, the owners of the private asset sell their company, be it Ltd or LLC, to the public one, and as consideration are paid in shares by the public company (rather than in cash), thus becoming shareholders in the newly combined listed entity. A dirty shell performs the exact same function, but is instead a poor performing, already listed company that has disposed of its assets and undergone a Company Voluntary Arrangement (CVA) and restructuring / refunding process. [Quite frequently, a businessman approaches a failing company and arranges the restructuring AND proposed RTO at the same time – see John McKeon's Pathfinder Minerals, RAM Active Media, Niche Group, and Premier Gold Resources deals for examples]. Brady Exploration, Pires Investments and Kennedy Ventures are all dirty cash shells restructured on AIM in the last twelve months and yet to make any acquisitions. Their births have also all been masterminded by Peterhouse Capital, formerly a subsidiary of Rivington Street Holdings (and then named Rivington Street Corporate Finance) before a management buyout. As one might expect, they are, all in all, very similar. The slight differences in the detail, however, might make a world of difference come any acquisition announcements. All cash shells, irrelevant of size and type, must implement their investing policy within a year of it being set, or else face suspension. If suspension does occur, management is then given a further six months to arrange a deal. In the case that this still does not come to pass, the shell is delisted entirely. An 'investing policy' usually dictates in which regions and industry sectors the shell's management might invest, and into what type of asset and under what terms. An investing policy is generally 'implemented' when either the majority of the shell's cash deposits has been invested (i.e. 51%), or else a RTO has been performed. This paper intends to evaluate the three cash shells mentioned, and attempt to determine which is best value for money. 1) Brady Exploration plc - Listing date: 27/10/2011 - Placing price at restructuring: 1.15p - Shares currently in issue: 58,240,501 - Current estimated funds: £350,000 - Current share price: 1.42p - Current market capitalization: c£830,000 - Investment Strategy: "The natural resources sector, with a focus mainly but not exclusively on the mining sector". - Region: "Initially projects located in South America". Summary Formerly an investigations and risk management group named Capcon Holdings, Brady restructured as an Investing Company in October of last year. It is chaired by Alex Borrelli, who worked as an independent director during the restructuring process. Nicholas Lee, whose Paternoster Resources (PRS, formerly Viridas) took part in the Placing to acquire a 29.4% stake in Brady, was appointed as a director at the same time. The presence of the second man is important in understanding what Brady might aim to become. Lee appears to have chosen for PRS the 'active Investing Company' model, i.e. making strategic investments and acquiring board seats in said investments, waiting for capital appreciation via share price increases, and then selling the stakes on. The short lived Leed Petroleum (LDP) saga, at the beginning of this year, is a perfect example. Lee bought a 22.2% stake in LDP, became an independent director, and then sold the entire stake 32 days later for a 500% return. Lee seems to be a cautious investor by nature. He buys into his targets at the lowest prices, through Placings or once the share price has dropped below the Placing price (in the case of LDP). The fact that he took a good five months to make PRS's first investment is further evidence of this nature, as is his insistence in taking warrants in addition to the immediate share purchases. From the above we could assume that Brady might follow the PRS model. The relatively small war chest the directors have to play with arguably vindicates this case. £350,000 would unlikely be enough to purchase any company outright. There are, however, two important points that stand against this notion: a) Chairman Borrelli wrote in his most recent statement that "We recognise that the Company has limited cash resources but believe they are sufficient for us to implement the initial stages of the Company's investing policy." And in conjunction with this, b) A particular clause that can be inserted in an acquisition contract, namely "Right of First Refusal" (as LDP did with the Manas Coal investment). Brady could therefore invest in a relatively valuable asset with the current funds, and then take over that asset either via further Placings and a direct acquisition, or via a RTO. It is important to note that an investment must be made within ten weeks, or Brady faces suspension (there is technically a way around this, if a deal has not been arranged in that time, as LDP has just demonstrated. They bought shares in listed companies that broadly fit their Investing Policy criteria, thus using up the majority of their cash. But it is doubtful that the directors of Brady would opt for such a measure, considering that not one investment has been made yet and it would likely cause outrage amongst shareholders). Crucially to Brady investors is the number of shares in issue. At c57 million, Brady has almost 50 times as few shares as LDP. Furthermore, 54.6% of these shares are not held in public hands. When LDP announced its investment in Manas, the share price rocketed 90% in the first two days. If the investment made by Brady appeals to investors, one can imagine the share price will rise far more than that. 2) Pires Investments plc - Listing date: 18/04/2012 - Placing price at restructuring: 0.1p - Shares currently in issue: 1,755,570,856 - Current estimated funds: £1,580,000 - Current share price: 0.08p - Current market capitalization: c£1,400,000 - Investment Strategy: "Principally, but not exclusively in the resources and energy sectors". - Region: "Initially projects located in Asia". Summary Pires came into existence after being saved from the ruin of Oak Holdings, a leisure business operator. Peter Redmond, a corporate financier of vast experience who works for Peterhouse Capital, became chairman during the restructuring phase (undertaken by Rivington). Aamir Quraishi and Christopher Yates, both corporate financiers, were also appointed as directors. Redmond is of the most significance to Pires. Investors are essentially placing their money on his knowledge, contacts and experience within the confines highlighted by the Investing Policy. He is already chairman of LDP, and holds a number of other directorships. As with Nick Lee, PRS and Brady above, one could also glean an idea of how Redmond might go about running Pires from studying his time at LDP. Redmond made his first investment for LDP less than three months after the restructuring process. As mentioned above, clauses were inserted into the contract that made it appear as if Redmond was originally intent on doing a RTO deal with Manas Coal. Yet after the recent purchase of listed shares and the resultant dispelling of the threat of delisting, it appears as though ideas have changed and that he is eyeing up a second asset, probably to do a RTO deal with (why the Manas RTO deal fell through is as yet unclear - perhaps due to friction between LDP's Board of Directors and the Manas management; possibly because the impending second deal was just so much juicier; or simply maybe because the Manas owners were demanding terms too punitive...). What is important, however, is that Redmond was swift and decisive in making his first investment; and that he picked an investment that, in exactly two months, rose 1,125% (from 0.07p to 0.87p). Admittedly, there were factors that assisted in this meteoric rise, such as prominent microcap investors buying in (Lee, Ronald Bruce Rowan, John McKeon), and private investors stoking rumours of Chinese super funds and blowing out of proportion the importance of vague connections with Russian industry magnates. Nevertheless, if Redmond can pull off a rise in the share price of even a quarter of what LDP witnessed, investors would be jubilant. And as with Brady, there are seriously limited shares in circulation, as the Placing shares accounted for c88% of the total capital. Not many of those would have been sold already. 3) Kennedy Ventures plc - Listing date: 28/05/2012 - Placing price at restructuring: 0.02p - Shares currently in issue: 2,709,802,191 - Current estimated funds: £307,000 - Current share price: 0.045p - Current market capitalization: c£1,220,000 - Investment Strategy: "Principally, but not exclusively in the resources and energy sectors". - Region: "Initially projects located in Asia". Summary Kennedy is essentially a replica of Pires, formed from the shell of Managed Support Services, the building services and maintenance provider, by the Peterhouse Capital team. Redmond and Yates are its sole directors. In this light, it is easy to imagine that Redmond has a fair few projects in mind within the resources and energy sector in Asia. He has already embarked on one through LDP; with the Far East based Uhuru and CASOP now on board there, it would be reasonable to suppose that enticing assets have been presented to him as possible targets for London listed companies. Kennedy is the most recent of the three cash shells, and has the smallest war chest. But as with Pires, the directors have made sure that they can raise sufficient funds on a non preemptive basis when necessary. Yesterday, a holdings RNS was released stating that Ronald Bruce Rowan had taken an 18% stake in Kennedy, through his investment vehicle Gledhow Investments. His shares were bought during the Placing, and so he has already made a 125% return. Even so, he should expect to see that soar in the coming days as private investors clamour to follow him in. Again, although Kennedy has the most shares in circulation of the three shells, c92% of these are held by those who took part in the Placing. Not many are likely to have sold out yet, in the knowledge that the share price will probably move far higher once an investment is announced. And if that happens, the lack of available shares for others will only speed its ascent. The question is, should new private investors really be piling in at this time? Comparisons While Kennedy is currently given the most attention by private investors, thanks to its absurdly low share price and the announcement of Ronald Bruce Rowan's holding, it in fact appears to have the weakest position, in value terms, of the three cash shells. Kennedy is at present trading at 125% above the recent Placing. The investors involved in it therefore have an almost unassailable head start on subsequent (and likely smaller!) private investors wishing to buy in. More importantly, the company's market capitalization stands at 3.97 times the cash in bank available for investment. Normally that would not be considered particularly high, taking into account the value of having an AIM listing and an expert management. But then look at Brady. It is only trading at 23% above the recent Placing price – a generally solid price for private investors to get into microcap companies at. Furthermore, its market cap is only 2.37 times higher than its cash deposits. Brady has almost £50,000 more to spend than Kennedy, yet its market capitalization is almost £400,000 less. Even Brady, however, pales in comparison to the undervaluation of Pires. This cash shell has funds of c£1,580,000, yet a market capitalization of only £1,400,000. Incredibly, the company is valued at 11% less than it has cash sitting in the bank, despite: a) being managed by the same team as Kennedy (which is trading at 297% more); b) holding 5.15 times more cash in the bank than Kennedy; and c) trading at a 20% discount to the recent Placing. Pires is arguably the only one of the three that has enough cash to make any serious investment without first having to raise funds through a Placing on a non pre-emptive rights basis. Conclusion Predicting the movement of shares is a tricky business. Predicting the movement of shares of cash shells is bloody impossible. Yes, it is easy to say that the share price declines faster on lack of news than it does for most companies. But being in before the news comes, and consequently making profits on the entirety of the spike (i.e. not missing out on the 50% leap pre-market opening) is a difficult skill, requiring plenty of patience and balls of steel. If it were a simple matter of analysing the fundamentals, taking all of the above information into account, then the obvious choice to stick one's money into would be Pires, followed by Brady, and finally Kennedy. AIM is primarily driven by news and sentiment, however, and this week Kennedy is at the forefront of investors' minds when it comes to cash shells. And there are certainly worse prospects their money could be going into.
Pires Investments share price data is direct from the London Stock Exchange
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