TIDMPIRI
RNS Number : 6489K
Pires Investments PLC
22 December 2022
22 December 2022
Pires Investments plc
("Pires" or the "Company")
Two-year GBP1.235 million Unsecured Loan Facility
Pires Investments plc (AIM: PIRI), the investment company
focused on next-generation technology, is pleased to announce that
it has entered into a two-year GBP1.235 million unsecured loan
facility with a group of investors (the "Investors") in order to
provide it with additional funding flexibility.
Highlights
-- The facility comprises a two-year GBP1.235 million unsecured
loan facility accruing interest at 7.5% per annum with a bullet
repayment of principal and interest at the end of the term.
Warrants over 47,839,284 new ordinary shares have been issued to
the Investors which will vest if the average of the Company's
volume-weighted average price over five consecutive trading days
exceeds 5.163 pence within the three-year exercise period of the
warrants (the "Warrants"). The warrant exercise price is 4 pence,
which represents a 60% premium to the closing mid-market price of
2.5 pence per Pires ordinary share on 21 December 2022.
-- The Board believes that it is important to ensure that the
Company has a number of financing options available to enable it to
actively progress its investment strategy, particularly when
current market conditions are attractive for investment by the
Company.
-- The current expectation of short to medium-term realisations
from the Company's investment portfolio also means that permanent
equity capital may not be required, therefore this funding
structure potentially reduces dilution for existing shareholders by
enabling the funding to be repaid from cash received from
investment realisations rather than the issue of equity.
-- In the event of the Company achieving realisations or raising
new equity, the debt facility requires that a certain portion of
the net proceeds will be paid to the Investors, reducing the
amounts owed under the loan facility.
-- This loan facility provides the Company with a more
attractive alternative to an equity placing at, most likely, a
discount to its current market value. The Investors include Barry
Downes, Brian Kinane and Greg D'Ambrosio who are partners or senior
management at Sure Valley Ventures, the venture capital firm that
manages certain of the funds that the Company is invested in.
-- The Warrants issued have a three-year exercise period from
the date of grant, being 22 December 2022 and may also provide an
additional source of funding for the Company depending on the
Company's future share price performance.
Nicholas Lee, Director of Pires, commented:
"This facility provides us with flexibility and the ability to
continue to actively pursue our investment strategy at an opportune
time when attractive businesses are struggling to secure funding
thereby providing us with excellent opportunities for investment.
We believe that the terms are attractive for a two-year unsecured
facility and provides the Company with various financing options
going forward."
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation. The person who arranged the
release of this information is Nicholas Lee, Director of the
Company.
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Nicholas Lee, Director
Nominated Adviser Tel: +44 (0) 20 7213 0880
Cairn Financial Advisers LLP
Liam Murray/Ludovico Lazzaretti
Broker Tel: +44 (0) 20 7469 0935
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0936
Duncan Vasey/Lucy Williams
Financial media and PR Tel: +44 (0) 20 3004 9512
Yellow Jersey
Sarah Hollins
Henry Wilkinson
Annabelle Wills
Notes to Editors
About Pires Investments plc
Pires Investments plc (AIM: PIRI) is an investment company
providing investors with access to a portfolio of next generation
technology businesses with significant growth potential.
The Company is building an investment portfolio of high-tech
businesses across areas such as Artificial Intelligence, Internet
of Things, Cyber Security, Machine Learning, Immersive Technologies
and Big Data, which the Board believes demonstrate evidence of
traction and the potential for exponential growth, due to
increasing global demand for development in these sectors.
For further information, visit:
https://piresinvestments.com/
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identified by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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END
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December 22, 2022 06:22 ET (11:22 GMT)
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