TIDMPIRI
RNS Number : 7722Q
Pires Investments PLC
23 February 2023
23 February 2023
Pires Investments plc
("Pires" or the "Company")
Investment in the Sure Valley Ventures III Limited
Partnership
alongside Enterprise Ireland
Pires Investments plc (AIM: PIRI), the investment company
focused on next generation technology, is pleased to announce that
it has agreed to invest in a new venture capital fund, Sure Valley
Ventures III Limited Partnership ("SVV3 Fund"), alongside
Enterprise Ireland which is the cornerstone investor.
Highlights
-- The SVV3 Fund has received commitments of EUR30 million at
first close, of which Enterprise Ireland has committed to invest
50% or EUR15 million.
-- Pires' has initially invested circa EUR54,000 ("Initial
Investment") in the SVV3 Fund. Pires expects to invest up to EUR5
million over the 10-year life of the SVV3 Fund (the "Investment"),
which would currently provide the Company with a 16.7% interest in
the fund.
-- The SVV3 Fund plans to invest in circa 15 high growth AI
software companies in sectors such as Enterprise, Immersive
Technologies and Cybersecurity across the Republic of Ireland.
-- The SVV3 Fund will be managed by the same Sure Valley
Ventures fund ("SVV") team which, to date, has been successful in
achieving cash realisations/liquidity events from, and upward
revaluations of, investments made by the first Sure Valley Venture
Fund ("SVV1 Fund"), as well as launching the GBP85 million Sure
Valley Ventures UK Software Technology Fund ("SVV2 Fund") backed by
the British Business Bank.
-- The Initial Investment was made from the Company's existing
cash resources. Going forward, the Company has several sources
available to fund the Investment over the coming years. These would
include, inter alia, realisations from its existing investment
portfolio, the exercise of outstanding warrants, as well as access
to debt and equity capital markets.
Nicholas Lee, Director of Pires commented:
"The SVV1 Fund has completed its initial investment phase and
has already achieved three liquidity events to date, comprising the
sale of Artomatix, and listings of Engage XR and Smarttech247 Group
plc on the London Stock Exchange, with additional events expected
in due course. The SVV3 Fund is therefore very much a follow-on to
the successful SVV1 Fund.
"The technology sector experienced a challenging 2022 and so,
consequently, there are a number of interesting investment
opportunities becoming available at attractive valuations. The
Directors therefore believe that this is an ideal time to invest in
a new technology focused fund, able to make new investments, given
the completion of the SVV1 Fund's investment cycle for making new
investments.
"The significant commitment by Enterprise Ireland is a further
endorsement of the SVV team and follows on from the support for the
team demonstrated by the British Business Bank with the launch of
the SVV2 Fund.
"In terms of funding, at the end of 2022, Pires raised gross
proceeds of GBP1.24 million from a flexible two-year debt facility
and it expects further liquidity events from the SVV1 Fund, thereby
allowing the Company to continue to progress its investment
strategy at this opportune time.
"We very much believe that this investment in the SVV3 Fund will
provide more opportunities for Pires investors to benefit from
exposure to high growth technology companies within the flexibility
of a publicly traded vehicle."
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
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 PR
Sarah Hollins
Annabelle Wills
Jazmine Clemens
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/
About Enterprise Ireland
Enterprise Ireland is the Irish government organisation
responsible for the development and growth of Irish enterprises in
world markets. We work in partnership with Irish enterprises to
help them start, grow, innovate and win export sales in global
markets. In this way, we support sustainable economic growth,
regional development and secure employment.
www.enterprise-ireland.com
Caution regarding forward looking statements
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assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
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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
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the Directors.
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