Business
Company and Investment Portfolio Update
Company and Investment Portfolio Update.
About this update from Mindflair Plc
[{"type":"text","content":"\n \n \n \n \n \n 22 July 2022\n \n \n \n Pires Investments plc\n \n \n \n \n \n \n \n \n (\"Pires\" or the \"Company\")\n \n \n \n \n \n \n Company and Investment Portfolio Update\n \n \n \n \n \n \n Pires Investments plc (AIM: PIRI), the investment company focused on next generation technology, is pleased to provide an update on Company developments and further progress relating to companies within its investment portfolio that Pires is invested in either directly, or indirectly through its investments in the Sure Valley Ventures funds.\n \n \n \n \n \n \n Offer Update\n \n \n \n \n \n \n \n \n On 21 July 2022, Pires announced that the recommended offer for Pires by Tern plc, whilst being supported by the majority of Pires shareholders voting both by number of shareholders and number of shares held, was not approved by the requisite number to effect a scheme of arrangement, and had therefore lapsed. \n \n \n \n \n \n The Company has a clear and proven strategy of investing in next generation technology and realising returns from its investments. It has built an exciting portfolio of investments which is clearly attractive, as evidenced by the recent offer. A number of the Pires portfolio companies continue to make good progress with some recent developments detailed below.\n \n \n \n \n \n \n \n \n Sure Ventures plc - Annual results\n \n \n \n \n \n \n \n \n Pires is pleased to note the announcement made on 19 July 2022 by London-listed venture capital fund Sure Ventures plc (\"Sure Ventures\") of the publication of its Annual Report for the year ended 31 March 2022.\n \n \n \n \n \n For the year to 31 March 2022, Sure Ventures achieved over a 40% increase in its net asset value per share to 128.91 pence per share.\n \n \n \n \n \n Pires has a 23.3% shareholding in Sure Ventures and Sure Ventures has a 25.9% interest in Sure Valley Ventures (\"SVV1\"), in which Pires has a 13% direct investment. SVV1 is a venture capital fund focused on investing in the software technology sector with a specific focus on Artificial Intelligence, Internet of Things, Cyber Security, Machine Learning, Immersive Technologies and Big Data. Consequently, Pires has a combined direct and indirect interest in SVV1 of circa 20%.\n \n \n \n \n \n The announcement can...