Business
Half Yearly Report
Half Yearly Report.
About this update from Mindflair Plc
[{"type":"text","content":"\n \nRNS Number : 5180K Pires Investments PLC 31 July 2013 \n \n\n \nPires Investments PLC\n(\"Pires\" or the \"Company\")\n \nUnaudited interim results for the six months to 30 April 2013\n \nChairman's Statement\n \nPires Investments plc, the investing company focussing on the resources and energy sectors, announces its interim results for the six months ended 30 April 2013.\n \n \nDuring the period under review, Pires has continued to consider investment and reverse takeover opportunities in line with its stated investment policy and has made a number of investments in quoted and unquoted securities to implement this policy as required by Rule 15 of the AIM Rules. The Group balance sheet, which shows investments of £446,395, reflects this.\n \nSince the year end, the Company has realised this portfolio in part and in view of the recent Stock Market performance of the sectors in which it has invested the Directors are keeping the Company's remaining investments under regular review.\n \nOn 30 July 2013, the Company announced a placing of £500,000 through the issue of new ordinary shares at par. This represents a significant premium both to the present share price and to net asset value and reflects the confidence of new investors that Pires will deliver value to shareholders in the long run through the implementation of its investing policy.\n \nThe Board has now reached the conclusion, in view of the present market sentiment towards the resource sector, that this should no longer be the sole focus of the Company although there remain, the Directors believe, some good resource opportunities. The Board is now seeing a broader range of potentially attractive opportunities, some of which are now under active review. The Board believes that it will be beneficial to invest in a series of such opportunities either at or shortly prior to their coming to market. \n \nThe Board will seek shareholder approval for an amended investing policy at a general meeting to be convened in the near future. The Board believes that it can then move forward fairly rapidly in evaluating and hopefully completing on a material transaction and so build shareholder value.\n \nPeter Redmond\nChairman\n \n \nEnquiries:\n \n\n\n\n\nPires Investments plc\nPeter Redmond, Di...