Pires Investments - Half-year Report
29/09/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220929:nRSc0795Ba&default-theme=true
RNS Number : 0795B Pires Investments PLC 29 September 2022
29 September 2022
Pires Investments PLC
("Pires" or the "Company")
Unaudited interim results for the six months ended 30 June 2022
Pires Investments plc (AIM: PIRI), the investment company focused on
next-generation technology, is pleased to announce its unaudited interim
results for the six-month period ended 30 June 2022.
Highlights
Company highlights
· Profit of £992,000 during the period (six months ended 30 June 2021:
profit before taxation of £1.53 million)
· Net asset value ("NAV") of £8,702,000 as at the period end (31
December 2021: £7,223,000), equating to an increase of 20% since 31 December
2021
· Pires is now trading at a 41% discount to its NAV per share of 5.23
pence
· Warrants exercised over 12,211,425 ordinary shares in the Company at
4 pence per share with total net proceeds to the Company of £488,457
Portfolio highlights
· Portfolio valuation increased to £9,398,000 from £7,390,000, an
increase of 27% since 31 December 2021
· Significant increase in the valuation of the Company's holdings in
Getvisibility as a result of a €10 million fundraise by this company in
March 2022
· The first Sure Valley Ventures fund ("SVV1") has increased its NAV by
10.7% over the period
· Sure Ventures plc ("SV plc") grew its NAV by 6.2% to 125.8p per share
and its share price increased by 11.4% over the period to 107.5p
· £5 million commitment over the 10-year life of the fund to invest in
a new Sure Valley Ventures fund ("SVV2") alongside the British Business Bank,
an investment arm of the British Government
· Smarttech247, a recent portfolio investment, is actively progressing
a stock market listing
· Merger of Admix with LandVault Inc
Post-period end highlights
· Placing to raise £500,000 before expenses, completed in August 2022
Nicholas Lee, Director of Pires, commented:
"The Company has made strong progress during this period, with a significant
uplift in the valuation of its portfolio, driven by the increasing valuation
of Getvisibility, in which it has both direct and indirect interests via SVV1
and SV plc. Given the growth in NAV, the Company is now trading at a 41%
discount to its NAV.
"The Company has also invested a further £300,000 in SVV1 during the
period. SVV1 includes a number of companies, such as Getvisibility, Admix
and CameraMatics, which have grown materially in value as a result of both
organic growth and new investment resulting in upward revaluations.
Furthermore, SVV1 has now almost completed its initial investment phase and we
are now looking forward to further increases in the value of the portfolio
companies and subsequent exits, resulting in cash returns to the Company.
"In March 2022, Pires invested £90,000 in SVV2 alongside the British Business
Bank, which has committed to invest £50 million in this new fund. In March
2022, SVV2 led a seed round raising £2 million for RETìníZE Limited, the
award-winning creative-tech company based in Belfast, Northern Ireland,
marking this fund's first investment. We look forward to following further
developments from SVV2 in due course.
"Going forward, the Company has a clear and proven strategy of investing in
next-generation technology and realising returns from its investments which it
will continue to implement. Our portfolio of investments remains well-poised
to achieve significant growth, delivering value to Pires and its
shareholders."
Investment overview
Summary
The Company's principal investment portfolio categories are summarised below:
Category Cost or valuation at 30 June 2022 Cost or valuation at 31 December 2021
£000s £000s
Investment in Sure Valley Ventures 5,104 4,146
Direct investments 3,694 2,835
Cash/other listed securities 600 409
Total 9,398 7,390
Investment in Sure Valley Ventures
Pires has exposure to the Sure Valley Ventures funds via:
- a 13% direct investment in SVV1
- a 23.3% holding in Sure Ventures plc, the principal investments of
which comprise a 25.9% interest in SVV1 and a holding in VividQ
- a 5.9% interest in SVV2 alongside the British Business Bank
Pires therefore has an aggregate direct and indirect interest in SVV1 of circa
20%.
As at the period end, SVV1 had a portfolio of 14 investee companies at
different stages of development, spanning a range of sectors. The portfolio
provides Pires with exposure to a number of key, cutting-edge and rapidly
growing technology sectors. Further details of the portfolio companies and
recent developments are set out below:
Artificial intelligence Description Recent developments
Ambisense Provides an Artificial Intelligence platform to deliver environmental risk New major contract to assess mine gas ingress and helping The Lower Thames
assessment to allow real-time gas and environmental monitoring using both IoT Crossing project stay green.
and sensor solutions.
Buymie An artificial intelligence-based same day grocery delivery company operating Partnership with Asda in Leeds and Bristol launched in March 2022.
in both the UK and Ireland working with companies such as Tesco, Lidl, Asda
and the Co-op.
Security
Nova Leah An Artificial Intelligence cyber-security assessment and protection platform Multiple new pilot schemes recently established.
for connected medical devices.
Getvisibility An Artificial Intelligence security company addressing the substantial problem In March 2022, it raised additional funds at a significant premium and has
faced by corporations in storing, sorting, accessing and protecting data. been voted as one of Ireland's top 18 start-ups. Revenue growing
significantly.
PreCog A security solution platform company that provides data intelligence to combat New contracts and trials established.
crime, terrorism and protect vulnerable people. Customers include
leading law enforcement and security agencies and transport infrastructure
groups.
Smarttech247 A global artificial intelligence based cyber security cloud business that The company has recently won a number of new clients and has just launched a
protects enterprises from cyber-attacks. Smarttech247 has over 100 new MDR product, Vision X. It is also actively progressing a stock market
technology partners, including IBM and Microsoft, and more than 50 clients listing.
based in Europe and the US.
Immersive Technologies
Engage XR A developer of Virtual Reality and immersive experiences with a specific focus Revenue grew by 41% in the first half of 2022. Currently developing its
on education and enterprise learning and development. The company is listed metaverse offering which is expected to launch in Q4. Partners include HTC
on AIM. and the Virtual Human Interaction Lab at Stanford University.
Admix A platform enabling the monetisation of interactive programmatic brand The company is rapidly growing its revenues and, in June 2022, announced a
placements in applications such as video games and other AR/VR applications. merger with LandVault, a builder of virtual experiences in metaverse worlds.
Warducks A game development studio known for the production of leading games. It is Has been getting good traction for its new mapping platform that can use
currently developing a major new AR mobile game that is in the same category real-world geographical locations to create 3D virtual worlds.
as Pokémon Go.
VividQ A deep tech software company which has developed a framework for real-time 3D Partnered with Zemax Optics Studio in April 2022. In May 2022, they launched
holographic displays for use in heads-up displays and AR headsets and glasses. their proprietary Alpha Optical Engine Demonstrator and in July 2022 appointed
a new Chairman, Francois Auque.
Volograms An Augmented Reality capture and volumetric video company. It is currently trialling a new app which has had positive feedback to date.
Virtex A company building a platform for the next-generation of live, immersive It is actively developing its new Stadium app.
entertainment within the virtual reality ("VR") gaming and e-sports
industries.
Internet of things
CameraMatics CameraMatics is a disruptive technology for fleet and driver risk management. The company is growing revenues significantly in the UK and US.
The CameraMatics SaaS-based full-stack platform is a modular software platform
based on camera technology, vision systems, AI, machine learning and
telematics, combined with fleet safety modules that help fleet operators drive
to new safety standards across their fleet and drivers.
Wia Wia is an Internet of Things (IoT) company with a cloud platform, enabling The company is actively progressing new contracts.
developers to turn any type of sensor device quickly into a secure, smart and
useful application. Wia's end-to-end platform provides full device and
application management, security, data capture and storage, analysis, control,
as well as the integration of enterprise systems.
Getvisibility is a leader in data visibility and control, using
state-of-the-art Artificial Intelligence ("AI") to classify and secure
unstructured information. Getvisibility also provides risk and compliance
assessments as well as enforcing protection on sensitive data. The company
operates across the US, Europe, the Middle East and North Africa with a
presence in several industry sectors including banking, healthcare and the
public sector. Getvisibility's clients include a leading global producer of
energy and chemicals, a major airport group, one of the largest financial
institutions in the Middle East as well as US government entities in the
pharmaceutical and manufacturing sectors.
Getvisibility is continuing to rapidly build revenue whilst taking on new
clients, retaining existing clients and signing a number of multi-year
contracts. The company has also expanded its pipeline by US$6 million and
has onboarded 31 new channel partners across seven countries.
In March 2022, Getvisibility raised €10 million from new investors including
Alpha Intelligence Capital, a global venture capital firm which invests in
deep artificial intelligence/machine learning technology-based companies, and
Fortino Capital Partners, a leading B2B software venture capital and growth
equity firm. Pires made its original investment of €250,000 in March 2020,
with a follow-on investment of €62,000 in June 2021. Since then,
Getvisibility has made significant progress such that, based on the
post-funding round valuation, Pires' direct stake in Getvisibility (including
its additional investment) is now valued at circa €1,500,000 or over 4 times
its total investment cost to date since it made its first investment two and a
half years ago. In addition, Pires has a further interest in Getvisibility via
its 13% interest in SVV1 and an indirect interest through its holding in SV
plc, which together are now valued at circa €1,337,000. Pires' effective
interest in Getvisibility, in aggregate, is therefore now valued at circa
€2,837,000.
CameraMatics is a disruptive technology for fleet and driver risk management.
The CameraMatics SaaS-based full-stack platform is a modular software platform
based on camera technology, vision systems, AI, machine learning and
telematics, combined with fleet safety modules that help fleet operators to
drive new safety standards across their fleet and drivers. The company is
growing revenues significantly in the UK and US and has recently been
shortlisted for the Fleet Safety Product Award as part of the UK Fleet
Champions Award 2022.
VividQ, a leading software and IP developer for holography has developed a
framework for real-time 3D holographic displays for use in heads-up displays
and AR headsets and glasses. In April 2022, the company announced that it was
partnering with Zemax Optics Studio to demonstrate how computer-generated
holography has become an accessible display for original design manufacturers
who want to release high performance AR products and to showcase the
prototyping of miniaturised optical engines for AR devices. In May 2022, the
company launched its proprietary Alpha Optical Engine Demonstrator aimed at
manufacturers of high-end augmented reality headsets. In July 2022, the
company appointed a new Chairman, Francois Auque. He is a partner at
InfraVia Capital, a leading independent European private equity firm and also
serves as a member of the Board of Directors of Rexel, a wholesale electrical
distributor. His experience in dealing with large corporations, paired with
his knowledge as an investor in deep tech start-ups will prove valuable in
supporting the company in its continued advancement of breakthrough
technology.
Admix, the leading In-Play monetisation company that bridges the gap between
gaming content and brands, announced on 20 June 2022, that it is merging with
LandVault Inc ("LandVault"), a builder of virtual experiences in metaverse
worlds like The Sandbox and Decentraland, aimed at attracting people into
blockchain and metaverse ecosystems, in order to enter into Web3.
By merging with LandVault, Admix aims to become a go-to service provider for
major intellectual property holders and brands, enabling large companies
across all industries to enter the metaverse and be monetised with its in-game
advertising technology. The combined company, which will be known as
LandVault, will be able to access US$25 million in growth capital from Admix's
Series B round in October 2021. Samuel Huber, Founder and Chief Executive
Officer of Admix, will remain as Chief Executive Officer of the combined
business.
Smarttech247 is a global artificial intelligence-based cyber security cloud
business that protects enterprises from cyber-attacks. Smarttech247 has over
100 technology partners, including IBM and Microsoft, and more than 50 clients
based in Europe and the US. The company has recently won a number of new
clients and has just launched a new MDR product, Vision X. It is also actively
progressing a stock market listing.
SV plc grew its NAV by 6.2% to 125.8p per share and its share price increased
by 11.4% over the period to 107.5p. SV plc's principal investment is a 25.9%
stake in SVV1 and a shareholding in VividQ.
During the period, the Company also invested in a second SVV fund, SVV2. The
principal investor in SVV2 is the British Business Bank ("BBB"), an investment
arm of the UK Government. The first close of this fund amounted to £85
million, with BBB investing up to £50 million and other investors ("Private
Investors"), including Pires, investing up to £35 million over the 10-year
life of the fund.
Pires has initially invested circa £90,000, in SVV2 and expects to invest up
to £5 million in total over the 10-year life of the fund which would provide
it with a circa 5.9% interest. SVV2 will invest in a range of private UK
software companies with a focus on companies in the Metaverse, Artificial
Intelligence and Cybersecurity sectors. This fund has already made its first
investment in RETìníZE Limited, a technology company based in Belfast
which is developing an innovative software product called Animotive which is
harnessing the latest VR technologies to transform the 3D animation production
process.
SVV2 is being managed by the same team which, to date, has been highly
successful in achieving a number of cash realisations from, and upward
revaluations of, companies in SVV1. The profit share arrangements within SVV2
are designed to encourage the involvement of the private investors alongside
the BBB, meaning that Pires and the other private investors would expect to
receive a significantly enhanced share of the total return generated by the
fund compared to industry standard.
Direct investments
Low6
Low6 has developed a next-generation sports gaming technology platform that
powers franchises with their own branded gaming experiences to engage their
digital fanbases.
The company's current focus is to charge customers, typically iGaming
operators and sporting franchises, for developing and licensing digital
free-to-play games that they embed in their mobile apps/websites as a way of
driving users to their core operations. The current financial year is
progressing well with signed contracts, signed term sheets or advanced
contractual negotiations being achieved in respect of a significant portion of
that year's revenue which, due to the investment made in the company's
technology platform, is expected to be high margin. At the same time the
company's cost base and burn rate have been reduced significantly. The
company is currently working with its advisers and cornerstone investors to
raise more capital for the business to support revenue growth and the move
towards breakeven.
PreCog
A security solution platform company that provides data intelligence to combat
crime, terrorism and protect vulnerable people. Customers include leading
law enforcement and security agencies and transport infrastructure groups. The
company is busy establishing new contracts and trials.
Getvisibility
Pires' direct stake in Getvisibility (including its additional investment) is
now valued at circa €1,500,000 or over 4 times its total investment cost to
date since it made its first investment two years ago. See above for further
detail.
Pluto Digital
Pluto Digital PLC ("Pluto") is a Web3 technology company with a focus on the
Metaverse, blockchain gaming and NFTs. During the period, Pluto has been
working with Maze Theory Limited ("Maze Theory"), a London-based digital
entertainment studio, with a view to developing high-quality games that
incorporate token economics. Pluto is working on a corporate transaction which
will include Emergent Games, a new Web3 gaming studio which is a joint venture
with Maze Theory. A further announcement on the progress of this transaction
is expected in Q4 2022.
As at 30 June 2022, the Company's equity holding in Pluto was valued at almost
£2 million based on a price of 6 pence per share, which is the price at which
the company's most recent fundraising took place and the price at which
Pluto's corporate transaction with Maze is expected to take place. This
represents a very significant uplift on the Company's initial investment in
this sector.
Key financial indicators
The key unaudited performance indicators are set out below:
Performance indicator 30 June 2022 31 December 2021 Change
£000s £000s
Profit attributable £992 £1,491
Net asset value £8,702 £7,223
Net asset value - fully diluted per share 5.23p 4.57p
The Company has generated significant profits during the period driven by
increases in value of its investment portfolio. Whilst the Company's net
assets have continued to increase, we do not believe that the Company's net
asset value fairly represents its financial potential, given the scope for
significant valuation uplift for the companies within the portfolio. This is
clearly demonstrated by a series of gains, both realised and unrealised, that
have been achieved to date from its investment portfolio. Furthermore,
realisations that are achieved within the SVV portfolio result in cash
distributions to the Company and are not retained within the fund thereby
delivering a real cash return to the Company.
During the period, the holders of warrants over 12,211,425 ordinary shares in
the Company exercised their warrants at 4 pence per share with total net
proceeds to the Company of £488,457. All warrants issued in June 2020 have
now been exercised or have expired by 30 June 2022.
In July 2022, 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 therefore lapsed.
Post the period end, the Company raised an additional £500,000 before
expenses and a further 6,250,000 warrants were issued exercisable at 8 pence,
in conjunction with 12,500,000 shares issued as part of the placing on 26
August 2022.
Outlook
We remain encouraged by the progress made to date by our investee companies
and the outlook for the respective sectors in which they operate.
We expect that in the coming months we will see some additional realisations
or liquidity events from the investment portfolio. Furthermore, it is
important to note that, as previously mentioned, the SVV1 fund has now
substantially completed its deployment phase and so is moving towards a
realisation phase which is expected to generate further cash inflows for the
Company.
In summary, we believe that our investment strategy in the technology sector
has already proven successful. Going forward, the Company is well positioned
to become a leading next-generation technology investment company with an
exciting portfolio of technology companies that have the potential for
significant growth and the ability to deliver real returns for shareholders.
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
Nicholas Lee, Director Tel: +44 (0) 20 3368 8961
Nominated Adviser
Cairn Financial Advisers LLP Tel: +44 (0) 20 7213 0880
Liam Murray/Ludovico Lazzaretti
Broker
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0935
Lucy Williams/Duncan Vasey
Financial media and PR
Yellow Jersey Tel: +44 (0) 20 3004 9512
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/
(https://piresinvestments.com/) .
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2022
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30-Jun 30-Jun 31-Dec
2022 2021 2021
Continuing activities £000s £000s £000s
Notes
Revenue
Investment income - - -
Other income - - 1
Total revenue - - 1
Gains on investments held at fair value through profit or loss 1,422 1,802 2,081
Operating expenses (430) (270) (590)
Operating profit from continuing activities 992 1,532 1,491
Profit before taxation from continuing activities 992 1,532 1,491
Tax - - -
Profit for the period from continuing activities 992 1,532 1,491
Profit for the period and total comprehensive income attributable to equity 992 1,532 1,491
holders of the Company
Basic profit per share 3
Equity holders
Basic and diluted 0.58p 1.07p 1.00p
UNAUDITED STATEMENT OF FINANCIAL POSITION
As at 30 June 2021
Unaudited Unaudited Audited
As at As at As at
30-Jun 30-Jun 31-Dec
2022 2021 2021
£000s £000s £000s
Notes
CURRENT ASSETS
Investments 8,810 6,800 7,016
Trade and other receivables 9 4 8
Cash and cash equivalents 588 360 374
TOTAL CURRENT ASSETS 9,407 7,164 7,398
TOTAL ASSETS 9,407 7,164 7,398
EQUITY
Called up share capital 416 12,214 396
Shares to be issued 10 - -
Share premium account 8,176 7,701 7,874
Share premium account for shares to be issued 155 - -
Retained earnings (12,050) (13,000) (13,042)
Capital redemption reserve 11,995 165 11,995
TOTAL EQUITY 4 8,702 7,080 7,223
LIABILITIES
CURRENT LIABILITIES
Trade creditors and other liabilities 705 84 175
TOTAL LIABILITIES AND CURRENT LIABILITIES 705 84 175
TOTAL EQUITY AND LIABILITIES 9,407 7,164 7,398
UNAUDITED CASH FLOW STATEMENT
For the six months ended 30 June 2022
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30-Jun 30-Jun 31-Dec
2022 2021 2021
£000s £000s £000s
Cash flows from operating activities - Profit for the period 992 1,532 1,491
Depreciation - - -
Realised (gain) on disposal of investments (14) - (61)
Fair value movement in investments (1,408) (1,802) (2,020)
(Increase)/decrease in receivables (1) 10 7
Increase/(decrease) in payables 530 (53) 38
Net cash absorbed by operating activities 99 (312) (545)
Cash flows from investing activities
Payments to acquire investments (440) (2,969) (1,066)
Proceeds of sale of investments 68 - 111
Net cash from investing activities (372) (2,969) (955)
Cash flows from financing activities
Net proceeds from shares issued or to be issued 487 2,622 855
Net cash from financing activities 487 2,622 855
Net increase /(decrease) in cash and cash equivalents during the period 214 (659) (645)
Cash and cash equivalents at beginning of the period 374 1,019 1,019
Cash and cash equivalents at end of the period 588 360 374
Notes to the Unaudited Interim Report
1. GENERAL INFORMATION
Pires Investments plc (the "Company") is a company domiciled in England whose
registered office address is 9(th) Floor, 107 Cheapside, London EC3V 6DN. The
condensed interim financial statements of the Company for the six months ended
30 June 2022 is that of the Company only.
The condensed interim financial statements do not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006.
The financial information for the year ended 31 December 2021 has been
extracted from the statutory accounts for that period which were prepared in
accordance with International Financial Reporting Standards ("IFRS"). The
auditors' report on the statutory accounts was unqualified. A copy of those
financial statements has been filed with the Registrar of Companies.
The financial information for the six months ended 30 June 2021 and 30 June
2022 were also prepared in accordance with IFRS.
The condensed interim financial statements do not include all of the
information required for full annual financial statements.
The condensed interim financial statements were authorised for issue on 28
September 2022.
2. BASIS OF ACCOUNTING
The financial statements are unaudited and have been prepared on the
historical cost basis in accordance with International Financial Reporting
Standards as adopted by the EU ("IFRS") using the same accounting policies and
methods of computation as were used in the annual financial statements for the
year ended 31 December 2021. As permitted, the interim report has been
prepared in accordance with the AIM rules for Companies and is not compliant
in all respects with IAS 34 Interim Financial Statements. The condensed
interim financial statements do not include all the information required for
full annual financial statements and hence cannot be construed as in full
compliance with IFRS.
3. PROFIT/LOSS PER SHARE
The calculation of the basic profit per share is based on the following data:
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30-Jun 30-Jun 31-Dec
2022 2021 2021
£000s £000s £000s
Profit on continuing activities after tax 992 1,532 1,491
Basic and fully diluted
Basic and fully diluted earnings per share have been computed based on the
following data:
Number of shares
Weighted average number of ordinary shares for the period 159,463,671 143,210,371 149,021,386
Basic earnings per share from continuing activities (p) 0.6 1.07 1.00
There were no dilutive instruments that would give rise to diluted earnings
per share.
4. STATEMENT OF CHANGES IN EQUITY
Share Capital Shares to be issued Share Premium Capital Redemption Reserve Retained Earnings Total
£000s £000s £000s £000s £000s £000s
At 1 January 2021 12,135 - 5,158 165 (14,532) 2,926
Issue of shares (net of costs) 79 - 2,543 - 2,622
Loss for the 6 months ended 30 June 2021 - - - - 1,532 1,532
At 30 June 2021 12,214 - 7,701 165 (13,000) 7,080
Issue of shares (net of costs) 11 - 173 - - 184
Cancellation of deferred shares (11,830) - 11,830 -
Loss for the 6 months ended 31 December 2021 - - - (41) (41)
At 31 December 2021 396 - 7,874 11,995 (13,042) 7,223
Issue of shares (net of costs) 20 165 302 - - 487
Profit for the 6 months ended 30 June 2022 - - - - 992 992
At 30 June 2022 416 165 8,176 11,995 (12,050) 8,702
5. DISTRIBUTION OF INTERIM REPORT
Copies of the Interim Report for the six months ended 30 June 2022 are
available on the Company's website, www.piresinvestments.com
(http://www.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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR SEWESAEESESU