Pires Investments - Half-year Report
27/09/2023 07:00
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RNS Number : 7379N Pires Investments PLC 27 September 2023
27 September 2023
Pires Investments PLC
("Pires" or the "Company")
Unaudited interim results for the six months ended 30 June 2023
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 2023.
Highlights
Company highlights
· Net asset value ("NAV") of £7,310,000 as at the period end (31
December 2022: £7,822,000), equating to a decrease of 6.5% since 31 December
2022, albeit against the background of a difficult technology market.
· NAV per share as at the period end was 4 pence (31 December 2022: 4.28
pence) and so Pires is now trading at a 67.5% discount to its NAV.
· Loss of £512,000 during the period (six months ended 30 June 2022:
profit before taxation of £992,000).
· Two-year debt funding facility amounting to £1.235 million announced
on 22 December 2022, just prior to the start of the period, to provide funding
for further investment and a bridge to the sale of portfolio companies.
Portfolio highlights
· Investment made in Sure Valley Ventures ("SVV")'s new venture capital
fund, SVV3, alongside Enterprise Ireland.
· Smarttech247, since achieving a listing on AIM in late 2022, is
continuing to grow revenue and customers.
· A number of the portfolio companies have, and are continuing to,
successfully raise new funding against a difficult funding background.
· SVV1 actively focused on realising material cash returns from its
portfolio given that it is now in its investment realisation phase.
· SVV2, with the British Business Bank as a cornerstone investor, is
actively looking to make further investments.
Nicholas Lee, Director of Pires, commented:
"Pires invests in next generation technology with a focus on Al either
directly, or indirectly through its investment in three funds managed by SVV
and its investment in Sure Ventures plc.
The first half of 2023 has continued to be a difficult time for small-cap
listed companies and for those companies with a technology focus. However,
notwithstanding this market backdrop, Pires has been able to broadly maintain
the value of its portfolio and a number of the Company's investments have also
continued to make good progress during the period. In particular:
- Smarttech247, as a quoted company, has continued to grow revenue
and EBITDA and is winning new contracts. Its shares are trading at an 8%
premium to its IPO price as of 26 September 2023
- Cameramatics has raised €3 million in new funding at an
increasing valuation. It has also won new clients in the UK and US including
customers such as Maritime Transport, one of the UK's largest privately owned
transport companies.
- Nova Leah, a leader in cyber security for connected medical
devices, raised €1 million in Q2 2023 at an increasing valuation.
- Getvisibility is growing rapidly, with a number of new channel
partners being onboarded during the period.
- LandVault, a large metaverse builder, successfully raised an
additional US$3 million after extending its Series B funding round in April
2023. It is also steadily building its pipeline.
On 23 February 2023, Pires announced that it had agreed to invest in SVV's new
venture capital fund, SVV3, alongside Enterprise Ireland, the fund's
cornerstone investor that committed 50% or €15 million to the fund.
Going forward, the Company has a clear and proven strategy of investing in
next-generation technology with a focus on AI and realising returns from its
investments which, it is continuing to implement. Furthermore, SVV1 has now
entered its realisation phase and we are looking forward to further increases
in the value of the portfolio companies and subsequent exits, which are
expected to generate cash returns to the Company. The directors believe the
portfolio of investments remains well-poised to achieve significant growth to
deliver 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 2023 Cost or valuation at 31 December 2022
£000s £000s
Investment in Sure Valley Ventures 5,217 5,219
Direct investments 2,901 2,901
Cash/other listed securities 670 856
Total 8,789 8,976
Investment in Sure Valley Ventures
Pires has exposure to the SVV funds via:
- a 13% direct investment in SVV1
- a 21.9% 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
- 16.7% interest in SVV3, alongside Enterprise Ireland
Pires therefore has aggregate direct and indirect interests in SVV1 of circa
19% and in SVV2 of 7.2%.
1. Sure Valley Ventures Fund ("SVV1")
SVV1 is SVV's first fund which has completed its new investment phase and has
now entered its realisation phase. It has already achieved three
realisations/liquidity events to date, including the recent listing of
Smarttech247, with more expected in the future. During the period, one of
the portfolio companies, Buymie, was disposed of and the value of the
investment written off accordingly. The impact of this on the fund was
offset by valuation gains achieved by other investments.
Within the SVV1 portfolio, highlights during the period include:
GetVisibility
GetVisibility is a cybersecurity company focusing on data visibility and
control and uses state-of-the-art artificial intelligence ("AI") to classify
and secure unstructured information. The company has continued to grow, with a
number of new channel partners being onboarded, leading to an increase in its
number of enterprise customers.
Pires also has a direct interest in GetVisibility and, an additional indirect
interest through SV plc.
LandVault
LandVault, a large metaverse builder, successfully raised an additional US$3
million after extending its Series B funding round in April 2023. This
strategic funding was raised from Web3 focused investors including, The
Sandbox, The Gemini Frontier Fund, HodICo and hedge fund Kingsway Capital. The
proceeds of the fundraise are set to assist in its global expansion, further
investment in innovative technologies and development in the building of an
open protocol, Matera, to make the metaverse experience more accessible.
Smarttech247
Smarttech247 Group plc ("Smarttech247") (AIM: S247) is an established global
artificial intelligence-based cybersecurity business, specialising in
automated managed detection and response. It has a successful track record of
revenue growth and profitability and is positioned at the intersection of
three major cyber security growth markets: security threat incidents, growth
of cloud adoption and proliferation of cyber security data generation that
needs to be integrated.
On 15 December 2022, the company's shares were admitted to trading on the
London Stock Exchange's AIM market raising gross proceeds of £3.7 million
through a placing at a price of 29.66 pence per new ordinary share.
Smarttech247's share price as at 26 September 2023 was 32 pence per share,
representing approximately an 8% increase since listing and a significant
uplift compared to the level at which the investment was initially made.
Recent full year and interim results of Smarttech247, along with some new
contract wins have reinforced the company's growth trajectory.
ENGAGE XR
ENGAGE XR Holdings plc ("ENGAGE XR") (AIM: EXR) is a virtual reality ("VR")
technology company focused on becoming a leading global provider of virtual
communications solutions through its proprietary software platform, ENGAGE.
ENGAGE provides users with a platform for creating, sharing and delivering VR
content for education, training and online events through its three solutions:
Virtual Campus, Virtual Office, and Virtual Events.
In Q4 2022, the company announced the launch of ENGAGE Link, a new metaverse
platform designed for corporations, professionals, education organisations and
event organisers. The company has seen encouraging engagement with
enterprise customers for this new platform and was able to successfully
demonstrate its capabilities to a global audience in April 2023, with the
hosting of ENGAGE XR's first VR concert titled "Eat Sleep VR Repeat" starring
Norman Cook, AKA Fatboy Slim.
In January 2023, the company announced its first AI-powered employee, Athena,
who can answer questions, take voice commands and complete tasks within its
metaverse program. In February 2023, the company raised €10.5 million by way
of a placing which included a subscription by HTC for £0.58 million.
For the 12 months ended 31 December 2022, the company achieved revenue of
€3.9 million, an increase of approximately 62% in this period. The Group's
cash position at 30 April 2023 was €10.3 million. In June 2023, Lenovo's new
VR headset was released. Lenovo is a channel partner for ENGAGE XR and so
this is expected to provide a new route to market for the company. In
September 2023, the company published its 2023 interim results which showed
continued revenue growth of 18% over the same period in 2022.
Cameramatics
Cameramatics offers a cloud based, SaaS solution to fleet managers, enabling
companies to deal with the increasing demands around driver shortages, driver
retention, rising fuel costs, insurance costs, emission output and driver
safety protocols. Its in-house developed smart technologies, smart vision
systems, AI safety technologies, fleet safety/risk management tools and data
software solutions have been achieving strong results for customers.
In Q1 2023, the company raised €3 million from existing investors to assist
with funding growth. The company is expanding into new geographies, with good
traction being gained in the US and new clients being won including customers
such as Maritime Transport, one of the UK's largest privately owned transport
companies.
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
Ambisense Provides an artificial intelligence platform to deliver environmental risk
assessment to allow real-time gas and environmental monitoring using both loT
(Ambisense Limited) and sensor solutions. The company has already been awarded a number of major
contracts and has a substantial pipeline of opportunities.
EveryAngle An artificial intelligence platform that uses machine learning to provide
enterprises, such as large retailers, with line of business solutions to
reduce fraud, churn and waste using machine vision.
Security
Nova Leah An artificial intelligence cyber-security risk assessment and protection
platform for connected medical devices.
(Nova Leah Limited)
connected medical devices.
Getvisibility An artificial intelligence security company addressing the substantial problem
faced by corporations in storing, sorting, accessing and protecting data.
(Visibility Blockchain Limited)
PreCog An artificial intelligence security solution platform company that provides
data intelligence to combat crime, terrorism and protect vulnerable people.
(Polience Limited) Customers include leading law enforcement and security agencies, and transport
infrastructure groups.
Smarttech247 An established global artificial intelligence-based cybersecurity business,
(Smarttech247 Group PLC) specialising in automated managed detection and response. The company is
listed on AIM.
Immersive Technologies
Engage XR A developer of virtual reality and immersive experiences with a specific focus
on education and enterprise learning and development. The company is listed on
(Engage XR Holdings plc) AIM, has over 100 commercial customers and is rapidly growing revenue and
margins.
LandVault (Formerly Admix) A platform enabling the monetisation of interactive programmatic brand
placements in, for example, video games and other AR/VR applications. The
(WAM Group Limited) company is rapidly growing revenues and numbers of active users.
Warducks An AR/VR game development studio which has produced leading VR games and will
soon launch a new AR game, Edge of Earth.
(Warducks Limited)
VividQ A deep tech software company which has developed a framework for real-time 3D
holographic displays for use in heads-up displays and AR headsets and glasses.
(VividQ Limited)
Volograms An artificial intelligence deep learning company that uses Al to create 3D
augmented reality from 2D photos and videos. The company has launched a
(Volograms Limited) consumer AR Camera app called Volu and has pro user and enterprise versions in
development.
Virtex A company building a platform for the next-generation of live, immersive
entertainment within the virtual reality gaming and esports industries. It is
(Virtex Limited) developing its new stadium app.
Internet of things
CameraMatics An artificial intelligence platform enabling transport fleet managers to
reduce risk, increase driver safety and comply with growing industry
(MySafe Drive Limited) governance and compliance. The company is expanding into new geographies, with
good traction being gained in the US and new clients being won including
customers such as Maritime Transport, one of the UK's largest privately owned
transport companies.
Wia Provides a platform solution for smart buildings. Its platform provides full
device and application management, security, data capture and storage,
(WIA Technologies Limited) analysis and control.
2. Sure Valley Ventures UK Software Technology Fund ("SVV2")
In March 2022, the Company invested in a second SVV fund, the Sure Valley
Ventures UK Software Technology Fund. 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 the 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.
SVV2 is managed by the same SVV team which, to date, has been highly
successful in achieving a number of cash realisations from, and upward
revaluations of, companies in the SVV1 portfolio. The profit share
arrangements within SVV2 are designed to encourage the involvement of 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.
SVV2 made two investments in 2022 which are described below:
RetÌnÍZE Limited RETiniZE Limited is an award-winning creative-tech company based in Belfast,
Northern Ireland The company is developing an innovative software product
called Animotive that is harnessing the latest VR and Generative Al
technologies to transform the 3D animation production process.
Jaid Jaid is a rapidly growing platform that uses Al as a Service (AIaaS) solution
to help businesses reduce costs, improve efficiency and make data-driven
decisions, including client service automation, sales automation, payment
exception processing and claims administration processing.
Whilst further investments for this fund are being reviewed, the funding
requirement is expected to be relatively limited in the short-term and will be
met from existing cash resources and/or realisations from SVV1.
3. Sure Valley Ventures III Limited Partnership ("SVV3")
On 23 February 2023, Pires announced that it had agreed to invest in SVV's new
venture capital fund, SVV3, alongside Enterprise Ireland, the fund's
cornerstone investor that committed 50% or €15 million to the fund. SVV3
plans to invest in circa 15 high-growth Al software companies in sectors such
as Enterprise, Immersive Technologies and Cybersecurity across the Republic of
Ireland.
Whilst new investments for this fund are being reviewed, the funding
requirement is expected to be relatively limited in the short-term and will be
met from existing cash resources and/or realisations from SVV1.
4. Sure Ventures plc ("SV plc")
SV plc (LSE: SURE) is a London-listed venture capital fund which invests in
early-stage software companies in the rapidly growing technology areas of
Augmented Reality, Virtual Reality, Internet of Things and artificial
intelligence. As at 30 June 2023, Pires had a 21.9% shareholding in SV plc
whose principal investment is a 25.9% interest in SVV1 and a commitment to
SVV2. Pires therefore has an aggregate (direct and indirect) interest in SVV1
of around 19%, which comprises its original direct 13% interest in SVV1 and an
indirect interest of 5.7%, through its 21.9% shareholding in SV plc. SV plc
also has direct shareholdings in VividQ and Let's Explore Group, although this
shareholding has subsequently been sold.
Direct investments
GetVisibility
GetVisibility is a cybersecurity company focusing on data visibility and
control. It uses state-of-the-art artificial intelligence ("AI") to classify
and secure unstructured information. The company has continued to grow
rapidly, with a significant number of new channel partners being onboarded,
leading to a substantial increase in its number of enterprise customers.
Pires also has indirect interests in GetVisibility through SVV1 and SV plc.
Emergent Entertainment Ltd ("Emergent")
Emergent a next-generation entertainment company focused on bringing audiences
and storytellers together by harnessing emerging technologies.
During the period, Emergent signed an LOI to secure development funding to
develop a new game and is also in discussions on other projects. The launch of
the VR game, Peaky Blinders, was positively received and further work is
underway to increase sales. The company has agreed terms with a massive
multiplayer role-playing game developer to fast track the development of its
Web3 game, Resurgence, which is expected to reduce development times by 12
months. The management team is also working on various initiatives to reduce
the company's cost base and it expects 2023 revenues to be significantly ahead
of the previous year.
Low6 Limited ("Low6")
Low6 is a leader in sports gaming technology that powers franchises with their
own branded gaming experiences to engage and monetise their digital fanbases.
During the period, Low6 has continued to win new clients including Olybet,
Better Collective and BetRivers and has expanded and increased revenue with
existing clients. The company has contracted approximately US$7 million in
revenue since 1 July 2022 and revenues are expected to continue to grow in the
remainder of the year as the Premier League gets going in August and the North
America sports kick off in September. In late April 2023, the company raised
£800,000 from its largest shareholders as a bridge to EBIDTDA breakeven which
was achieved in July 2023. The management team continues to work on cost
reduction with the majority of the legacy debt attributed to the pool betting
operation having been negotiated down and/or cleared now.
PreCog
PreCog is a security solution platform company that provides data intelligence
to combat crime, terrorism and protect vulnerable people. Its customers
include leading law enforcement and security agencies, and transport
infrastructure groups. The company has continued to develop its product
offering and, in particular, it has developed an "off the shelf product" which
is expected to minimise manufacturing risk. The company operates in an
exciting security sector with significant potential demand for its products
expected going forward.
Key financial indicators
The key unaudited performance indicators are set out below:
Performance indicator 30 June 2023 31 December 2022 Change
£000s £000s -
Loss attributable £(512) £(366) -
Net asset value £7,310 £7,822
Net asset value - fully diluted per share 4.00p 4.28p
For this period, operating costs have been reduced and portfolio valuations
have remained relatively flat. However, the strengthening of the £ against
the € and financing costs have contributed to a resulting loss for the
period.
As previously stated, 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.
Outlook
Overall, 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. Furthermore, our portfolio is also very much AI
focused and so should be attractive to investors wanting exposure to this
exciting and fast-moving sector.
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
Notes to Editors
About Pires Investments plc
Pires Investments plc (AIM: PIRI) is a company providing investors with access
to a portfolio of next-generation technology businesses with significant
growth potential and focus on AI.
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 2023
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30-Jun 30-Jun 31-Dec
2023 2022 2022
Continuing activities £000s £000s £000s
Notes
Revenue
Investment income - - -
Other income 2 - -
Total revenue 2 - -
Gains on investments held at fair value through profit or loss (251) 1,422 420
Operating expenses (215) (430) (786)
Operating (loss)/profit from continuing activities (464) 992 (366)
(Loss)/profit before taxation from continuing activities (464) 992 (366)
Financing cost (48) - -
Tax - - -
(Loss)/profit for the period from continuing activities (512) 992 (366)
(Loss)/profit for the period and total comprehensive income attributable to (512) 992 (366)
equity holders of the Company
Basic (loss)/profit per share 3
Equity holders
Basic and fully diluted (0.28)p 0.58p (0.20)p
UNAUDITED STATEMENT OF FINANCIAL POSITION
As at 30 June 2023
Unaudited Unaudited Audited
As at As at As at
30-Jun 30-Jun 31-Dec
2023 2022 2022
£000s £000s £000s
Notes
CURRENT ASSETS
Investments 8,124 8,810 8,129
Trade and other receivables 11 9 373
Cash and cash equivalents 665 588 847
TOTAL CURRENT ASSETS 8,800 9,407 9,349
TOTAL ASSETS 8,800 9,407 9,349
EQUITY
Called up share capital 457 416 457
Shares to be issued - 10 -
Share premium account 8,778 8,176 8,778
Share premium account for shares to be issued - 155 -
Retained earnings (13,920) (12,050) (13,408)
Capital redemption reserve 11,995 11,995 11,995
TOTAL EQUITY 4 7,310 8,702 7,822
NON-CURRENT LIABILITIES
Loan Notes 1,235 - 1,235
CURRENT LIABILITIES
Trade creditors and other liabilities 255 705 292
TOTAL LIABILITIES AND CURRENT LIABILITIES 1,490 705 1,527
TOTAL EQUITY AND LIABILITIES 8,800 9,407 9,349
UNAUDITED CASH FLOW STATEMENT
For the six months ended 30 June 2023
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30-Jun 30-Jun 31-Dec
2023 2022 2022
£000s £000s £000s
Cash flows from operating activities - (Loss)/profit for the period (512) 992 (366)
Realised (gain) on disposal of investments - (14) (14)
Fair value movement in investments 251 (1,408) (406)
Interest income (2) - -
Financing cost 48 - -
Decrease/(increase) in receivables 362 (1) (365)
(Decrease)/increase in payables (37) 530 117
Net cash absorbed by operating activities 110 99 (1,034)
Cash flows from investing activities
Payments to acquire investments (246) (440) (760)
Proceeds of sale of investments - 68 66
Net cash from investing activities (246) (372) (694)
Cash flows from financing activities
Interest received 2 - -
Financing cost (48) - -
Net proceeds from shares issued or to be issued - 487 966
Issue of loan notes - - 1,235
Net cash from financing activities (46) 487 2,201
Net (decrease)/increase in cash and cash equivalents during the period (182) 214 473
Cash and cash equivalents at beginning of the period 847 374 374
Cash and cash equivalents at end of the period 665 588 847
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 EC2V 6DN. The
condensed interim financial statements of the Company for the six months ended
30 June 2023 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 2022 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 2022 and 30 June
2023 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 26
September 2023.
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 2022. 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. (LOSS)/PROFIT 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
2023 2022 2022
£000s £000s £000s
(Loss)/profit on continuing activities after tax (512) 992 (366)
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 182,956,642 159,463,671 171,274,697
Basic earnings per share from continuing activities (p) (0.28) 0.6 (0.20)
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 2022 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
Issue of shares (net of costs) 41 (165) 602 - - 478
Loss for the 6 months ended 31 December 2022 - - - (1,358) (1,358)
At 31 December 2022 457 - 8,778 11,995 (13,408) 7,882
Loss for the 6 months ended 30 June 2023 - - - - (512) (512)
At 30 June 2023 457 - 8,778 11,995 (13,920) 7,310
5. DISTRIBUTION OF INTERIM REPORT
Copies of the Interim Report for the six months ended 30 June 2023 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.
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