Final Results

RNS Number : 4765M
Pires Investments PLC
30 April 2018
 

Pires Investments plc

 

("Pires" or the "Company")

 

 

Results for the year to 31 October 2017

  

 

The Board is pleased to announce the audited results of Pires for the year ended 31 October 2017.

 

 

Chairman's Statement

 

During the year to 31 October 2017, the Company's net assets increased significantly to £627,548 compared to the previous year's figure of £130,714.  This was principally due to fundraising during the year and the favourable performance of the Company's investment portfolio.

 

The operating loss from continuing activities for the period amounted to £142,916, again a significant reduction compared to the previous year.  This improvement was principally due to the increase in value of the Company's investment portfolio, as already mentioned. We were also able to realise some of these investment gains through certain strategic disposals. The results also included a significant provision against our VAT receivable balance, which has had the effect of inflating our operating costs. Discussions with Customs and Excise continue but the Directors consider it prudent to make this provision at this stage. 

 

During the period under review, we raised £675,000 gross (£639,750 net of fees) in new equity from investors and these funds were largely used to make a significant investment in Eco (Atlantic) Oil and Gas Limited ("ECO"), an oil and gas exploration company listed on both AIM and the Toronto Stock Exchange. Since the year end, the Company's net asset position has continued to grow and is, at the date of this statement approximately 30% higher than as at the year end.  This is principally due to the increase in the share price of ECO, which now represents the Company's largest investment.

 

The Company reviewed a number of potential reverse transaction opportunities during the year. However, none of them advanced beyond the diligence stage. The Company continues to review a range of opportunities and the Directors believe that it is in a stronger position to attract interesting transactions given the improvement in its financial position.

 

Peter Redmond

 

Chairman

 

STATEMENT OF COMPREHENSIVE INCOME

 



2017

£

2016

£

CONTINUING ACTIVITIES




Income




Investment income


-

33

Other Income


8

21

Total income


8

54





Gain / (Loss) on investments held at fair value through profit or loss

 


196,049

(302,463)

Operating expenses


(338,973)

(248,611)

Operating (loss) from continuing activities


(142,916)

(551,020)

(Loss) before taxation from continuing activities


(142,916)

(551,020)

Tax


-

-

(Loss) for the year from continuing activities


(142,916)

(551,020)

(Loss) for the year from discontinued operations


-

(8,617)

(Loss) for the year and attributable to equity holders of the Company


(142,916)

(559,637)





Loss per share




Equity holders








Basic and diluted


(0.43)p

(5.0)p













STATEMENT OF CHANGES IN EQUITY


Share Capital

 £

Share Premium

£

Capital Redemption Reserve

 £

Retained Earnings

£

Total

 £

Balance at 1 November 2015

11,853,192

2,904,840

164,667

(14,330,348)

592,351

Issue of shares

5,285

94,715

-

-

100,000

Share issue costs

-

(2,000)

-

-

(2,000)

Total comprehensive loss for the year

 

-

 

-

 

-

(559,637)

(559,637)

As at 31 October 2016

11,858,477

2,997,555

164,667

(14,889,985)

130,714

Restatement re share consolidation:

Adjustment re share consolidation

23,217

(23,217)




Total restated balance at 31 October 2016

11,881,694

2,974,338

164,667

(14,889,985)

130,714

Issue of shares

56,250

583,500

-

-

639,750

Total comprehensive loss for the year

-

-

-

(142,916)

(142,916)

As at 31 October 2017

11,937,944

3,557,838

164,667

(15,032,901)

627,548







 

 

 

 

 

 

 

 

 

 

STATEMENT OF FINANCIAL POSITION






2017

£

2016

£

Non-current assets




Property, plant and equipment


-

230

Investment in subsidiaries


1

1

Total non-current assets


1

231





Current assets




Investments


543,421

152,624

Trade and other receivables


9,875

53,865

Cash and cash equivalents


241,142

49,448

Total current assets


794,438

255,937

Total assets


794,439

256,168

 

Equity




Issued share capital


11,937,944

11,881,694

Share premium


3,557,838

2,974,338

Retained earnings


(15,032,901)

(14,889,985)

Capital redemption reserve


164,667

164,667

Total equity


627,548

130,714





Liabilities




Current liabilities




Trade and other payables


166,891

125,454

Total liabilities and current liabilities


166,891

125,454

Total equity and liabilities


794,439

256,168

 

 


1.    OPERATING(LOSS)

 


2017

£

2016

£

Operating (loss) from continuing activities is stated after charging:



Depreciation of property, plant and equipment

230

827

VAT provision

68,157

-

 


2.    (LOSS)  PER SHARE

 


2017

£

2016

£

(Loss)attributable to the owners of the Company



Continuing Operations

(142,916)

 

(551,020)





2017

No. of

Shares

2016

No. of

shares

Weighted average number of shares for calculating basic loss per share

33,521,353

11,400,805


2017

Pence

2016

Pence

Basic and diluted loss per share



Continuing Operations - basic and diluted

(0.43)

(5.00)

 

 

3.   The Independent Auditors' Report contains an emphasis of matter which is set out below in the extract of their report:

 

Emphasis of matter

We draw attention to note 2 of the financial statements.  The Company's administrative expenses in the 12-month period from the signing of these financial statements may exceed the Company's current cash balance, barring any fundraising activities undertaken by Pires. The Company, however, has a significant portfolio of listed investments, some of which could be easily realised to meet a possible shortfall if it were to arise. This provides more than sufficient headroom for Pires, as at the date of signing of these accounts.

 

Copies of the accounts will be posted 30 April 2018 to shareholders and will be available on the Company's website at www.piresinvestments.com

 

 

Enquiries:

 

Pires Investments plc:                                                                            +44 (0) 20 7580 7576

Peter Redmond, Director                                                                      

                                                                                                           

Nominated Adviser:                                                                               +44 (0) 20 7213 0880

Cairn Financial LLP

Liam Murray

 

Broker:                                                                                                 +44 (0) 20 7562 3351

Peterhouse Capital Limited

Duncan Vasey / Lucy Williams

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
FR ILMPTMBBTBTP

Companies

Mindflair (MFAI)
UK 100