London-listed(AIM:PIRI ) said it has made progress across investments focused on the technology sector to represent around 65% of the group’s total gross assets.
The financial investment management firm told investors on Thursday that it has ramped up investment to around £1.58m for technologies such as AI, cyber security and IoT.
The group reported its unaudited net asset value at about £2.4m, equivalent to 3.6 pence per share, a contrast to its share price of 1.8p as at market close on Wednesday.
Chairman Peter Redmond recognised the discount to its underlying net asset value as “significant” and “disappointing” but said the group remains “very pleased” with its recent technology investments.
In December 2019, Pires announced the sale of Irish software firm, Artomatix, a portfolio company of Sure Valley Ventures, in a deal believed to be worth up to $60 million.
Shares in Pires Investments were trading 16.67% higher at 2.1p during Thursday trading.
Pires has since achieved €803,274 representing ‘a significant return’ compared to its initial investment in SVV of £1.1m on 21 November 2019.
The sale represents a cash multiple of around five times the initial investment made by SVV.
The group noted that €721,274 had already been received with the remaining balance of around €82,000 expected in June 2021.
Meanwhile, Pires added that Warducks Limited’s €3.3m investment from EQT Ventures represented a 4x uplift on its valuation at the time of the investment by SVV.
Pires has disposed of the majority of its holding in Eco Atlantic Oil and Gas (AIM:ECO) which represents less than 5% of the company’s net asset value as part of its focus on technology.
The move has generated total net cash proceeds of £1.57m, realising a total net profit on disposal of almost £1m from this investment, this morning’s statement detailed.
Follow News & Updates fromhere:
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
The North Sea-focused energy firm said it is purchasing Toscana, which holds a reserve life index of 14.7 years, ‘at a fraction’ of going market-based valuations for Western Canada Sedimentary Basin (WCSB) oil and gas transactions.
Bidstack (AIM: BIDS), joins the Vox Markets COVID-19 index as its reports a surge in demand for its services as the restrictions on movement and the cancellation of live sporting events has led to the video games industry witnessing record numbers of daily active users, concurrent players and hours played.
EquityBytes - The Vox Markets Sponsored Research platform – Finds Dev Clever could generate over £26m revenue to FY24. Current EV/Sales market multiples, for similar Virtual Reality /SaaS based technology companies in the UK of circa. 4x, suggests shareholders could benefit from a significant re-rating of the stock over the next four years.
Some 20,000 former NHS staff have returned to work to help the fight against coronavirus, Boris Johnson has revealed in a video posted online. The prime minister, who is self-isolating after testing positive for the virus, said the country would get through the crisis "together".