23rd Dec 2019 14:44
(Alliance News) - London-listed Pires Investments PLC and Sure Ventures PLC on Monday said an investee has agreed to sell its stake in Irish 3D content creators Artomatix.
Software company investor Sure Ventures has a 26% stake in the Sure Valley Ventures, the fund which invested in Artomatix.
Pires Investments, which recently expanded its investment policy to include the technology sector, as well as natural resources and energy firms, in November said it invested GBP1.1 million in Sure Valley, taking a 13% interest.
Sure Ventures expects to receive EUR1.6 million from Sure Valley's Artomatix sale.
Sure Ventures Director Gareth Burchell said: "Given our market capitalisation of roughly GBP5 million, this is a significant return, and we would like to thank the Artomatix team for their effort, ambition and commitment. Our portfolio is reaching an exciting stage in its life cycle and we look forward to 2020 on what it may bring."
Pires said it will secure EUR803,000. RiverFort Global Opportunities PLC, which holds a 24% shareholding in Pires, also noted the announcement.
Pires Chair Peter Redmond said: "The sale of Artomatix represents a very substantial return from our investment in Sure Valley Ventures over a matter of months. Our investment in Sure Valley Ventures is proving to be an even more exciting investment than we initially expected. We look forward to good progress being made at the other companies within the Sure Valley Ventures portfolio and expect further positive developments in the portfolio during 2020."
Shares in Sure Ventures were 6.8% higher at 109.50 pence each in London on Monday afternoon. Pires shares were 9.7% higher at 2.14p apiece, with its investor Riverfort Global rising 6.5% to 0.080p.
By Eric Cunha; [email protected]
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