16th Feb 2015 15:27
LONDON (Alliance News) - Pires Investments PLC Monday said it has subscribed for 34.5 million new shares in a placing by 3Legs Resources PLC, for a total of GBP80,000.
The 34.5 million new shares represent around 8.0% of 3Leg's total voting rights, according to Pires.
3Legs recently underwent a restructuring, under which it disposed of its trading activities and returned GBP15.9 million of its cash resources to its shareholders. It then adopted a new investing policy to invest in and acquire companies within the technology sector or within the resources sector.
Pires said it played "the key role" in negotiating and coordinating the restructuring of 3Legs as an investing company.
"The investment in 3Legs represents a further step in the implementation of Pires' investing strategy and demonstrates its ability to use its resources to establish a broadly based investing company," said Chairman Peter Redmond in a statement.
Shares in Pires were trading 0.5% lower at 0.0423 pence Monday afternoon, while 3Legs shares were up 81% at 0.262 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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Related Shares:
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