26th Mar 2020 18:56
(Alliance News) - Pires Investments PLC on Thursday said it has disposed of the majority of its stake in Eco Atlantic Oil & Gas Ltd, adding that its net asset value per share was trading at a premium to its share price on Wednesday.
The company said its NAV on Wednesday was around GBP2.4 million, equivalent to 3.6 pence per share, compared to its closing share price on Wednesday of share price of 1.8p.
The stock closed 11% higher at 2.00p each on Thursday.
Pires said it disposed of the stake in Eco Atlantic for net cash of GBP1.6 million, realising a total net profit on disposal of almost GBP1 million. It added that Eco currently represents less than 5% of its NAV. As at July 2019, the company's principal investment was its stake in the exploration company.
The London-based company said it is now increasing its focus on the technology sector, with 65% of the its gross assets now represented by investments in the technology sector.
Separately, it said it has received EUR721,274 from its sale of software developer Artomatix to Unity Technologies Inc in the fourth quarter of 2019, with the balance of around EUR82,000 expected in June 2021. It said it received a return of EUR803,274 from its investment in Artomatix.
"I am very pleased with the progress that is being made by our investments in the technology sector although, disappointingly our shares still trade at a significant discount to our underlying net asset value," said Chair Peter Redmond.
By Ife Taiwo; [email protected]
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