13th Feb 2019 14:41
LONDON (Alliance News) - Pires Investments PLC on Wednesday said it has raised GBP781,720 via placing 32.6 million shares at a price of 2.4 pence each.
The shares were placed at a 9.4% discount to Tuesday's closing price of 2.65p. Shares in Pires were down 1.7% at 2.6p on Wednesday.
The investment company will use the placing proceeds to "take advantage of investment opportunities as they arise and improve the company's attractiveness as an investment partner."
Following the issue of the placing shares, the company will have 66.5 million shares in issue.
"Markets continue to be uncertain and this situation is unlikely to improve in the short term. We therefore believe that it is prudent to raise some additional funds at this point in order to ensure that, we are both well-positioned against the background of continued market uncertainly and a more attractive investment partner, better able to take advantage of opportunities as they arise," said Pires Chair Peter Redmond.
RiverFort Global Opportunities PLC, already a significant shareholder, has agreed to subscribe for 7.8 million shares. This takes RiverFort Global's holding in Pires to 24%.
Nicholas Lee, who is investment director and a shareholder of RiverFort Global is also a director of Pires.
Shares in Riverfort were down 3.6% at 0.093 pence on Wednesday.
Related Shares:
Riverfort