2nd Sep 2019 11:36
(Alliance News) - Pires Investments PLC said Monday it is seeking shareholder approval to extend its investment policy to include the technology sector, namely by proposing a GBP1.1 million investment into venture capital fund Sure Valley Ventures.
Sure Valley Ventures has a life to March 2027, and holds a portfolio of ten investee companies focused on software technology, ranging from virtual reality to artificial intelligence.
Also on Monday, Sure Ventures PLC said it would increase its holding in Sure Valley Ventures to 26% from 22% with the commitment of a further EUR2.5 million.
Sure Ventures now has an overall commitment in Sure Valley Ventures of EUR7.5 million.
"With a number of investee companies now approaching the next round of funding, we are very encouraged by the performance of the underlying software businesses and as such are happy to show our commitment to Sure Valley Ventures' strategy by increasing our percentage holdings," said Sure Ventures Chair Perry Wilson.
Pires said it will seek approval at its upcoming annual general meeting in October to make the investment into Sure Valley Ventures. Should approval be given, Pires will invest a further GBP2.1 million over the life of the fund.
"I am very pleased that we are able to potentially access an investment in SVV which we believe has significant potential to create value for shareholders. Building on our recent successful investment performance, this will enable us to diversify our investment risk while taking it into a sector which we believe currently has potential for significant developments and sizeable gains," said Pires Chair Peter Redmond.
Shares in Pires Investments were down 7.8% at 2.31 pence, while Sure Ventures shares were untraded on Monday, last quoted at 100.00p.
Related Shares:
Sure Ventures