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Pires Investments To Seek Shareholder Approval For Proposed Policy Change

Wed, 11th Sep 2019 13:21

(Alliance News) - Pires Investments PLC on Wednesday said it will seek permission from its shareholders to change its investment policy.

Pires suggested amending its policy to allow it to invest in technology firms, in addition to companies in the natural resources and energy sector, which it has principally focused on.

The company will seek authorisation from shareholders during its annual general meeting on October 3.

Pires first said that it considered making changes to its policy in August, when it announced that it was mulling investing in Sure Valley Ventures, a venture capital fund which invests in private software start-ups in the augmented reality and virtual reality industry.

The company's proposed investment policy reads: "The company's investing policy is to invest principally, but not exclusively, in the natural resources and technology sectors. The company will consider investments in the UK, Ireland and Europe more generally but will also consider investments in wider geographical regions.

"The company may be either an active investor and acquire control of a single company or it may acquire non-controlling shareholdings. Once a target has been identified, additional funds may need to be raised by the company to complete a transaction."

Shares in Pires were 1.1% lower at 2.28 pence each in London on Wednesday afternoon.

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