Member Info for phenomenonnick

As I understand it there's a failure by some platforms to recognise that Pires is an investing company not a fund, and they therefore think it needs a Key Information Document when it doesn't.

Yes my TR1 and others who have over 3% have been released. What makes you think more are due?

Well they bought about 50% of NAK and I guess it's all in supportive hands including mine. As for AAA, they arranged the Feb placing at 0.1p in which I was pleased to do £10k - sold the last of it at 1.1p in April which I was delighted with. Staggered at how well it's done since and hoping to recreate it here!

Evening all. Not sure I can add much. Baz and I have been in for a while, me well below 3%. Peterhouse bought out the two large holders in quick succession and distributed their stake. I bought a chunk which, with my existing holding, took me to 5%. Contrary to what Eurasianite says I don't "know the plan" here but it's a shell with a low market cap and clearly an interesting situation. There are lots of great opportunities as the wider economy recovers in 2021 and I trust Peterhouse to work their magic as they did with AAA and so many others this year. Baz has researched this more than me and will hopefully share some insight.

Yup TT, got 5%. Hoping for great things here.

Pretty sure that’s 10m moving between two connected parties.

Hi TT. I agree it's hard to gauge the success of any one of the investments. If Pires were itself an investment in just one of them, I would not be comfortable making such a large investment. But in my view it's highly unlikely that they'll all be unsuccessful, and probable that one or two will be spectacular and justify the current valuation by themselves. I trust the board, they have high integrity (not a given for AIM), and for a Chris Akers play this is ridiculously cheap. For instance, compare us and Immedia Group (IME) - that has £7m market cap with a small lossmaking business and zero net assets! We have assets whose current value is tricky to determine but will likely be realised for well in excess of the current value. Or indeed AAA whose value is about £100m higher than the £13m or so of net assets, on the back of hope around continued growth - Pires has a greater range of assets that have similarly stellar potential.

Happy to take up the gauntlet, as the other TR1 holders seem to have the good sense to stay away from these chat boards.

I have held for 4 years and I'm not in the business of estimating the share price in the short term. Absent announcements (which are surely unlikely in the few trading days that make up the timeframe you have given), the price seems driven by relatively small trades. We can be certain that if I tried dumping my shares in the market the price would tank, if someone tried building a TR1 holding in the market the price would soar. I have no way of knowing which of these extremes the market will come closer to in the short term.

I don't have inside information. I met the manager of the SVV fund when we were looking to make our investment. He's very impressive. He has built a portfolio whose constituents are resilient to the pandemic (or actively benefit from it) and if you want to look at the potential, I would say look at the track record. When an investment is sold, the SVV investors get their share of the cash. The sale of one of the portfolio companies, Artomatix, got Pires EUR800k back just two or three months after their initial EUR1.1m investment. The other ten or so won't all do that, but I'm confident some will do better than that.

I was not impressed with the broker note, I was expecting a more detailed analysis of the portfolio companies. The 14p is based on a general assumption about returns, is out of date now anyway, and even at the time contained errors.

Yes, I absolutely expect to see north of 20p per share - a long way north, eventually. My stake is in my pension, so I have a relatively long term horizon for it to reach this target. Years not days! But unlike most small companies I really don't see much downside risk here. But then, I would say that! I wouldn't have put a huge chunk of my pension in here if I had doubts. It is entirely possible I'm wrong - I just don't think I am on this occasion.

In the interests of full disclosure - my pension pot hits the Lifetime Allowance when the price hits 10p, so I will need to consider what to do about that as we approach that level, which I would expect to be during 2021.

Oh come on, they're not late just later than last year. Since then they've had to cope with the death of the founder and major shareholder, and a pandemic. Cut them some slack!

About 1.5% I believe TT

As is the 2m buy just now.

2.25m buy is BrightGrow SSAS.

Nice, welcome aboard!

Cameron F - took me less than a minute to find a planning application. Just use google and type:
planning "DKE (Wavertree)"
and so on. Not sure if links appear here but eg http://northgate.liverpool.gov.uk/PlanningExplorer17/Generic/StdDetails.aspx?PT=Constraints&TYPE=PL/PlanningPK.xml&PARAM0=%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%201102760&XSLT=xslt/PLDetails.xslt&FT=Planning%20Details&DAURI=PLANNING&XMLSIDE=

Oh dear Ged, what happened to you? "Pie in the sky"? This time last year you were telling people on here "the sky's the limit" - the share price has doubled over the year, and I'd argue prospects and potential have more than doubled. The low running costs are now spread over a larger asset base, so there's less erosion of investment returns; the SVV portfolio is superbly placed to have either been unaffected or positively affected by Covid (nothing in leisure / hospitality etc) and a major tech investors has arrived, leaving 50% of the company's shares now in fairly sticky hands. I have every condidence that 2021 will be a year when the share price doubles again as the SVV portfolio continues to make good progress, news flow starts to emerge from the direct investments, and we find new opportunities. through Chris Akers and through others.

Baffled as to why you think there's a TR-1 missing from the volume we've seen recently. There are only four TR-1 holders and we're all experienced investors who play by the rules. One is itself an AIM-quoted plc and long term investor with a common director. Chris Akers is highly experienced and seems to file promptly, as do I. That leaves John who I don't know well but doesn't seem to have been slow to file elsewhere and seems to be buying not selling.

I would be amazed if the other three were to sell at these levels, certainly I'm not. Our holdings are declared, between us we own 50% of the company. That leaves another 50% - over 60m shares. Volume last month was around a quarter of that.

Hi Techtonic. There's a bit of bank debt but it's in the subsidiaries so if they did a reverse and sell the subs the bank debt goes with the sale. As I recall the rest of the debt is owed to a large shareholder and former director. He owns about 10% but swapped some of the debt for a convertible note that lets him go up to about 29%. He can't go over that without making a bid for the company. My hope is they'll do a reverse, and he'll either take the housebuilding assets in satisfaction of most of the debt, or he'll convert the debt as part of a fundraise - if they do a reverse and issue lots of shares, he can convert more of his debt without going over 30%.

I like my shells solvent, asset rich, and generally increasing in value, hence having most of my cash in Pires. but I've got a fair few warrants here plus now a tiny shareholding in the hope of an AOGL-style deal for an interesting reverse.

Positive update and a TR1 buyer yet it's down! Crazy!

Not just wants out, I suspect he IS out. I did well in AOGL (and indeed TRAF) but at least AOGL didn’t have £5m of debt and £3m of assets. But as I say; I’ve bought back into TRAF today - paid 0.0982p. If the board has rebuffed Akers they must be pretty confident that their alternative was better.

They do still have an insolvent balance sheet!

Just bought a few but this one is not without risk!