Member Info for phenomenonnick

It does a bit -10% or so of the assets are in Mode.

Haha. Not hiding, just working. And looks like not a lot of activity here while we await news.

Hi Mr F,

Piri itself doesn’t take charges. It’s an investment company and owns its own assets, one (the largest but by no means the only one) is which is a stake in an Irish fund, Sure Valley Ventures. The running costs of Pires are shown in the financial results. They’re low in absolute terms for a plc, but historically a high proportion of assets. As the company grows they’re a more reasonable share of assets.
About a year ago I did investigate the charges that the SVV management team charge that fund, and remember thinking they were fair - I think they were fairly heavily weighted to performance. But I’m hoping in time Pires will be far more than a stake in SVV!

I'm shocked it's this low. If there's a placing it'll surely be for a cracking investment. The last placing caused the share price to jump - that rather killed the fear of placings with this stock. The asset value is rising sharply, the portfolio is either covid-proof or benefits from covid (buymie for instance), and if it does go down quite a bit the major shareholders will keep buying more from those who get bored easily.

Yes I’ve complained previously to AJ Bell, recommend others do the same. They let me buy in the placing and sell the placing shares but that aside can’t trade it. Someone there told me it is literally the only stock on the whole market which they bar trading in. Bizarre.

Hi Prosimian,

When a public company buys a business, the size of the target is compared to the buyer. It’s measured in various ways (turnover, assets, etc), each of which are called Class Tests. Napster is larger than MVR on at least one Class Test.

This means the transaction is called a “Reverse Takeover” or RTO. The shares are therefore suspended until the business publishes a new Admission Document (just as the had to when Armstrong Ventures bought MelodyVR) and the deal needs approving by MVR shareholders. The shares are suspended until this happens.

I share your frustration about lack of access to the fundraising - I contacted the broker and didn’t receive the courtesy of a response.

Hehe, believe it or not I haven't looked at this page in days and you mention me two hours ago. Spooky!

I know who sold the 200k first thing, no connection to my group but it's a long term holder who saw a short term trade elsewhere. They still have lots and I suspect they'll be here for many years. The sells at 4.2 and above from the early morning are surely buys. Don't know who's behind the 250k sale mid morning but the placees at 2p are sitting on a decent profit. With lots of other opportunities I'm not surprised that some don't have the patience to hold indefinitely here.

There aren't many TR1 holders in Pires and we all understand the rules, I'd be utterly shocked if any were selling and failing to declare.

I haven't sold any since my last TR1. But even for those of us who are huge fans of the company, it's getting a little frustrating. The end of this week marks six months since the placing. The market reacted favourably within a day of the announcement, but despite rising subsequently off the back of improved PR and plenty of newsflow from SVV investees the share price is now back below where it was the day after the placing was announced. That must be as much a disappointment to the board as to the shareholders given their efforts.

I don't know whether a transaction of some sort is imminent, but if it isn't, I do think it's high time we had an announcement about the board's intentions with the placing proceeds.

I suspect you’re either thinking of:
(1) total relief from IHT on the value of AIM shares, once you’ve held them for two years; or
(2) CGT relief on AIM shares that were issued to you as new shares and qualified for EIS relief.

Treetop - it’s post a 10 for 1 consolidation

Sounds like mine, thanks. Odd it doesn't show on here.

Yeah. Though weirdly my 500k purchase which led to today's RNS doesn't seem to be showing.

Wouldn’t it just! Doing this in the hope there’s an exciting direct investment round the corner.

I hope we aren't seen as boring - the SVV portfolio is extremely well placed for great performance regardless of the pandemic. I think we need to see an exciting direct investment, I'm assuming Chris Akers will have some contacts that can help us find deals which will excite the market.

I can't see my transaction yet. It was a limit order and they seem to show up later - often a day (or even two) later. I paid 4.4p. I strongly suspect the 100k at 4.39p at lunchtime was a buy - I had a quote around then and was offered 4.39p. It shows as a sell because the spread was 4.3 to 4.5 at the time, but it moved soon after to 4.2 to 4.4p.

I do have way too many of these for my own good but that's a problem for another day!

Surely not a short? I never get people shorting something like this. It's an investment company well backed by interesting tech assets that are well placed to prosper under covid. Moreover it's run on a shoestring, so the cash pile means it can run for years. Yes an investment or two might not work and the share price might drift down a bit if people get bored, but a random announcement about setting up a battery investment or something and it could soar, and as a shorter you're screwed. There are plenty of businesses on aim trading on a lot of hope value, which have debts, that could easily fail. Surely they're the ones you can short - where there's an imminent mortal threat, allowing for a really strong bear case in the short term. That just doesn't exist here.

Anyway - have taken advantage and added more today. GLA!

Hi Techtonic, yes I broadly agree. I was hoping for something a bit more rigorous in the broker note. Even so, it points to where this could go on fundamentals. There’s nothing in there for the Chris Akers effect, you’d think he would be able to help the board create value. He’s taken stakes in a lot of firms this year. Pires is the only one where the existing assets have potential to go way above the current share price. You’d think this would be the easiest one for him to demonstrate success.

It was me :)

At the risk of seeming like I'm making it up as I go along, I couldn't resist topping up again - this should be over 6p not under 5p.

You’re preaching to the choir, x54v

I suspect it's nothing so dramatic. Rule 18 says you get 3 months to publish interims. That means the suspension should have come on 1 July. They say they'll release the interims by the end of this month, which is 6 months, the normal timeframe for releasing the March figures (when they were the year end). Isn't the more likely explanation that the management were too busy running the business to notice that the change of accounting date meant the March figures needed to be out in June not September? And that the Nomad wasn't paying attention here and has only just noticed, hence a hasty (but likely short-lived) suspension?

This should not be slightly down! I've added a few more at 0.74p.

Hi Techtonic,

Yeah sure, happy to be open about my intentions.

It's not the warrants - that's a relatively small change in total shares in issue but it doesn't happen until Friday.

My last TR1 was 5,906,429 shares. I was then allotted the final tranche of placing shares, but with more shares in issue I didn't move through a percentage threshold so (as I understand it) I'm not meant to issue a new TR1. I've now sold those tranche 3 placing shares (plus 156,429 more). Some went to another large holder and some to my partner's pension. This now takes me through a percentage threshold so a TR1 is required, and that's what's been RNS'd.

I remain hugely supportive of the business and the board. As I mentioned previously my SIPP was overweight in Pires and that needed fixing. I sold after the 10% price fall, I wasn't responsible for that. I'd be sensible if further sales are needed, though I intend to stay in the current bracket for the foreseeable future. Equally, it's a SIPP, I need to be mindful of the LTA, so my holding will need to be much smaller when this is north of 10p, which I suspect is months away rather than years.