PIRI.L Regulatory News (PIRI)

Pires Investments PLC

("Pires" or the "Company")

Unaudited interim results for the six months to 30 April 2019

Highlights

· Net asset value at the period end was £2.36 million, representing an increase of 148% compared to the figure at 31 October 2018 of £0.95 million

· Market capitalisation as at the period end represented a 28% discount to net asset value

· Net asset value principally comprises cash and shares in Eco (Atlantic) Oil & Gas Limited ("ECO")

· Cash at period end was £0.93 million, increasing to the current level of £1.35 million

· Profit of £659,048 made during period

Chairman's Statement

The Company is pleased to report further strong progress for the period under review, with a profit before taxation of £659,048 (six months ended 30 April 2018: £122,556) as a result of an increase in the value of our investment portfolio, net of disposals, and a reduction in our operating expenses.

As at the period end, our net asset value was £2,358,120 (31 October 2018: £949,617), which represented an increase of some 148% on the position at the year end and principally comprises cash and investments. Net assets per share increased from £0.028p to £0.035p over the same period.

The principal investment in the portfolio remains ECO, together with a holding in Portage Biotech resulting from a transaction by one of our investee companies, SalvaRx plc, referred to in our 2018 full year results.

During the period, we disposed of part of our holding in ECO against a background of a further significant rise in its share price. Since the period end, the ECO share price has fallen back modestly. We continue to actively manage our investment portfolio with a view to locking in gains progressively. As a result of this strategy and a successful placing carried out by the Company earlier in the year, our cash balance has now increased to a current level of around £1.35 million.

We continue to review potential new opportunities and are confident that we will continue to make further progress in the months ahead.

Peter Redmond

Chairman

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries:

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 April 2019

UNAUDITED STATEMENT OF FINANCIAL POSITION

As at 30 April 2019

UNAUDITED CASH FLOW STATEMENT

For the six months ended 30 April 2019

Notes to the Unaudited Interim Report

1. GENERAL INFORMATION

Pires Investments Plc (the "Company") is a company domiciled in England whose registered office address is c/o Cooley Services Limited, Dashwood, 69 Old Broad Street, London EC2M 1QS. The condensed interim financial statements of the Company for the six months ended 30 April 2019 is that of the Company only.

The condensed consolidated interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

The financial information for the year ended 31 October 2018 has been extracted from the statutory accounts for that period which were prepared in accordance with International Financial Reporting Standards ("IFRS"). The auditors' report on the statutory accounts was unqualified. A copy of those financial statements has been filed with the Registrar of Companies.

The financial information for the six months ended 30 April 2018 and 2019 was also prepared in accordance with IFRS.

The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements. 

The condensed interim financial statements were authorised for issue on 16 July 2019.

2. BASIS OF ACCOUNTING

The financial statements are unaudited and have been prepared on the historical cost basis in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS") using the same accounting policies and methods of computation as were used in the annual financial statements for the year ended 31 October 2018. As permitted, the interim report has been prepared in accordance with the AIM rules for Companies and is not compliant in all respects with IAS 34 Interim Financial Statements. The condensed consolidated interim financial statements do not include all the information required for full annual financial statements and hence cannot be construed as in full compliance with IFRS.

3. PROFIT / LOSS PER SHARE

The calculation of the basic loss per share is based on the following data:

4. STATEMENT OF CHANGES IN EQUITY

5. DISTRIBUTION OF INTERIM REPORT

Copies of the Interim Report for the six months ended 30 April 2019 are available on the Company's website, www.piresinvestments.com.