MINDFLAIR PLC — Interim / Quarterly Report 2018

Jul 27, 2018

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RNS Number : 0661W

Pires Investments PLC

27 July 2018

Pires Investments PLC

("Pires" or the "Company")

Unaudited interim results for the six months to 30 April 2018

Chairman's Statement

The Company is pleased to report a profit of £122,556 during the period under review resulting from an improvement in the value of our investment portfolio, net of disposals.

As at the period end, our net asset value amounted to £750,000, which represented an increase of some 20% on the position at the year end and principally comprises cash and investments.

The principal investment in the portfolio is Eco (Atlantic) Oil & Gas Limited.

Since the period end, there has been a further modest increase in the value of the portfolio.

We continue to review potentially attractive investment and reverse takeover opportunities and we are confident that further progress will be made in the coming months.

Peter Redmond

Chairman

Enquiries:

Pires Investments plc Peter Redmond, Director	Tel: +44 (0) 20 7917 1817
Nominated Adviser Cairn Financial Advisers LLP Liam Murray / Tony Rawlinson	Tel: +44 (0) 20 7213 0880
Broker Peterhouse Corporate Finance Duncan Vasey / Lucy Williams	Tel: +44 (0) 20 7469 0935 Tel: +44 (0) 20 7469 0936

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 April 2018

				Unaudited		Unaudited		Audited
				6 months		6 months		Year
				ended		ended		Ended
				30-Apr		30-Apr		31-Oct
				2018		2017		2017
Continuing activities				£		£		£
	Notes
Revenue
Investment income				-		-		-
Other income				6		5		8
Total revenue				6		5		8
Gains/(losses) on investments held at fair value through profit or loss				271,165		100,558		196,049
Operating expenses				(148,615)		(131,714)		(338,973)
Operating profit / (loss) from continuing activities				122,556		(31,151)		(142,916)
Profit / (Loss) before taxation from continuing activities				122,556		(31,151)		(142,916)
Tax				-		-		-
Profit / (Loss) for the period from continuing activities				122,556		(31,151)		(142,916)
Profit / (Loss) for the period and total comprehensive income attributable to equity holders of the Company				122,556		(31,151)		(142,916)
Basic profit / (loss) per share			3
Equity holders
Basic and diluted				0.37p		(0.091p)		(0.43p)

UNAUDITED STATEMENT OF FINANCIAL POSITION

As at 30 April 2018

		Unaudited		Unaudited (restated)		Audited
		As at		As at		As at
		30-Apr		30-Apr		31-Oct
		2018		2017		2017
		£		£		£
	Notes
NON-CURRENT ASSETS
Property, plant and equipment		0		25		0
Investment in subsidiaries		1		2		1
TOTAL NON CURRENT ASSETS		1		27		1
CURRENT ASSETS
Investments		799,101		680,823		543,421
Trade and other receivables		7,400		77,505		9,875
Cash and cash equivalents		113,587		108,878		241,142
TOTAL CURRENT ASSETS		920,088		867,206		794,438
TOTAL ASSETS		920,089		867,233		794,439
EQUITY
Called up share capital		11,914,727		11,914,727		11,914,727
Share premium account		3,581,055		3,581,055		3,581,055
Retained earnings		(14,910,345)		(14,921,136)		(15,032,901)
Capital redemption reserve		164,667		164,667		164,667
TOTAL EQUITY	4	750,104		739,313		627,548
LIABILITIES
CURRENT LIABILITIES
Trade and other payables		169,985		127,920		166,891
TOTAL LIABILITIES AND CURRENT LIABILITIES		169,985		127,920		166,981
TOTAL EQUITY AND LIABILITIES		920,089		867,233		794,439

UNAUDITED CASH FLOW STATEMENT

For the six months ended 30 April 2018

		Unaudited		Unaudited		Audited
		6 months ended		6 months ended		Year ended ended
		30-Apr		30-Apr		31-Oct
		2018		2017		2017
		£		£		£
Cash flows from operating activities		122,556		(31,151)		(142,916)
Depreciation		-		205		230
Realised (gain)/loss on disposal of investments				-		(44,205)
Fair value movement in investments		(271,165)		(100,558)		(151,844)
Finance income		(6)		-		(8)
(Increase)/decrease in receivables		2,476		(23,640)		43,990
Increase/(decrease) in payables		3,085		2,464		41,437
Net cash absorbed by operating activities		(143,054)		(152,680)		(253,316)
Cash flows from investing activities
Payments to acquire investments		(176,000)		(510,000)		(520,000)
Proceeds of sale of investments		191,493		82,360		325,252
Disposal of subsidiary				-		-
Net proceeds from share issue				-
Finance income received		6		-		8
Net cash (used in)/from investing activities		15,499		(427,640)		(194,740)
Cash flows from financing activities
Proceeds from issue of equity		-		639,750		639,750
Finance costs paid		-		-		-
Net cash from financing activities		-		639,750		639,750
Net increase/(decrease) in cash and cash equivalents during the period		(127,555)		59,430		191,694
Cash and cash equivalents at beginning of the period		241,142		49,448		49,448
Cash and cash equivalents at end of the period		113,587		108,878		241,142

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 2018 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 2017 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 2017 and 2018 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 27 July 2018.

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 2017. 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:

	Unaudited		Unaudited	Audited
	6 months		6 months	Year
	ended		ended	ended
	30-Apr		30-Apr	31-Oct
	2018		2017	2017
	£		£	£
Profit/(loss) on continuing activities after tax	122,556		(31,151)	(142,916)
Basic and fully diluted
Basic and fully diluted (loss)/earnings per share have been computed based on the following data:
		Number of shares
Weighted average number of ordinary shares for the period	33,521,353		33,900,803	33,521,353
Basic (loss)/earnings per share from continuing activities (p)	0.37		(0.091)	(0.43)
There were no dilutive instruments that would give rise to diluted earnings per share

4. STATEMENT OF CHANGES IN EQUITY

	Share Capital		Share Premium		Capital Redemption Reserve		Retained Earnings		Total
	£		£		£		£		£
At 1 November 2016 (restated)	11,881,694		2,974,338		164,667		(14,889,985)		130,714
Issue of shares	56,250		583,500						639,750
Loss for the 6 months ended 30 April 2017							(31,151)		(31,151)
At 30 April 2017	11,937,944		3,557,838		164,667		(14,921,136)		739,313
Loss for the 6 months ended 31 October 2017							(111,765)		(111,765)
At 31 October 2017	11,937,944		3,557,838		164,667		(15,032,901)		627,548
Profit for the 6 months ended 30 April 2018							122,556		122,556
At 30 April 2018	11,937,944		3,557,838		164,667		(14,910,345)		750,104

5.  DISTRIBUTION OF INTERIM REPORT

Copies of the Interim Report for the six months ended 30 April 2018 are available on the Company's website, www.piresinvestments.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

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