Further investment in Low6

RNS Number : 4270Q

Pires Investments PLC

26 February 2021

 

26 February 2021

Pires Investments plc

("Pires" or the "Company")

Further investment in Low6

Pires Investments plc (AIM: PIRI), the investment company focused on next-generation technology, is pleased to announce that it has invested a further £35,000 in Low6 Limited ("Low6") as part of the extension of Low6's pre-IPO funding round, which closed in Q4 2020 and in which Low6 raised A$6m (£3.3m) in convertible notes. Low6 is a UK incorporated company that has developed a next-generation sports betting platform.

Pires' investment follows its initial subscription, as announced on 14 December 2020, for 6,667 ordinary shares in Low6 at a price of £30 per share, for a total consideration of £200,010. The consideration for this further investment, which  is by way of a convertible note, has been satisfied from Pires' existing cash resources.

Low6 had advised that it was proposing to extend the pre-IPO round to allow further investment from a leading gaming industry player. The funds raised from the extension of the pre-IPO funding round will be used to provide Low6 with further working capital as its users continue to increase.  Low6's plans to IPO remain on track, with a listing expected in Q2 2021. 

Further information on Low6 can be found at https://low6.com/ .

Peter Redmond, Chairman of Pires, commented:

"We are very pleased to announce this further investment in Low6, as part of an extension of the company's recent pre-IPO funding round. As the platform's users continue to rapidly increase, this additional funding should provide Low6 with the capital to scale the business at an even quicker pace ahead of its IPO, intended for Q2 2021. W e look forward to providing further updates on this investment in due course."

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

Enquiries:

Pires Investments plc Peter Redmond, Chairman Nicholas Lee, Director	Tel: [phone]
Nominated Adviser Cairn Financial Advisers LLP Liam Murray/Ludovico Lazzaretti	Tel: [phone]
Joint Broker Peterhouse Capital Limited Duncan Vasey/Lucy Williams	Tel: [phone] Tel: [phone]
Joint Broker Tennyson Securities Peter Krens	Tel: [phone]
Financial media and PR Yellow Jersey Sarah Hollins Henry Wilkinson	Tel: [phone]

Notes to Editors

About Pires Investments plc

Pires Investments plc (AIM: PIRI) is an investment company providing investors with access to a portfolio of next-generation technology businesses with significant growth potential.

The Company is building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence ("AI"), Internet of Things ("IoT"), Cyber Security, Machine Learning, Immersive Technologies and Big Data, which the Board believes demonstrate evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.

For further information, visit: https://piresinvestments.com/ .

About Low6

Low6 provides sports teams with a custom branded FREE to PLAY Picks app to engage and activate their fanbase.

Further information on Low6 can be found at  https://low6.com/ .

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

 

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