Update on Pires Investments plc

RNS Number : 8166X

RiverFort Global Opportunities PLC

23 December 2019

 

 23 December 2019

RiverFort Global Opportunities plc

("RGO" or the "Company")

Update on Pires Investments plc

The Company is pleased to note the announcement today by one of its investments, Pires Investments plc ("Pires").  RGO has a 24.3% shareholding in Pires and the substance of the announcement made is summarised below.

Further to the announcement made by Pires on 21 November 2019, confirming its initial investment of £1.1m into Sure Valley Ventures ("SVV"), the company has been advised by SVV that an agreement has been signed to sell one of the companies within the SVV portfolio, Artomatix, for cash to a leading technology company. Artomatix provides an artificial intelligence platform that is able to automate the creation of 3D content. 

As a result of this sale, Pires expects to receive a total distribution of around €803,000, representing a cash multiple of around 5x the initial investment made by SVV.  This clearly demonstrates the quantum and speed with which potential returns can be generated from the SVV portfolio. Furthermore, the return achieved by Pires is even more significant given that the company only recently completed its investment.

Phillip Haydn-Slater, Non-executive Chairman commented:

"This is an excellent result for one of our investments and we look forward to further updates on the progress of the company's investment in SVV."

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

For more information please contact:

RiverFort Global Opportunities plc		[phone]
Phillip Haydn-Slater, Non-executive Chairman
Nominated Adviser		[phone]
Beaumont Cornish
Roland Cornish/Felicity Geidt
Joint Broker		[phone]
Shard Capital Partners LLP
Damon Heath/ Erik Woolgar
Joint Broker		[phone]
Peterhouse Capital Limited
Lucy Williams

 

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