Subscription for shares in Pires Investments plc (
Paternoster is pleased to announce that it has subscribed for 3,333,333 new ordinary shares in Pires Investments plc, as part of the company's recent placing, at a price of 3 pence per share for an investment of £100,000. This will give Paternoster an increased shareholding in the company of 24.6% post admission of the placing shares. As part of this investment, Paternoster will also be receiving 1,666,666 warrants to subscribe for new ordinary shares in Pires at a price of 4.25p at any time during the 18 months from admission of the placing shares. This subscription is in addition to the investment in Pires by Paternoster announced on 2 November 2016
Pires is an investment company listed on AIM with a specific focus on the natural resources sector. As at 30 April 2016, based on the company's unaudited half year results statement,
the company had net assets of £573,000.
Nicholas Lee, Chairman commented:
"This subscription further increases Paternoster's investment in an AIM listed company with a cash balance at an attractive valuation."