TIDMPIRI
RNS Number : 9282Q
Pires Investments PLC
01 July 2022
FORM 8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1%
OR MORE
Rule 8.3 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Full name of discloser: Chris Akers
(b) Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s),
settlor and beneficiaries must be named.
----------------------
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Pires Investments plc
Use a separate form for each offeror/offeree
----------------------
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify
identity
of offeror/offeree:
----------------------
(e) Date position held/dealing undertaken: 30 June 2022
For an opening position disclosure, state the latest practicable date prior to the disclosure
----------------------
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect NO
of any other party to the offer?
If it is a cash offer or possible cash offer, state "N/A"
----------------------
2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in
more than one class of relevant securities of the offeror or
offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for
each additional class of relevant security.
(a) Interests and short positions in the relevant securities of
the offeror or offeree to which the disclosure relates following
the dealing (if any)
Class of relevant security: Ordinary shares of 0.25p each in Pires Investments plc
Interests Short positions
--------------------------------------- --------------------
Number % Number %
------------------------ -------------- ----
(1) Relevant securities owned and/or controlled: 25,150,000 15.65
------------------------ ------------- -------------- ----
(2) Cash-settled derivatives:
------------------------ ------------- -------------- ----
(3) Stock-settled derivatives (including options) and
agreements to purchase/sell:
------------------------ ------------- -------------- ----
TOTAL: 25,150,000 15.65
------------------------ ------------- -------------- ----
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions
(including traded options), or agreements to purchase or sell
relevant securities, should be given on a Supplemental Form 8 (Open
Positions).
(b) Rights to subscribe for new securities (including directors' and other employee options)
Class of relevant security in relation to which Ordinary shares of 0.25p each in Pires Investments plc
subscription right exists:
Details, including nature of the rights concerned and 13,000,000 warrants held over ordinary shares of 0.25p
relevant percentages: each in Pires Investments plc, with
an exercise price of 4 pence per warrant and expiry date
30 June 2022 *
----------------------------------------------------------
* In accordance with the terms of the Pires Warrants, the holder has exercised his Pires
Warrants over 13,000,000 Pires Shares conditional only on the Scheme becoming Effective by
delivering a Conditional Warrant Notice to Pires. The Pires Warrants subject to the Conditional
Warrant Notice will exercise automatically on or prior to the date on which the Scheme becomes
Effective, provided that the holder pays the aggregate exercise price to Pires, upon which
the resulting 13,000,000 Pires Shares will be subject to the Scheme and be acquired by Tern.
If the holder fails to pay the aggregate exercise to Pires prior to the Effective Date, the
holder must pay the exercise price within seven days of the Scheme becoming Effective, otherwise
the Pires Warrants will lapse. On payment of the aggregate exercise price after the Effective
Date, the Pires Warrants will exercise and the resulting 13,000,000 Pires Shares will be subject
to the Scheme pursuant to the new provisions in Pires's articles of association. The holder
may unilaterally waive the condition and pay the aggregate exercise price to exercise the
Pires Warrants at any time prior to the Scheme becoming Effective. If the holder has not waived
the condition and exercised the Pires Warrants or if the Scheme does not become Effective
in each case within 60 days of the date of the Conditional Warrant Notice, the Conditional
Warrant Notice shall be deemed to be withdrawn and the Pires Warrants shall lapse.
3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of
relevant securities of the offeror or offeree named in 1(c), copy
table 3(a), (b), (c) or (d) (as appropriate) for each additional
class of relevant security dealt in.
The currency of all prices and other monetary amounts should be
stated.
(a) Purchases and sales
Class of relevant security Purchase/sale Number of securities Price per unit
(b) Cash-settled derivative transactions
Class of relevant Product description Nature of dealing Number of reference Price per unit
security e.g. CFD e.g. opening/closing a securities
long/short position,
increasing/reducing a
long/short position
(c) Stock-settled derivative transactions (including options)
(i) Writing, selling, purchasing or varying
Class of Product Writing, Number of Exercise Type Expiry date Option money
relevant description purchasing, securities price per e.g. paid/
security e.g. call selling, to which unit American, received per
option varying etc. option European unit
relates etc.
(ii) Exercise
Class of relevant Product description Exercising/ exercised Number of securities Exercise price per
security e.g. call option against unit
(d) Other dealings (including subscribing for new securities)
Class of relevant security Nature of dealing Details Price per unit (if
e.g. subscription, conversion applicable)
Ordinary shares of 0.25p Conditional exercise of See section 2(b) above 4 pence
each in Pires Investments warrants
plc
------------------------------ ----------------------- ------------------------------
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal
or informal, relating to relevant securities which may be an inducement to deal or refrain
from dealing entered into by the person making the disclosure and any party to the offer or
any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such
agreements, arrangements or understandings, state "none"
None
(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the person
making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which
any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
None
(c) Attachments
Is a Supplemental Form 8 (Open Positions) attached? NO
Date of disclosure: 1 July 2022
Contact name: Chris Akers
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Telephone number*:
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Public disclosures under Rule 8 of the Code must be made to a
Regulatory Information Service.
The Panel's Market Surveillance Unit is available for
consultation in relation to the Code's disclosure requirements on
+44 (0)20 7638 0129.
*If the discloser is a natural person, a telephone number does
not need to be included, provided contact information has been
provided to the Panel's Market Surveillance Unit.
The Code can be viewed on the Panel's website at
www.thetakeoverpanel.org.uk .
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