AIM Sch 1 Update - Path Investments Plc (8416B)
25 September 2018 - 6:45PM
UK Regulatory
TIDMPATH
RNS Number : 8416B
AIM
25 September 2018
ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION
IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM
RULES")
COMPANY NAME:
Path Investments plc
COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY
TRADING ADDRESS (INCLUDING POSTCODES) :
Registered and Head Office:
Aston House
Cornwall Avenue
London
N3 1LF
COUNTRY OF INCORPORATION:
England and Wales
COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED
BY AIM RULE 26:
www.pathinvestmentsplc.com
COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR,
IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING
POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE
TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:
Path Investments plc ("Path" or the "Company") is an oil and
gas company focused on the acquisition of production, or near
production, oil and gas assets. The Company's first acquisition
in line with this strategy is the acquisition of a 50 per cent.
participating interest in the producing Alfeld-Elze II gas
field located 22 kilometres south of Hannover in Germany ("Alfeld-Elze
II").
Alfeld-Elze II has been in production from the re-entered producing
H-WD Z2 vertical well since 2015 and is currently producing
at a rate of approximately 84.0 Mm3/d (c. 3.0 MMscf/d). The
re-drilling of a second well at Alfeld-Elze II, the A-EZ Z4(2)
well, was completed in February 2018 and subject to testing,
final approvals and commissioning, production from A-EZ Z4(2)
is anticipated to commence in H2 2018.
In addition to seeking to deliver significant near-term increases
in gas production from Alfeld-Elze II, and following admission,
the directors intend to continue to build a low risk and, over
time, diversified, oil and gas portfolio.
DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS
AS TO TRANSFER OF THE SECURITIES (i.e. where known, number
and type of shares, nominal value and issue price to which
it seeks admission and the number and type to be held as treasury
shares):
Number of ordinary shares to be admitted:
Existing ordinary shares - 195,943,802
Convertible Loan Stock conversion shares - TBC
Placing shares - TBC
Total - TBC
Nominal value of ordinary shares to be admitted: 0.1 pence
Placing Price of the placing shares: TBC
All of Path Investments plc's AIM securities will be freely
transferable
No ordinary shares will be held as treasury shares on Admission
to AIM
CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING)
AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:
Capital to be raised on admission: GBP10 million
Anticipated market capitalisation on admission: TBC
PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:
TBC
DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH
THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE
OR WILL BE ADMITTED OR TRADED:
The Company's ordinary shares are currently listed on the standard
segment of the Main Market of the London Stock Exchange (the
"Standard Listing").
The Standard Listing will be cancelled immediately prior to
admission to trading on AIM.
FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS
(underlining the first name by which each is known or including
any other name by which each is known):
Nigel Brent Fitzpatrick, Non-Executive Chairman
Christopher Lorne Dennis Jonathan Theis, Chief Executive Officer
Andrew Robert Yeo, Chief Operating Officer
Tommaso Maria Corrado, Non-Executive Director
FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED
AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER
ADMISSION (underlining the first name by which each is known
or including any other name by which each is known):
Name Pre-Admission Post-Admission
% %
JIM Nominees Limited 52.5 TBC
-------------- ---------------
Hargreaves Lansdown (Nominees) 9.7 TBC
-------------- ---------------
Interactive Investor Services 6.7 TBC
Nominees Limited
-------------- ---------------
Spreadex Limited 5.1 TBC
-------------- ---------------
Angel Business Club Nominees 4.9 TBC
Limited
-------------- ---------------
NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE
2, PARAGRAPH (H) OF THE AIM RULES:
-
(i) ANTICIPATED ACCOUNTING REFERENCE DATE
(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION
DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited
interim financial information)
(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS
PURSUANT TO AIM RULES 18 AND 19:
(i) 31 December
(ii) 30 June 2018
(iii) 30 June 2019, 30 September 2019, 30 June 2020
EXPECTED ADMISSION DATE:
Early October 2018
NAME AND ADDRESS OF NOMINATED ADVISER:
Smith & Williamson Corporate Finance Limited
25 Moorgate
London EC2R 6AY
NAME AND ADDRESS OF BROKER:
Cantor Fitzgerald Europe
Hobart House
80 Hanover Street
Edinburgh EH2 1EL
One Churchill Place
London E14 5RB
Shard Capital Partners LLP
23(rd) Floor
20 Fenchurch Street
London EC3M 2BY
OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE
(POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE
AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL
DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:
The Company's admission document, which will contain full details
about the Company and the admission of its securities, will
be available from www.pathinvestmentsplc.com.
THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO
APPLY
Quoted Companies Alliance Corporate Governance Code
DATE OF NOTIFICATION:
25 September 2018
NEW/ UPDATE:
UPDATE
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END
AIMPGUGWBUPRURA
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