Path Investments plc Fundraising & Lifting of Suspension Application (7308P)
12 June 2020 - 4:00PM
UK Regulatory
TIDMPATH
RNS Number : 7308P
Path Investments plc
12 June 2020
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014. Market soundings, as
defined in MAR, were taken in respect of the Fundraising with the
result that certain persons became aware of inside information, as
permitted by MAR. That inside information is set out in this
announcement and has been disclosed as soon as possible in
accordance with paragraph 7 of article 17 of MAR. Therefore, those
persons that received inside information in a market sounding are
no longer in possession of inside information relating to the
Company and its securities.
12 June 2020
Path Investments plc
("Path" or the "Company")
Fundraising and Application for Lifting of Suspension
Path Investments plc (TIDM: PATH), the energy and natural
resources investment company, is pleased to announce that it has
raised GBP184,000 by way of an oversubscribed placing of 24,188,760
new ordinary shares of 0.01 pence each ("New Ordinary Shares") at a
price of 0.75 pence per New Ordinary Share (the "Placing Price")
and the sale of 357,142 ordinary shares of 0.1 pence each held by
Path as Treasury Stock at a price of 0.75 pence per share (together
the "Fundraising"). Keith, Bayley, Rogers & Co. Limited acted
as sole placing agent.
It is intended that the proceeds of the Fundraising will be used
to fund the exploitation of the commercial benefits of Path's
recently announced acquisitions of DT Ultravert and the Kansas
Nitrogen Reserves and for general working capital purposes.
The Placing Price represents a price equal to the closing
mid-market price of 0.75 pence per ordinary share on 15 December
2017, being the last trading date of the Company's ordinary shares
on the London Stock Exchange prior to the announcement of the
Fundraising. The New Ordinary Shares will represent 10.99 per cent.
of the Company's share capital as enlarged by the Fundraising.
Christopher Theis, Chief Executive of Path, commented:
"The Board is pleased that this oversubscribed Fundraising has
been completed successfully. This share issue, together with the
proposed 15,000,000 share issue to the vendors at completion of our
recently announced acquisition, represents the maximum permissible
share issuance during the current 12-month period without the
publication of a Prospectus.
"We are very excited by the opportunities presented by our
acquisition of DT Ultravert and the Kansas Nitrogen Reserves, and
in particular the economic and environmental benefits that may be
provided from the use of the technology.
"This is the first step in the relaunch of Path and I look
forward to providing further updates in due course ."
Application for Lifting of Suspension and Admission of New
Ordinary Shares
Completion of the Fundraising is conditional, inter alia, upon
admission of the New Ordinary Shares to the standard segment of the
Official List of the FCA and to trading on the Main Market of the
London Stock Exchange ("Admission").
Application has been made to the London Stock Exchange to lift
the current suspension of Path's ordinary shares and for the New
Ordinary Shares to be admitted to the standard segment of the
Official List and to trading on the Main Market; it is expected
that Admission of the New Ordinary Shares will take place and that
trading will recommence in the Company's ordinary shares at or
around 8:00 a.m. on 23 June 2020.
Annual Report and Accounts
Owing to the current COVID-19 outbreak, the Company will be
unable to complete and post its annual audited accounts to
shareholders for the year to 31 December 2019 by 30 June 2020.
The Company will publish its annual audited accounts for the
year to 31 December 2019 by 30 September 2020. Path has also
applied for and been granted an extension to delay the filing of
its audited annual accounts by Companies House until 30 September
2020.
Total Voting Rights
Following Admission, the Company will have 220,132,562 ordinary
shares in issue, each share carrying the right to one vote.
Following completion of the Fundraising the Company will no longer
hold any shares in treasury. The above figure of 220,132,562
ordinary shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure and Transparency Rules.
For further information please contact:
Path Investments plc C/O IFC
Christopher Theis
IFC Advisory (Financial PR & IR) 020 3934 6630
Tim Metcalfe
Zach Cohen
Keith, Bayley, Rogers & Co. Limited (Broker)
07776 30 22
Brinsley Holman 28
07506 43 41
Graham Atthill-Beck 07
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END
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