PATH.L Regulatory News (PATH)

29 September 2021

Path Investments plc

("Path" or the "Company")

Interim Results for the six months to 30 June 2021

Path Investments plc (TIDM: PATH), the energy investment company, announces its interim results for the six months to 30 June 2021.

Highlights

Commenting, Christopher Theis, Chief Executive of Path, said: "The first half of 2021 has been transformational for Path, both financially and strategically. We are very excited about our intended acquisition and welcoming the DGI business with its sustainable global energy technologies into Path."

Enquiries:

About Path Investments plc

The strategy of the Company is focused on delivering a material acquisition in the energy sector with the objective of providing the Company's shareholders with access to a low risk and, over time, diversified portfolio which can offer a dividend stream as well as offering development potential for capital growth.

Chairman's Report

In March 2021 the Company was delighted to receive the welcome support of new shareholders and certain existing holders in a fund raising with gross proceeds of £3.87 million received to accelerate the Company's investment strategy. We said at the time that we were focussed on one opportunity and anticipated updating shareholders in due course.

Post the accounting period on 13th August 2021 we announced our conditional agreement to acquire DG Innovate Limited for £32 million to be satisfied by the issue of 5,342,051,305 Path Ordinary Shares of £0.001 each ("Path Shares") at an issue price of 0.6 pence per Path Share, which compares favourably with the suspension price of 0.27 per Path share.

Further details of the transaction are contained on our website https://www.pathinvestmentsplc.com/proposed-acquisition-of-dg-innovate/

As part of the acquisition of DGI, and post the accounting period, Path provided from its cash resources a secured loan facility to DGI of £600,000. The facility was made available in two tranches, both of which have now been released to DGI.

Work is progressing towards completion of the proposed transaction which constitutes a reverse takeover under the Listing Rules, as it will result in a fundamental change in the business of the Company. We are making good progress on finalising the necessary prospectus and shareholder documentation and we expect to be submitting it shortly for FCA approval.

The transaction is also subject to waiver of Rule 9 of the Takeover Code by the Takeover Panel and therefore the approval of Path's independent shareholders at a General Meeting which will be convened for the purpose.

We look forward to updating shareholders further as we move towards completion of our transaction.

Brent Fitzpatrick

Non-Executive Chairman

29 September 2021

Financial Review

For the six months to 30 June 2021, the Company recorded a loss before tax of £736,254. There was no revenue in the period.

Cash flow

As at 30 June 2021 the Company held cash of £2,267,137 in the bank account.

PATH INVESTMENTS PLC

STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2021

All operating income and operating gains and losses relate to continuing activities.

STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2021

The Share Capital represents the nominal value of the equity shares.

The Share Premium represents the amount subscribed for share capital, in excess of the nominal amount, less costs directly relating to the issue of shares.

The Share Based Payments reserve represents the fair value of the equity settled share option scheme.

The Retained Earnings reserve represents the cumulative net gains and losses less distributions made.

statement of financial position

FOR THE SIX MONTHS ENDED 30 JUNE 2021

statement of cash flows

FOR THE SIX MONTHS ENDED 30 JUNE 2021

PATH INVESTMENTS PLC

notes to the accounts

FOR THE SIX MONTHS ENDED 30 JUNE 2021

1. GENERAL INFORMATION

Path Investments Plc is a public limited company incorporated in the United Kingdom, registered under company number 04006413. The address of the registered office is 15 Victoria Mews, Millfield Road, Cottingley Business Park, Bingley, West Yorkshire, BD16 1PY. The principal activity of the Company is the investment in natural resources production and development assets.

2. ACCOUNTING POLICIES

2.1 Basis of preparation

The condensed interim financial statements are presented in UK Sterling and all values are rounded to the nearest pound except where indicated otherwise.

The condensed interim financial statements have been prepared under the historical cost convention or fair value where appropriate.

The results for the six months to 30 June 2021 have been prepared on the basis of the accounting policies set out in the company's 2020 annual report and accounts. The interim accounts do not constitute statutory accounts as defined by section 434 of the Companies Act 2006. The auditor has reported on the 2020 accounts and the report was unqualified and did not contain a statement under section 498(2) of (3) of the Companies Act 2006. The company's 2020 report and accounts have been filed with the registrar of companies.

During the period, there have been no changes in the nature of the related party transactions from those described in the company's 2020 accounts.

2.2 Responsibility statement

The directors confirm that these condensed interim financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting", as adopted by the United Kingdom and as issued by the IASB and that the interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R, namely;

a) An indication of the important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

b) Material related party transactions in the first six months and any material changes in related party transactions described in the last annual report.

3. ADMINISTRATIVE EXPENSES

Included in Directors remuneration for the period ended 30 June 2021 are accrued salaries of £nil (June 2020 £82,790, December 2020: £454,205).

4. LOSS PER SHARE

The calculation of the basic and diluted loss per share is based on the loss on ordinary activities after taxation of and on the weighted average number of ordinary shares in issue.

There was no dilutive effect from the share options or convertible loan notes outstanding during the period.

In order to calculate the diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares according to IAS33. Dilutive potential ordinary shares include convertible loan notes and share options granted to Directors and consultants where the exercise price (adjusted according to IAS 33) is less than the average market price of the Company's ordinary shares during the period.

5. FIXED ASSETS

6. TRade and other RECEIVABLES

7. TRade and other payables

8. SHARE Capital

9. related party transactions

The following share options were held by the directors during the year:

As at 30 June 2021, included in other payables were the following convertible loan notes issued to the Directors together with accrued interest thereon.

* these loan notes were issued to Networkguru Limited, a company owned by Chris's Theis' son, who subscribed under the convertible loan note instrument.

The convertible loans were either all converted or repaid within the period.