11 May 2017 07:00
11 May 2017
Path Investments plc
("Path Investments" or the "Company)
Issue of Equity
Path Investments plc (TIDM: PATH), the energy investment company, announces that it has raised £103,000 from the directors of the Company ("Directors") under the Convertible Unsecured Loan Stock 2016 ("CULS 2016"). This instrument was issued by the Company as part of its funding whilst a private company and was detailed in the Company's recent Prospectus, dated 24 March 2017. Additionally, the Company announces that it has issued 13,629,206 Ordinary Shares at a price of 1 pence per Ordinary Share to settle various invoices totalling £136,292.06 from the Company's advisers.
At the option of the CULS 2016 holder, upon admission of the Company to trading on a recognised exchange, which occurred on 30 March 2017, the CULS 2016 were either convertible into ordinary shares of £0.001 in the Company ("Ordinary Shares") at the placing price or was to be repayable out of the placing proceeds, together with 100 per cent. interest to compensate for the risk associated with the loan. Accordingly, the Directors have excercised their rights to convert their aggregate £101,500 holdings of CULS 2016 into 20,300,000 Ordinary Shares at the placing price of 1 pence per Ordinary Share ("CULS 2016 Shares").
The amounts raised from the Directors through the issue of CULS 2016 and the corresponding number of Ordinary Shares to be issued on their conversion are detailed below:
Director | Holding of CULS 2016 | Number of Ordinary Shares CULS 2016 to be converted into |
Ocean Park Developments Limited (Brent Fitzpatrick) | £10,000 | 2,000,000 |
Andrew Yeo | £10,000 | 2,000,000 |
Tommaso Corrado | £3,000 | 600,000 |
Rakesh Patel | £1,500 | 300,000 |
Donal Boylan | £20,000 | 4,000,000 |
Hargreaves Lansdown (Christopher Theis Pension Fund) | £57,000 | 11,400,000 |
Further Issue of Equity
Additionally, the Company announces that it has issued 13,629,206 Ordinary Shares at a price of 1 pence per Ordinary Share to settle various invoices totalling £136,292.06 from the Company's advisers ("Payment Shares").
Admission
Application has been made to London Stock Exchange for the admission of the CULS 2016 Shares and Payment Shares to trading and to the FCA for admission to the Official List. Admission to both is expected to commence at 8.00 a.m. on 16 May 2017 ("New Share Admission"). The CULS 2016 Shares and Payment Shares rank pari passu in all respects with the existing Ordinary Shares.
Director's Equity Holdings
Following the conversion of the CULS 2016 into Ordinary Shares the holdings of the Directors are as follows:
Director | Holding of Ordinary Shares | % of Enlarged Share Capital |
Ocean Park Developments Limited (Brent Fitzpatrick) | 2,025,000 | 1.03 |
Andrew Yeo | 4,750,625 | 2.42 |
Tommaso Corrado | 600,000 | 0.31 |
Rakesh Patel* | 375,000 | 0.19 |
Donal Boylan* | 4,331,250 | 2.21 |
Hargreaves Lansdown (Christopher Theis Pension Fund) | 11,795,589 | 6.02 |
*Rakesh Patel and Donal Boylan will be stepping down as directors of Path at the forthcoming AGM on Monday 22 May 2017.
Total Voting Rights
Following the New Share Admission, Path Investments will have 195,970,802 Ordinary Shares in issue and admitted to trading on the London Stock Exchange's main market for listed securities.
The figure, therefore, of 195,970,802 may be used by the Company's shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the share capital of Path Investments under the Financial Conduct Authority's Disclosure Rules and Transparency Rules. Path Investments holds no Ordinary Shares in treasury.
Enquiries:
Path Investments plc Christopher Theis Andy Yeo
| 020 3053 8671 |
Shard Capital (Broker and Financial Adviser) Simon Leathers Damon Heath
| 0207 186 9900 |
IFC Advisory (Financial PR & IR) Tim Metcalfe Miles Nolan | 020 3053 8671 |
About Path Investments
Path Investments is an investment company with the objective of acquiring oil and gas production, or near production, assets which possess a lower risk profile than exploration or development assets. The company has a highly experienced management team and has a worldwide pipeline of potential opportunities.