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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Path Investments Plc | LSE:PATH | London | Ordinary Share | GB00BYQD5059 | ORD GBP0.001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.27 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMPATH
RNS Number : 6370R
Path Investments plc
25 September 2017
25 September 2017
Path Investments plc
("Path" or the "Company")
Interim Results for the six months to 30 June 2017
Path Investments plc (TIDM: PATH), the energy investment company, announces its interim results for the six months to 30 June 2017.
Highlights
-- Admission to the Standard List segment of the Main Market of the London Stock Exchange on 30 March 2017 ("Admission")
-- Placing to raise GBP1.4 million at Admission -- 27 potential investment opportunities considered since Admission -- 7 investments currently under consideration, with 2 in advanced stages of discussion -- Profit before tax GBP73,048 (H1 2016 loss of GBP1,598,832) -- Earnings per share 0.067p (H1 2016 loss of 7.39p per share)
Commenting, Christopher Theis, Chief Executive of Path, said: "The first half of 2017 was a transformational period for the Company with the Admission to the Standard List. Since Admission we have been extremely busy investigating potential investment opportunities that may meet our criteria. We continue to believe that there is a significant opportunity to acquire interests in assets owned by financially distressed exploration led oil and gas companies and are exploring a number of potential transactions in detail. We look forward to providing further updates on these as appropriate."
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 Heather Armstrong Miles Nolan 020 3053 8671 ------------------------- --------------
About Path Investments plc
Path 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.
INTERIM MANAGEMENT REPORT
Chairman's Report
This is my first report since our successful flotation onto the Standard List segment of the Official List of the London Stock Exchange on 30 March 2017. At that time, we welcomed a number of new shareholders to the Company who, with our existing members, wished to grasp the opportunities presented by the current disequilibrium in the energy markets.
Since then your directors have considered some 27 potential investments, the majority of which have been dispensed with, at or before the due diligence stage. Of that number, there are currently 7 investment candidates possessing what your directors believe are features capable of generating the most attractive returns for shareholders, of which 2 are at an advanced stage of discussion. Whilst there can be no certainty that those discussions will lead to completed transactions, the directors are hopeful at this time that the significant progress to date on both deals augurs well for the future.
At the time of our General Meeting on 22nd May 2017 two of our former directors, Donal Boylan and Rakesh Patel, chose to step down from their Board duties. We are very grateful for their help and guidance through some very difficult times, but are pleased to report that they have continued to provide assistance to the Company and remain very supportive of the business.
It remains your Board's belief that the imbalance within the energy markets may well remain at least for the next 2 to 3 years. Opportunities for potential transactions meeting our returns criteria continue to present themselves to us. We have been encouraged by our progress to date and look forward to updating our shareholders further shortly.
Brent Fitzpatrick
Non-executive Chairman
25(th) September 2017
Financial Review
For the six months to 30 June 2017, the Company recorded a profit before tax of GBP73,048. There was no income in the period.
Cash flow
During the period, in relation to its Admission to the Standard List Segment of the Main Market of the London Stock Exchange, the Company raised GBP1.4 million [before expenses] from an issue of 140 million additional Ordinary Shares for a subscription price of GBP0.01.
As at 30 June 2017 the Company held GBP586,726 in the bank account.
PATH INVESTMENTS PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2017
Hot Features
Premium
Six months Six months Year
ended ended ended
Notes 30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
GBP GBP GBP
Administrative expenses 3 110,543 (548,838) (782,195)
----------- ------------ -------------
Total administrative
expenses 110,543 (548,838) (782,195)
Operating profit/(loss) 110,543 (548,838) (782,195)
Finance income 5 6 8
Finance cost (37,500) - (75,500)
Amounts written off investments 5 - (1,050,000) (1,050,000)
Profit/(loss) on ordinary
activities before taxation 73,048 (1,598,832) (1,907,687)
Tax on profit/(loss) - - -
on ordinary activities
Profit/(loss) for the
year and total comprehensive
loss for year 73,048 (1,598,832) (1,907,687)
=========== ============ =============
Profit/(loss) per share
(pence)
- Basic & diluted 4 0.067 (7.39) (8.74)
All operating income and operating gains and losses relate to continuing activities.
PATH INVESTMENTS PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2017
Share Share Share Retained Total
Capital Premium based earnings
payments
reserve
GBP GBP GBP GBP GBP
As at 1 January
2016 8,578,088 24,134,750 715,752 (32,994,924) 433,666
Comprehensive
income
Loss for the
period - - - (1,598,832) (548,832)
Issue of share
capital 227,750 - - - 227,750
As at 31 June
2016 8,805,838 24,134,750 715,752 (34,593,756) 112,584
---------- ----------- ---------- -------------- ------------
Share Share Share Retained Total
Capital Premium based earnings
payments
reserve
GBP GBP GBP GBP GBP
As at 1 January
2017 8,805,838 24,134,750 715,752 (34,902,611) (1,246,271)
Comprehensive
income
Profit for the
period - -- -- 73,048 73,048
Issue of share
capital 173,930 1,565,363 -- - 1,739,293
Share issue
costs - (283,088) - - (283,088)
Waived share
options - -- (382,479) 382,479 -
Transfer to
retained reserves - -- (333,273)) 333,273 -
Share based
payment - -- - 298,290 298,290
---------- ------------ ----------- ------------- ------------
As at 30 June
2017 8,979,768 25,417,025 -- (33,815,521) 581,272
---------- ------------ ----------- ------------- ------------
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.
PATH INVESTMENTS PLC
statement of financial position
FOR THE SIX MONTHSED 30 JUNE 2017
As at As at As at
30 June 30 June 31 December
Notes 2017 2016 2016
Unaudited Unaudited Audited
GBP GBP GBP
ASSETS
Non-current assets
Property, plant and - 1,411 -
equipment
Investments - available 5 - - -
for sale
------------- ------------- -------------
- 1,411 -
------------- ------------- -------------
Current assets
Trade and other receivables 7,200 1,500 90,700
Cash and cash equivalents 586,726 30,540 23,672
------------- ------------- -------------
593,926 32,040 114,372
LIABILITIES
Current liabilities
Trade and other payables 6 (12,654) (970,867) (1,360,643)
------------- ------------- -------------
Net Current Assets/(Liabilities) 581,272 (938,827) (1,246,271)
------------- ------------- -------------
NET ASSETS/(LIABILITIES) 581,272 (937,417) (1,246,271)
============= ============= =============
SHAREHOLDERS' EQUITY
Called up share capital 7 195,944 8,805,838 22,014
Deferred shares 7 8,783,824 - 8,783,824
Share premium account 25,417,025 24,134,750 24,134,750
Share based payments
reserve - 715,752 715,752
Retained earnings (33,815,521) (34,593,756) (34,902,611)
------------- ------------- -------------
TOTAL EQUITY 581,272 (937,416) (1,246,271)
============= ============= =============
PATH INVESTMENTS PLC
statement of cash flows
FOR THE SIX MONTHSED 30 JUNE 2017
Six months Six months Year ended
to 30 to 30 31 December
June 2017 June 2016 2016
Unaudited Unaudited Audited
GBP GBP GBP
Operating loss 110,543 (548,838) (782,195)
Decrease/(increase)
in debtors 83,500 5,470 (83,730)
(Decrease)/increase
in creditors within
one year (1,347,989) 242,862 632,638
Depreciation - - 1,411
Share based payment 298,290 - -
Convertible loan note
interest (37,500) - (75,500)
Net cash outflow from
operating activities (893,156) (300,506) (307,376)
------------ ----------- -------------
Cash flows from investing
activities
Interest received 5 6 8
------------ ----------- -------------
Net cash generated
from investing activities 5 6 8
------------ ----------- -------------
Cash flows from financing
activities
Net proceeds from
the issue of ordinary
shares 1,456,205 227,750 227,750
------------ ----------- -------------
Net cash inflow from
financing activities 1,456,205 227,750 227,750
------------ ----------- -------------
Net increase/(decrease)
in cash and cash equivalents 563,054 (72,750) (79,618)
Cash and cash equivalents
at beginning of year 23,672 103,290 103,290
------------ ----------- -------------
Cash and cash equivalents
at end of year 586,726 30,540 23,672
============ =========== =============
PATH INVESTMENTS PLC
notes to the finanial statements
FOR THE SIX MONTHSED 30 JUNE 2017
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 Aston House, Cornwall Avenue, London, N3 1LF. The principal activity of the Company is the investment in oil and gas development and production companies, initially in Turkey.
2. ACCOUNTING POLICIES 2.1 Basis of preparation
The financial statements are presented in UK Sterling and all values are rounded to the nearest pound except where indicated otherwise.
The financial statements have been prepared under the historical cost convention or fair value where appropriate.
The results for the six months to 30 June 2017 have been prepared on the basis of the accounting policies set out in the company's 2016 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 2016 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 2016 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 2016 accounts.
The results for the six months are unaudited.
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 European Union and as issued by the IASB and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, 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
Six months Six months Year ended
to 30 to 30 31 December
June 2017 June 2016 2016
Unaudited Unaudited Audited
GBP GBP GBP
Directors remuneration (824,837) 267,561 415,013
Share based payment 298,291 - -
Other administrative
expenses 416,003 281,277 367,182
----------- ----------- -------------
(110.543) 548,838 782,195
----------- ----------- -------------
Included in Directors Remuneration for the period ended 30 June 2017 are previously accrued salaries and pensions costs of GBP937,904 which have been waived.
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.
Six months Six months Year ended
to 30 to 30 31 December
June 2017 June 2016 2016
Unaudited Unaudited Audited
GBP GBP GBP
Net profit/(loss) for
the year 110,543 (1,598,838) (1,907,687)
------------ ------------ -------------
The weighted average
number of shares in
the period were:
Basic and dilutive ordinary
shares 108,274,675 21,633,057 21,824,335
------------ ------------ -------------
Basic and dilutive profit/(loss)
per share (pence) 0.067 (7.39) (8.74)
------------ ------------ -------------
5. INVESTMENTS - AVAILABLE FOR SALE
Unlisted
Investments
Audited
GBP
At 1 January 2016 1,050,000
Impairment (1,050,000)
-------------
At 31 December 2016 -
-------------
Unlisted
Investments
GBP
Unaudited
At 1 January 2016 1,050,000
Impairment (1,050,000)
-------------
At 30 June 2016 -
-------------
Unlisted
Investments
GBP
Unaudited
At 1 January 2017 -
Impairment -
-------------
At 30 June 2017 -
-------------
Unlisted investments are recorded at cost less impairment. Unlisted investments are instruments that do not have a quoted market price in an active market and their fair value cannot be measured reliably. The range of reasonable fair value estimates is significantly wide and the probabilities of the various estimates cannot be reasonably assessed as they relate to the underlying gas reserves in blocks which are currently being explored by a third party company.
The unlisted investments as at 31 December 2016 comprised of a 5 per cent. interest each in ARAR and Alpay Enerji as at an aggregate cost of GBP8 million of which GBP6.9 million had already been impaired
During the period to 30 June 2016 and 31 December 2016, Mr. Fatih Alpay, the majority owner of ARAR and Alpay Enerji AS, made an initial offer to the Company of GBP1,050,000 for its 5% interest in both companies, payable in instalments. However, since the offer was received, progress towards a legal sale and purchase agreement had been slow, as the payment proposed was by instalments over a period and the directors therefore considered the likelihood of finding an alternative buyer to be low, the directors decided to impair the asset to GBPnil.
6. TRade and other payables
As at As at As at
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
GBP GBP
Trade payables 376 45,689 140,740
Taxation and social 9,653 - -
security
Other payables - - 151,000
Accruals and deferred
income 2,625 925,178 1,068,903
---------- ---------- -------------
12,654 970,867 1,360,643
---------- ---------- -------------
7. SHARE Capital
31 December 31 December 31 December 31 December 31 December 31 December
2016 2016 2016 2016 2016 2016
Audited Audited Audited Audited Audited Audited
Allotted, called no GBP no GBP no GBP
up and fully
paid
Ordinary Ordinary Ordinary Ordinary Deferred Deferred
Shares Shares Shares Shares Share Share
of 40p of 40p of 0.1p of 0.1p of 39.9p of 39.9p
each each each each each each
At 1 January
2016 21,445,221 8,578,088
Share issues
On 23 March 2016,
the company issued
62,500 Ordinary
shares at par 62,500 25,000
On 4 April 2016,
the company issued
69,375 Ordinary
shares at par 69,375 27,750
On 10 May 2016,
the company issued
400,000 Ordinary
shares at par 400,000 160,000
On 20 May 2016,
the company issued
25,000 Ordinary
shares at par 25,000 10,000
On 2 June 2016,
the company issued
12,500 Ordinary
shares at par 12,500 5,000
22,014,596 8,805,838
In October 2016,
the Company passed
an ordinary resolution
to subdivide
the existing
22,014,596 Ordinary
shares of 40
pence each into
22,014,596 New
Ordinary shares
of 0.1 pence
and 22,014,596
Deferred shares
of 39.9 pence.
The above subdivision
also applies
to outstanding
share options
and warrants
in October 2016. (22,014,596) (8,805,838) 22,014,596 22,014 22,014,596 8,783,824
As at 31 December
2016 - - 22,014,596 22,014 22,014,596 8,783,824
30 June 30 June
2016 2016
Unaudited Unaudited
Allotted, called no GBP
up and fully
paid
Ordinary Ordinary
Shares Shares
of 40p of 40p
each each
At 1 January
2016 21,445,221 8,578,088
Share issues
On 23 March 2016,
the company issued
62,500 Ordinary
shares at par 62,500 25,000
On 4 April 2016,
the company issued
69,375 Ordinary
shares at par 69,375 27,750
On 10 May 2016,
the company issued
400,000 Ordinary
shares at par 400,000 160,000
On 20 May 2016,
the company issued
25,000 Ordinary
shares at par 25,000 10,000
On 2 June 2016,
the company issued
12,500 Ordinary
shares at par 12,500 5,000
At 30 June 2016 22,014,596 8,805,838
30 June 30 June 30 June 30 June
2017 2017 2017 2017
Unaudited Unaudited Unaudited Unaudited
Allotted, called no GBP no GBP
up and fully
paid
Ordinary Ordinary Deferred Deferred
Shares Shares Share Share
of 0.1p of 0.1p of 39.9p of 39.9p
each each each each
At 1 January
2017 22,014,596 22,014 22,014,596 8,783,824
Share issues
On 22 March 2017,
the company issued
140,000,000 Ordinary
shares at 1p
each 140,000,000 140,000
On 16 May 2017,
the company issued
20,300,000 Ordinary
shares at 1p
each on conversion
of unsecured
loan stock 2016 20,300,000 20,300
On 16 May 2017,
the company issued
13,629,206 Ordinary
shares at 1p
each in settlement
of various invoices
from the company's
advisers. 13,629,206 13,630
As at 30 June
2017 195,943,802 195,943 22,014,596 8,783,824
PRINCIPAL RISKS AND UNCERTAINTIES
In common with all organisations, the Group faces risks which may affect its performance. The Group operates a system of internal control and risk management in order to provide assurance that we are managing risk whilst achieving our business objectives. No system can fully eliminate risk and therefore the understanding of operational risk is central to management processes. The long-term success of the Group depends on the continual review, assessment and control of the key business risks it faces.
The Directors set out in the Prospectus dated 24 March 2017 the principal risks identified during this exercise, including risks related to the Company and its business, industry related risks and financial risks. The Board does not consider that these risks have changed materially in the last six months.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QZLFLDKFEBBB
(END) Dow Jones Newswires
September 25, 2017 02:01 ET (06:01 GMT)
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