Path Investments plc Issue of Equity (7936E)

TIDMPATH

RNS Number : 7936E

Path Investments plc

11 May 2017

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 GBP103,000 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 GBP136,292.06 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 GBP0.001 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 GBP101,500 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   Number of Ordinary 
                                        of CULS          Shares CULS 
                                           2016           2016 to be 
                                                      converted into 
----------------------------------  -----------  ------------------- 
 Ocean Park Developments Limited 
  (Brent Fitzpatrick)                 GBP10,000            2,000,000 
----------------------------------  -----------  ------------------- 
 Andrew Yeo                           GBP10,000            2,000,000 
----------------------------------  -----------  ------------------- 
 Tommaso Corrado                       GBP3,000              600,000 
----------------------------------  -----------  ------------------- 
 Rakesh Patel                          GBP1,500              300,000 
----------------------------------  -----------  ------------------- 
 Donal Boylan                         GBP20,000            4,000,000 
----------------------------------  -----------  ------------------- 
 Hargreaves Lansdown (Christopher 
  Theis Pension Fund)                 GBP57,000           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 GBP136,292.06 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    % of Enlarged 
                                      Ordinary Shares    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.

This information is provided by RNS

The company news service from the London Stock Exchange

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May 11, 2017 02:01 ET (06:01 GMT)