AIM Sch 1 Update - Path Investments Plc (6809Z)

TIDMPATH

RNS Number : 6809Z

AIM

04 September 2018

 
     ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION 
      IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM 
                                  RULES") 
 
 COMPANY NAME: 
 
   Path Investments plc 
 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY 
  TRADING ADDRESS (INCLUDING POSTCODES) : 
 
   Registered and Head Office: 
 
   Aston House 
   Cornwall Avenue 
   London 
   N3 1LF 
 COUNTRY OF INCORPORATION: 
 
   England and Wales 
 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED 
  BY AIM RULE 26: 
 
   www.pathinvestmentsplc.com 
 COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, 
  IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING 
  POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE 
  TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED: 
 
   Path Investments plc ("Path" or the "Company") is an oil and 
   gas company focused on the acquisition of production, or near 
   production, oil and gas assets. The Company's first acquisition 
   in line with this strategy is the acquisition of a 50 per cent. 
   participating interest in the producing Alfeld-Elze II gas 
   field located 22 kilometres south of Hannover in Germany ("Alfeld-Elze 
   II"). 
 
   Alfeld-Elze II has been in production from the re-entered producing 
   H-WD Z2 vertical well since 2015 and is currently producing 
   at a rate of approximately 84.0 Mm3/d (c. 3.0 MMscf/d). The 
   re-drilling of a second well at Alfeld-Elze II, the A-EZ Z4(2) 
   well, was completed in February 2018 and subject to testing, 
   final approvals and commissioning, production from A-EZ Z4(2) 
   is anticipated to commence in H2 2018. 
 
   In addition to seeking to deliver significant near-term increases 
   in gas production from Alfeld-Elze II, and following admission, 
   the directors intend to continue to build a low risk and, over 
   time, diversified, oil and gas portfolio. 
 DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS 
  AS TO TRANSFER OF THE SECURITIES (i.e. where known, number 
  and type of shares, nominal value and issue price to which 
  it seeks admission and the number and type to be held as treasury 
  shares): 
 
   Number of ordinary shares to be admitted: 
 
   Existing ordinary shares - 195,943,802 
   Convertible Loan Stock conversion shares - TBC 
   Placing shares - TBC 
   Total - TBC 
 
   Nominal value of ordinary shares to be admitted: 0.1 pence 
 
   Placing Price of the placing shares: TBC 
 
   All of Path Investments plc's AIM securities will be freely 
   transferable 
 
   No ordinary shares will be held as treasury shares on Admission 
   to AIM 
 CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) 
  AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION: 
 
   Capital to be raised on admission: GBP10 million 
 
   Anticipated market capitalisation on admission: TBC 
 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION: 
 
   TBC 
 DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH 
  THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE 
  OR WILL BE ADMITTED OR TRADED: 
 
   The Company's ordinary shares are currently listed on the standard 
   segment of the Main Market of the London Stock Exchange (the 
   "Standard Listing"). 
 
   The Standard Listing will be cancelled immediately prior to 
   admission to trading on AIM. 
 FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS 
  (underlining the first name by which each is known or including 
  any other name by which each is known): 
 
   Nigel Brent Fitzpatrick, Non-Executive Chairman 
 
   Christopher Lorne Dennis Jonathan Theis, Chief Executive Officer 
 
   Andrew Robert Yeo, Chief Operating Officer 
 
   Tommaso Maria Corrado, Non-Executive Director 
 FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED 
  AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER 
  ADMISSION (underlining the first name by which each is known 
  or including any other name by which each is known): 
   Name                             Pre-Admission   Post-Admission 
                                                 %                % 
    JIM Nominees Limited                      52.5              TBC 
                                    --------------  --------------- 
    Hargreaves Lansdown (Nominees)             9.7              TBC 
                                    --------------  --------------- 
    Interactive Investor Services              6.7              TBC 
     Nominees Limited 
                                    --------------  --------------- 
    Spreadex Limited                           5.1              TBC 
                                    --------------  --------------- 
    Angel Business Club Nominees               4.9              TBC 
     Limited 
                                    --------------  --------------- 
 NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 
  2, PARAGRAPH (H) OF THE AIM RULES: 
 
   - 
 (i) ANTICIPATED ACCOUNTING REFERENCE DATE 
  (ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION 
  DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited 
  interim financial information) 
  (iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS 
  PURSUANT TO AIM RULES 18 AND 19: 
 
   (i) 31 December 
   (ii) 31 December 2017 
   (iii) 30 September 2018, 30 June 2019, 30 September 2019 
 EXPECTED ADMISSION DATE: 
 
   Mid-September 2018 
 NAME AND ADDRESS OF NOMINATED ADVISER: 
 
   Smith & Williamson Corporate Finance Limited 
   25 Moorgate 
   London EC2R 6AY 
 NAME AND ADDRESS OF BROKER: 
 
   Cantor Fitzgerald Europe 
   Hobart House 
   80 Hanover Street 
   Edinburgh EH2 1EL 
 
   One Churchill Place 
   London E14 5RB 
 
   Shard Capital Partners LLP 
   23(rd) Floor 
   20 Fenchurch Street 
   London EC3M 2BY 
 OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE 
  (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE 
  AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL 
  DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES: 
 
   The Company's admission document, which will contain full details 
   about the Company and the admission of its securities, will 
   be available from www.pathinvestmentsplc.com. 
 THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO 
  APPLY 
 
   Quoted Companies Alliance Corporate Governance Code 
 DATE OF NOTIFICATION: 
 
   4 September 2018 
 NEW/ UPDATE: 
 
   UPDATE 
 

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September 04, 2018 02:30 ET (06:30 GMT)