We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| 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 : 4286N
Path Investments plc
18 January 2019
18 January 2019
Path Investments plc
("Path" or the "Company")
Interim Results for the six months to 30 June 2018
Path Investments plc (TIDM: PATH), the energy investment company, announces its interim results for the six months to 30 June 2018.
There was no revenue in the period as activities were focused on completing the previously announced proposed transaction with 5P Energy GmbH ("5P"). However, as announced post period end on 5 November 2018, 5P decided not to continue with the Conditional Farm-In Agreement signed in December 2017.
Following the termination of the proposed transaction with 5P the Company sought alternative investment opportunities and the Company is pleased to have announced earlier today that it has entered into a Heads of Agreement with ARC Marlborough Pty Limited ("ARC") regarding the proposed acquisition of ARC by the Company (the "Proposed Transaction").
Whilst the reported loss before tax for the six months ended 30 June 2018 was GBP483,418 (H1 2017 profit of GBP73,048), during the period the Company sought to minimise its cash costs through the deferment of director's salaries and other cost saving measures. As at 30 June 2018 the Company held cash of GBP30,734 (31 December 2017 GBP159,505).
Commenting, Christopher Theis, Chief Executive of Path, said: "We were very disappointed that 5P decided not to complete the Farm-In Agreement, particularly when we had secured Institutional funding to do so. Nevertheless, we are delighted to have entered into the Heads of Agreement with ARC. We believe the Proposed Transaction is one that can deliver significant value for Path shareholders."
Enquiries:
Path Investments plc Christopher Theis Andy Yeo 020 3934 6630 Shard Capital (Broker and Financial Adviser) Simon Leathers Damon Heath 020 7186 9900 IFC Advisory (Financial PR & IR) Tim Metcalfe Heather Armstrong Miles Nolan 020 3934 6630
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2018
Hot Features
Premium
Six months Six months Year ended
ended ended 31 December
Notes 30 June 30 June
2018 2017 2017
Unaudited Unaudited Audited
GBP GBP GBP
Administrative expenses 3 (483,492) 110,543 (585,533)
----------- ----------- -------------
Total administrative expenses (483,492) 110,543 (585,533)
Operating (loss)/profit (483,492) 110,543 (585,533)
Finance income 74 5 56
Finance cost - (37,500) (38,500)
(Loss)/profit on ordinary activities
before taxation (483,418) 73,048 (623,977)
Tax on (loss)/profit on ordinary - - -
activities
(Loss)/profit for the period
and total comprehensive (loss)/profit
for period (483,418) 73,048 (623,977)
=========== =========== =============
(Loss)/profit per share (pence)
- Basic & diluted 4 (0.25) 0.067 (0.42)
All operating income and operating gains and losses relate to continuing activities.
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2018
Share Share Premium Share Retained Total
Capital based earnings
payments
reserve
GBP GBP GBP GBP GBP
As at 1 January
2018 8,979,767 25,413,617 - (34,407,084) (13,700)
Comprehensive income
Loss for the period - - - (483,418) (483,418)
As at 31 June 2018 8,979,767 25,413,617 - (34,890,502) (497,118)
---------- -------------- ---------- ------------- ------------
Share Share Premium Share Retained Total
Capital based earnings
payments
reserve
GBP GBP GBP GBP GBP
As at January 2017 8,805,838 24,134,750 715,752 (34,902,611) (1,246,271)
Comprehensive income
Loss for the period - - - (623,977) (623,977)
Issue of share capital 173,929 1,565,363 -- - 1,739,292
Issue costs - (286,496) - - (286,496)
Lapsed or waived
share options - - (382,479) 382,479 -
Transfer to retained
reserves - - (333,273) 333,273 -
Share based payment - - - 403,752 403,752
As at 31 December
2017 8,979,767 25,413,617 - (34,407,084) (13,700)
---------- -------------- ---------- ------------- ------------
Share Share Premium Share Retained Total
Capital based earnings
payments
reserve
GBP GBP GBP GBP GBP
As at 1 January
2017 8,805,837 24,134,750 715,752 (34,902,611) (1,246,272)
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 8,979,767 25,417,025 -- (33,815,521) 581,271
---------- -------------- ----------- ------------- ------------
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 MONTHSED 30 JUNE 2018
As at As at As at
30 June 30 June 31 December
Notes 2018 2017 2017
Unaudited Unaudited Audited
GBP GBP GBP
ASSETS
Current assets
Trade and other receivables - 7,199 8,978
Cash and cash equivalents 30,734 586,726 159,505
------------- ------------- -------------
30,734 593,925 168,483
LIABILITIES
Current liabilities
Trade and other payables 5 (527,852) (12,654) (182,183)
------------- ------------- -------------
Net Current (Liabilities)Assets (497,118) 581,271 (13,700)
------------- ------------- -------------
NET (LIABILITIES)ASSETS (497,118) 581,271 (13,700)
============= ============= =============
SHAREHOLDERS' EQUITY
Called up share capital 6 195,943 195,943 195,943
Deferred shares 6 8,783,824 8,783,824 8,783,824
Share premium account 25,413,617 25,417,025 25,413,617
Retained earnings (34,890,502) (33,815,521) (34,407,084)
------------- ------------- -------------
TOTAL EQUITY (497,118) 581,271 (13,700)
============= ============= =============
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2018
Six months Six months Year ended
to 30 June to 30 June 31 December
2018 2017 2017
Unaudited Unaudited Audited
GBP GBP GBP
Operating (loss)/profit (483,492) 110,543 (585,533)
Decrease in debtors 8,978 83,500 81,722
Increase/(decrease) in creditors
within one year 345,669 (1,347,989) (1,178,462)
Share based payment - 298,290 403,755
Convertible loan note interest - (37,500) (38,500)
Net cash outflow from operating
activities (128,845) (893,156) (1,317,018)
------------ ------------ -------------
Cash flows from investing
activities
Interest received 74 5 56
------------ ------------ -------------
Net cash generated from
investing activities 74 5 56
------------ ------------ -------------
Cash flows from financing
activities
Net proceeds from the issue
of ordinary shares - 1,456,205 1,452,795
------------ ------------ -------------
Net cash inflow from financing
activities - 1,456,205 1,452,795
------------ ------------ -------------
Net (decrease)/increase
in cash and cash equivalents (128,771) 563,054 135,833
Cash and cash equivalents
at beginning of period 159,505 23,672 23,672
------------ ------------ -------------
Cash and cash equivalents
at end of period 30,734 586,726 159,505
============ ============ =============
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 production and development assets.
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 2018 have been prepared on the basis of the accounting policies set out in the company's 2017 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 2017 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 2017 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 2017 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 June to 30 June 31 December
2018 2017 2017
Unaudited Unaudited Audited
GBP GBP GBP
Directors remuneration 131,960 (824,837) (620,838)
Share based payment - 298,291 400,346
Other administrative expenses 351,532 416,003 806,025
------------ ------------ -------------
483,492 (110,543) 585,533
------------ ------------ -------------
Included in Directors Remuneration for the period ended 30 June 2017 and the year ended 31 December 2017 are previously accrued remuneration of GBP940,905 which have been waived.
Included in Directors remuneration for the period ended 30 June 2018 are accrued salaries of GBP95,781.
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 June to 30 June 31 December
2018 2017 2017
Unaudited Unaudited Audited
GBP GBP GBP
Net (loss)profit for the period (483,418) 110,543 (623,977)
------------ ------------ -------------
The weighted average number
of shares in the period were:
Basic and dilutive ordinary
shares 195,943,802 108,274,675 149,164,700
------------ ------------ -------------
Basic and dilutive (loss)/profit
per share (pence) (0.25) 0.067 (0.42)
------------ ------------ -------------
5. TRade and other payables
As at 30 As at 30 As at 31
June 2017 June 2017 December
2016
Unaudited Unaudited Audited
GBP GBP
Trade payables 168,319 376 38,711
Taxation and social security - 9,653 8,542
Other payables 68,000 - -
Accruals and deferred income 291,533 2,625 134,930
----------- ----------- ----------
527,852 12,654 182,183
----------- ----------- ----------
6. SHARE Capital
Unaudited Unaudited Unaudited Unaudited
Allotted, called no GBP no GBP
up and fully paid
Ordinary Ordinary Deferred Deferred
Shares Shares Share of Share of
of 0.1p of 0.1p 39.9p each 39.9p 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(unaudited),
(December 2017 (audited) and
June 2018 (unaudited) 195,943,802 195,943 22,014,596 8,783,824
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR BRMATMBIBBIL
(END) Dow Jones Newswires
January 18, 2019 02:01 ET (07:01 GMT)
1 Year Path Investments Chart |
1 Month Path Investments Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
