Path Investments plc Board Changes & Acquisition of Deferred Shares (5056A)

TIDMPATH

RNS Number : 5056A

Path Investments plc

30 September 2020

Path Investments plc

("Path" or the "Company")

Board Changes

Acquisition of Deferred Shares

Path Investments plc (TIDM: PATH) , the energy and natural resources investment company, is pleased announce certain changes to the Company's Board.

Board Changes

Director appointments

Path announces two new appointments to the Board. Mr Allardyce is being appointed with immediate effect and it is proposed that Mr Tulloch will join the Board on readmission of Path's ordinary shares to trading on the London Stock Exchange.

John ("Jack") Allardyce, Executive Director

Jack has over 15 years' experience in natural resources, including 10 years as a leading oil and gas equity research analyst with a number of UK investment banks. He began his career as a process engineer working on North Sea projects, before joining the leading research and consultancy house Wood Mackenzie, specialising in European upstream and unconventionals. Jack's skillset spans global asset evaluation, financial forecasting, petroleum economics, corporate advisory, M&A and equity capital markets. He graduated from Heriot-Watt University with a degree in Chemical Engineering.

Nicholas Tulloch, Proposed Non-Executive Director

Nick Tulloch has advised companies on the UK capital markets for over 20 years, working for several well-known investment banks and stockbrokers, including Cazenove, Arbuthnot, KBR and Cantor Fitzgerald. With a particular focus on oil and gas, Nick has worked on cross-border transactions in many parts of the world. In 2019 he became Finance Director and then subsequently CEO of Zoetic International plc transforming the company from its oil and gas roots to become the first vertically integrated CBD company to be listed in London. Nick began his career as a solicitor with Gouldens and he holds a master's degree in law from Oxford University. Nick stood for parliament in 2017.

Director resignation

Path announces that after four years as a Non-Executive Director of the Company, Tommaso Corrado has resigned from the Board with immediate effect in order to focus on his other business commitments.

Commenting on the changes, Christopher Theis, CEO of Path said : "We are delighted to welcome both Nick and Jack to the Board. They both bring valuable experience of DTU, our forthcoming acquisition, to Path and shall play an important part in monetising the technology.

"We are sorry to be bidding farewell to Tommaso and would like to thank him for his hard work and commitment to the Company and wish him great success in his future ventures."

Acquisition of Deferred Shares

In accordance with Article 3.4(iii) of the Company's Articles of Association, the Company will acquire the Deferred Shares of GBP0.039 nominal value per Deferred Share for no consideration with effect from 5.00 pm today and will then cancel all Deferred Shares after which no Deferred Shares will remain in issue.

Listing Rule 9.6.13 disclosures

Other than Nick Tulloch's previous role as a director of Zoetic International plc, Path confirms that there are no further disclosures to be made in respect of either Jack Allardyce or Nick Tulloch for the purposes of Listing Rule 9.6.13.

For further information please contact:

 
 Path Investments plc                            C /O IFC 
 Christopher Theis 
 
 IFC Advisory Limited (Financial PR & IR)        020 3934 6630 
 Tim Metcalfe 
 Zach Cohen 
 
 Grant Thornton UK LLP (Financial Adviser) 
 Samantha Harrison                               020 7865 2411 
 Harrison Clarke                                 020 7184 4384 
 
 Keith, Bayley, Rogers & Co. Limited (Broker) 
                                                 07776 30 22 
 Brinsley Holman                                  28 
                                                 07506 43 41 
 Graham Atthill-Beck                              07 
 

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September 30, 2020 02:00 ET (06:00 GMT)