PLUS1
| 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 | 0.0% | 0.75 | 0.00 | 00:00:00 |
| Industry Sector | Turnover (m) | Profit (m) | EPS - Basic | PE Ratio | Market Cap (m) |
|---|---|---|---|---|---|
| General Financial | 0.0 | -0.3 | -0.2 | - | 1 |
Path Investments plc Interim Results for the six months to 30 June 2020
10/09/2020 1:30pm
UK Regulatory (RNS & others)
Path Investments (LSE:PATH)
Historical Stock Chart
From Jul 2020 to Jan 2021
TIDMPATH
RNS Number : 6527Y
Path Investments plc
10 September 2020
10 September 2020
Path Investments plc
("Path" or the "Company")
Interim Results for the six months to 30 June 2020
Path Investments plc (TIDM: PATH), the natural resources investment company, announces its interim results for the six months to 30 June 2020.
Highlights
-- Continued progress on the acquisition of producing natural resource assets -- Focus on completion of DTU acquisition -- Evidence of flexibility to successfully work under the current pandemic restrictions -- Loss before tax GBP 163,699 (H1 2019 profit before tax of GBP23,263) -- Loss per share 0.08 (H1 2019 profit 0.01 per share)
Commenting, Christopher Theis, Chief Executive of Path, said : " The first half of 2020 has challenged the working practises of many businesses. Your company has evidenced the flexibility to adapt to what is fast becoming the new normal. We are working hard to complete our acquisition of DTU and hope to be filing our prospectus with the FCA for approval shortly. The publication of our accounts is an integral part of that process ."
Enquiries:
Path Investments plc C/O IFC
Christopher Theis
IFC Advisory (Financial PR & IR) 020 3934 6630
Tim Metcalfe
Zach Cohen
Grant Thornton UK LLC (Financial Adviser)
Samantha Harrison
Harrison Clarke 020 7383 5100
Keith, Bayley, Rogers & Co. Limited (Broker)
07776 30 22
Brinsley Holman 28
07506 43 41
Graham Atthill-Beck 07
About Path Investments plc
The strategy of the Company is focused on delivering a material acquisition in natural resources production or near production assets with the objective of providing the Company's shareholders with access to a low risk and, over time, diversified portfolio which can offer a dividend stream as well as offering development potential for capital growth. The Directors are focused on the creation of a diversified portfolio of assets that is mindful of the maturity of asset developments, life of income stream and the potential for growth, and a number of opportunities have been evaluated and developed.
Chairman's Report
The ongoing pandemic environment has shifted work patterns and in certain external cases slowed the requisite steps to our stated aim of re-admission of our shares to trading on the Standard List of the Main Market of the London Stock Exchange. However, your directors have continued to work tirelessly and without compensation. As a result, the governing prospectus is nearing completion and filing for FCA approval.
We look forward to updating shareholders further as we move towards completion of our acquisition of DTU.
Brent Fitzpatrick
Non-Executive Chairman
10 September 2020
Financial Review
For the six months to 30 June 2020, the Company recorded a loss before tax of GBP163,699. There was no revenue in the period.
Cash flow
As at 30 June 2020 the Company held cash of GBP63,934 in the bank account.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2020
Six months Six months Year ended
ended ended 31 December
Notes 30 June 30 June
2020 2019 2019
Unaudited Unaudited Audited
GBP GBP GBP
Administrative expenses 3 (163,699) (376,800) (612,537)
----------- ----------- -------------
Total administrative expenses (163,699) (376,800) (612,537)
Operating loss (163,699) (376,800) (612,537)
Other income - 400,000 400,000
Finance income - 63 68
Finance cost - - (105,178)
Profit/(loss) on ordinary activities
before taxation (163,699) 23,263 (317,647)
Tax on profit/(loss) on ordinary - - -
activities
Profit/(loss) for the period
and total comprehensive (loss)/profit
for period (163,699) 23,263 (317,647)
=========== =========== =============
Earnings/(loss) per share (pence)
- Basic & diluted 4 (0.08) 0.01 (0.16)
All operating income and operating gains and losses relate to continuing activities.
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2020
Share Share Premium Retained Total
Capital earnings
GBP GBP GBP GBP
As at 1 January
2020 8,979,767 25,413,617 (36,298,570) (1,905,186)
Comprehensive income
Loss for the period - - (163,699) (163,699)
Share issue 67 49,933
As at 30 June 2020 8,979,834 25,463,550 (36,462,269) (2,018,885)
---------- -------------- ------------- ------------
Share Share Premium Retained Total
Capital earnings
GBP GBP GBP GBP
As at January 2019 8,979,767 25,413,617 (35,980,923) (1,587,539)
Comprehensive income
Loss for the period - - (317,647) (317,647)
As at 31 December
2019 8,979,767 25,413,617 (36,298,570) (1,905,186)
---------- -------------- ------------- ------------
Share Share Premium Retained Total
Capital earnings
GBP GBP GBP GBP
As at 1 January
2019 8,979,767 25,413,617 (35,980,923) (1,587,539)
Comprehensive income
Profit for the period - - 23,263 23,263
Issue of share capital - - - -
As at 30 June 2019 8,979,767 25,413,617 (35,957,600) (1,564,216)
---------- -------------- ------------- ------------
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 2020
As at As at As at
30 June 30 June 31 December
Notes 2020 2019 2019
Unaudited Unaudited Audited
GBP GBP GBP
ASSETS
Current assets
Trade and other receivables 6,528 - 10,056
Cash and cash equivalents 63,934 14,756 162
------------- ------------- -------------
70,462 14,756 10,218
LIABILITIES
Current liabilities
Trade and other payables 5 (2,089,347) (1,578,972) (1,915,404)
------------- ------------- -------------
Net Current Liabilities (2,089,347) (1,578,972) (1,915,404)
------------- ------------- -------------
NET LIABILITIES (2,018,885) (1,564,216) (1,905,186)
============= ============= =============
SHAREHOLDERS' EQUITY
Called up share capital 6 196,010 195,943 195,943
Deferred shares 6 8,783,824 8,783,824 8,783,824
Share premium account 25,463,550 25,413,617 25,413,617
Retained earnings (36,462,269) (35,957,600) (36,298,570)
------------- ------------- -------------
TOTAL EQUITY (2,018,885) (1,564,216) (1,905,186)
============= ============= =============
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2020
Six months Six months Year ended
to 30 June to 30 June 31 December
2020 2019 2019
Unaudited Unaudited Audited
GBP GBP GBP
Operating loss (163,699) (376,800) (317,647)
Decrease in debtors 3,528 2,220 (7,836)
(Decrease)/increase in creditors
within one year 123,943 (11,200) 314,282
Convertible loan note interest - - 11,000
Net cash outflow from operating
activities (36,228) (385,780) (400,201)
------------ ------------ --------------------
Cash flows from investing
activities
Investment income - 400,000 400,000
Interest received - 63 68
Finance costs - - (178)
------------ ------------ --------------------
Net cash generated from
investing activities - 400,063 399,890
------------ ------------ --------------------
Cash flows from financing
activities
Increase in bank borrowings 50,000 - -
Issue of share capital 50,000 - -
Net cash generated from
financing activities 100,000 - -
Net increase/(decrease)
in cash and cash equivalents 63,772 14,283 (311)
Cash and cash equivalents
at beginning of period 162 473 473
------------ ------------ --------------------
Cash and cash equivalents
at end of period 63,934 14,756 162
============ ============ ====================
NOTES TO THE ACCOUNTS
FOR THE SIX MONTHSED 30 JUNE 2020
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 15 Victoria Mews, Millfield Road, Cottingley Business Park, Bingley, West Yorkshire, BD16 1PY. The principal activity of the Company is the investment in natural resources 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 2020 have been prepared on the basis of the accounting policies set out in the company's 2019 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 2019 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 2019 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 2019 accounts.
During the 2019 audit work the 2018 accounts were restated to reflect a further accrual of directors' remuneration. The six months ended 30 June 2018 have been restated to reflect this adjustment. The accruals have been increased by GBP514,719 and the reserves by the same.
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
2020 2019 2019
Unaudited Unaudited Audited
GBP GBP GBP
Directors remuneration 82,790 98,031 319,983
Other administrative expenses 80,909 278,769 397,664
------------ ------------ -------------
163,699 376,800 717,647
------------ ------------ -------------
Included in Directors remuneration for the period ended 30 June 2019 are accrued salaries of GBP82,790 (June 2019 GBP77,081, December 2019: GBP292,537).
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
2020 2019 2019
Unaudited Unaudited Audited
GBP GBP GBP
Net profit/(loss) for the
period (163,699) 23,263 (317,647)
------------ ------------ -------------
The weighted average number
of shares in the period were:
Basic and dilutive ordinary
shares 207,410,469 195,943,802 195,943,802
------------ ------------ -------------
Basic and dilutive earnings/(loss)
per share (pence) (0.08) 0.01 (0.16)
------------ ------------ -------------
5. TR ade and other payables
As at 30 As at 30 As at 31
June June December
2020 2019 2019
Unaudited Unaudited Audited
GBP GBP
Trade payables 322,338 246,785 323,416
Other payables 292,830 173,934 291,198
Bank loan 50,000 - -
Accruals and deferred income 1,424,179 1,158,972 1,300,790
---------- ---------- ----------
2,089,347 1,578,972 1,915,404
---------- ---------- ----------
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 2019
and as at 30 June
2019 (unaudited),
(December 2019 (audited) 195,943,802 195,943 22,014,596 8,783,824
Issued in period 66,667 67 - -
At 30 June 2020 (unaudited) 207,410,469 207,410 22,014,596 8,783,824
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September 10, 2020 08:30 ET (12:30 GMT)
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