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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)
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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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