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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% 0.27 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 -0.4 -0.2 - 10

Path Investments plc Interim Results for the six months to 30 June 2021

29/09/2021 7:00am

UK Regulatory (RNS & others)


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TIDMPATH

RNS Number : 2820N

Path Investments plc

29 September 2021

29 September 2021

Path Investments plc

("Path" or the "Company")

Interim Results for the six months to 30 June 2021

Path Investments plc (TIDM: PATH), the energy investment company, announces its interim results for the six months to 30 June 2021.

Highlights

 
 --   Successful equity fundraising in March 2021 
 --   Conditional Reverse Takeover of DG Innovate Limited ("DGI") 
       announced. 
 --   Loss before tax GBP736,254 (H1 2020 loss before tax of GBP163,699) 
 --   Loss per share 0.04 (H1 2020 loss 0.08 per share) 
 

Commenting, Christopher Theis, Chief Executive of Path, said : " The first half of 2021 has been transformational for Path, both financially and strategically. We are very excited about our intended acquisition and welcoming the DGI business with its sustainable global energy technologies into Path."

Enquiries:

 
 Path Investments plc                         C/O IFC 
 Christopher Theis 
 Jack Allardyce 
 
 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 
 Lukas Girzadas 
 
 ETX Capital (Broker) 
 T om Curran                                  0 20 7392 1400 
 T homas Smith 
 
 

About Path Investments plc

The strategy of the Company is focused on delivering a material acquisition in the energy sector 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.

Chairman's Report

In March 2021 the Company was delighted to receive the welcome support of new shareholders and certain existing holders in a fund raising with gross proceeds of GBP3.87 million received to accelerate the Company's investment strategy. We said at the time that we were focussed on one opportunity and anticipated updating shareholders in due course.

Post the accounting period on 13th August 2021 we announced our conditional agreement to acquire DG Innovate Limited for GBP32 million to be satisfied by the issue of 5,342,051,305 Path Ordinary Shares of GBP0.001 each ("Path Shares") at an issue price of 0.6 pence per Path Share, which compares favourably with the suspension price of 0.27 per Path share.

Further details of the transaction are contained on our website https://www.pathinvestmentsplc.com/proposed-acquisition-of-dg-innovate/

As part of the acquisition of DGI, and post the accounting period, Path provided from its cash resources a secured loan facility to DGI of GBP600,000. The facility was made available in two tranches, both of which have now been released to DGI.

Work is progressing towards completion of the proposed transaction which constitutes a reverse takeover under the Listing Rules, as it will result in a fundamental change in the business of the Company. We are making good progress on finalising the necessary prospectus and shareholder documentation and we expect to be submitting it shortly for FCA approval.

The transaction is also subject to waiver of Rule 9 of the Takeover Code by the Takeover Panel and therefore the approval of Path's independent shareholders at a General Meeting which will be convened for the purpose.

We look forward to updating shareholders further as we move towards completion of our transaction.

Brent Fitzpatrick

Non-Executive Chairman

29 September 2021

Financial Review

For the six months to 30 June 2021, the Company recorded a loss before tax of GBP736,254. There was no revenue in the period.

Cash flow

As at 30 June 2021 the Company held cash of GBP2,267,137 in the bank account.

PATH INVESTMENTS PLC

STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHSED 30 JUNE 2021

 
                                                      Six months   Six months     Year ended 
                                                           ended        ended    31 December 
                                              Notes      30 June      30 June 
                                                            2021         2020           2020 
                                                       Unaudited    Unaudited        Audited 
                                                             GBP          GBP            GBP 
 Administrative expenses                       3       (736,254)    (163,699)      (266,693) 
                                                     -----------  -----------  ------------- 
 Total administrative expenses                         (736,254)    (163,699)      (266,693) 
 
 
 Operating loss                                        (736,254)    (163,699)      (266,693) 
 
 Finance income                                                -            -              - 
 Finance cost                                                  -            -      (110,410) 
 
 Profit/(loss) on ordinary activities 
  before taxation                                      (736,254)    (163,699)      (377,103) 
 
 Tax on profit/(loss) on ordinary                              -            -              - 
  activities 
 
  Profit/(loss) for the period 
   and total comprehensive (loss)/profit 
   for period                                          (736,254)    (163,699)      (377,103) 
                                                     ===========  ===========  ============= 
 
 
 Earnings/(loss) per share (pence) 
 - Basic & diluted                             4         (0.001)      (0.080)        (0.192) 
 
 
 
 

All operating income and operating gains and losses relate to continuing activities.

STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHSED 30 JUNE 2021

 
                             Share   Share Premium       Capital       Retained         Total 
                           Capital                    redemption       earnings 
                                                         reserve 
                               GBP             GBP           GBP            GBP           GBP 
 As at 1 January 
  2021                     202,610      25,456,950     8,783,824   (36,588,172)   (2,144,788) 
 Comprehensive income 
  Loss for the period                                          -      (736,254)     (736,254) 
 
 Transactions with 
  owners 
 Share based payments                                                 1,238,332     1,238,332 
 Share issue             1,826,854       2,051,162             -              -     3,878,016 
 
 As at 30 June 2021      2,029,464      27,508,112     8,783,824   (36,086,094)   (2,235,305) 
                        ----------  --------------  ------------  -------------  ------------ 
 
 
                                 Share   Share Premium       Capital       Retained         Total 
                               Capital                    redemption       earnings 
                                                             reserve 
                                   GBP             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                -               -             -      (377,103)     (317,647) 
 Share based payments                -               -             -         87,501        87,501 
 
 Transactions with 
  owners 
 Issue of share capital          6,667          43,333             -              -        50,000 
 Cancellation of 
  deferred shares          (8,783,824)               -     8,783,824              -             - 
 
 As at 31 December 
  2020                         202,610      25,456,950     8,783,824   (36,588,172)   (2,144,788) 
                          ------------  --------------  ------------  -------------  ------------ 
 
 
                               Share   Share Premium       Capital       Retained         Total 
                             Capital                    redemption       earnings 
                                                           reserve 
                                 GBP             GBP                          GBP           GBP 
 As at 1 January 
  2020                     8,979,767      25,413,617                 (36,298,570)   (1,587,539) 
 Comprehensive income 
  Profit for the period            -               -                    (163,699)     (163,699) 
 
 Transactions with 
  owners 
 Issue of share capital           67          49,933                            -      (50,000) 
 As at 30 June 2020        8,979,834      25,463,550                 (36,462,269)   (2,018,885) 
                          ----------  --------------  ------------  -------------  ------------ 
 

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 2021

 
                                                 As at          As at          As at 
                                               30 June        30 June    31 December 
                                  Notes           2021           2020           2020 
                                             Unaudited      Unaudited        Audited 
                                                   GBP            GBP            GBP 
 
 ASSETS 
 Fixed assets                                   85,754              -              - 
 
 Current assets 
 Trade and other receivables                    44,800          6,528              - 
 Cash and cash equivalents                   2,267,137         63,934            468 
                                         -------------  -------------  ------------- 
                                             2,311,937         70,462            468 
 LIABILITIES 
 Current liabilities 
 Trade and other payables          7         (162,386)    (2,089,347)    (2,145,256) 
                                         -------------  -------------  ------------- 
 Net Current Liabilities                     (162,386)    (2,089,347)    (2,145,256) 
                                         -------------  -------------  ------------- 
 
 NET LIABILITIES                             2,235,305    (2,018,885)    (2,144,788) 
                                         =============  =============  ============= 
 
   SHAREHOLDERS' EQUITY 
 Called up share capital           8         2,029,464        196,010        202,610 
 Deferred shares                   8                 -      8,783,824              - 
 Capital redemption reserve                  8,783,824              -      8,783,824 
 Share premium account                      27,508,112     25,463,550     25,456,950 
 Retained earnings                        (36,086,094)   (36,462,269)   (36,588,172) 
                                         -------------  -------------  ------------- 
 TOTAL EQUITY                                2,235,305    (2,018,885)    (2,144,788) 
                                         =============  =============  ============= 
 
 

statement of cash flows

FOR THE SIX MONTHSED 30 JUNE 2021

 
                                         Six months    Six months            Year ended 
                                         to 30 June    to 30 June           31 December 
                                               2021          2020                  2020 
                                          Unaudited     Unaudited               Audited 
                                                GBP           GBP                   GBP 
 Operating loss                           (736,254)     (163,699)             (266,693) 
 (Increase)/Decrease in debtors            (44,800)         3,528                10,056 
 (Decrease)/increase in creditors 
  within one year                       (1,932,870)       123,943               124,852 
 Share based payments                     1,238,332             -                87,501 
 Convertible loan note interest                   -             -             (110,000) 
 
 Net cash outflow from operating 
  activities                            (1,475,592)      (36,228)             (154,284) 
                                     --------------  ------------  -------------------- 
 
 
 Cash flows from investing 
  activities 
 Purchase of fixed assets                  (85,754) 
 Finance costs                                    -             -                 (410) 
                                     --------------  ------------  -------------------- 
 Net cash generated from 
  investing activities                     (85,754)             -               399,890 
                                     --------------  ------------  -------------------- 
 
 Cash flows from financing 
  activities 
 Decrease in bank borrowings               (50,000)        50,000                50,000 
 Issue of share capital                   3,878,015        50,000                50,000 
 Issue of convertible loans                       -             -                55,000 
 Net cash generated from 
  financing activities                    3,828,015       100,000               155,000 
 
 Net increase/(decrease) 
  in cash and cash equivalents            2,266,669        63,772                   306 
 Cash and cash equivalents 
  at beginning of period                        468           162                   162 
                                     --------------  ------------  -------------------- 
 Cash and cash equivalents 
  at end of period                        2,267,137        63,934                   468 
                                     ==============  ============  ==================== 
 
 

PATH INVESTMENTS PLC

notes to the accounts

FOR THE SIX MONTHSED 30 JUNE 2021

   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 condensed interim financial statements are presented in UK Sterling and all values are rounded to the nearest pound except where indicated otherwise.

The condensed interim financial statements have been prepared under the historical cost convention or fair value where appropriate.

The results for the six months to 30 June 2021 have been prepared on the basis of the accounting policies set out in the company's 2020 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 2020 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 2020 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 2020 accounts.

   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 United Kingdom and as issued by the IASB and that the interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R, 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 
                                         2021          2020           2020 
                                    Unaudited     Unaudited        Audited 
                                          GBP           GBP            GBP 
 Directors remuneration               246,784        82,790        454,205 
 Other administrative expenses        489,470        80,909      (187,512) 
                                 ------------  ------------  ------------- 
                                      736,254       163,699        266,693 
                                 ------------  ------------  ------------- 
 

Included in Directors remuneration for the period ended 30 June 2021 are accrued salaries of GBPnil (June 2020 GBP82,790, December 2020: GBP454,205).

   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 
                                                2021          2020           2020 
                                           Unaudited     Unaudited        Audited 
                                                 GBP           GBP            GBP 
 Net profit/(loss) for the 
  period                                   (736,254)     (163,699)      (377,103) 
                                      --------------  ------------  ------------- 
 
 The weighted average number 
  of shares in the period were: 
 
 Basic and dilutive ordinary 
  shares                               1,109,403,803   207,410,469    195,977,136 
                                      --------------  ------------  ------------- 
 
 Basic and dilutive earnings/(loss) 
  per share (pence)                          (0.001)       (0.080)        (0.192) 
                                      --------------  ------------  ------------- 
 
   5.         FIXED ASSETS 
 
                                            Motor Vehicles    TOTAL 
                                                       GBP      GBP 
 
 Cost 
 At 1 Jan 2021 (audited)                                 -        - 
 Additions                                          85,754   85,754 
                                           ---------------  ------- 
  At 30 Jun 2021 (unaudited)                        85,754   85,754 
                                           ---------------  ------- 
 
 Depreciation 
 Depreciation at 1 Jan 2021                              -        - 
  (audited) 
 Charge in the period                                    -        - 
                                           ---------------  ------- 
 Depreciation at 30 Jun 2021(unaudited)                  -        - 
                                           ---------------  ------- 
 
 Carrying value 
 At 30 June 2021 (unaudited)                        85,754   85,754 
 At 30 June 2020 (unaudited)                             -        - 
                                           ---------------  ------- 
  At 31 Dec 2020 (audited)                               -        - 
                                           ---------------  ------- 
 
 
 
   6.         TR ade and other RECEIVABLES 
 
                       As at 30    As at 30    As at 31 
                           June        June    December 
                           2021        2020        2020 
                      Unaudited   Unaudited     Audited 
                                        GBP         GBP 
 
 Other receivables       44,800       6,528           - 
                         44,800       6,528           - 
                     ----------  ----------  ---------- 
 
   7.         TR ade and other payables 
 
                                  As at 30    As at 30    As at 31 
                                      June        June    December 
                                      2021        2020        2020 
                                 Unaudited   Unaudited     Audited 
                                                   GBP         GBP 
 
 Trade payables                    155,886     322,338     365,659 
 Other payables                          -     292,830     457,830 
 Bank loan                               -           -      50,000 
 Accruals and deferred income        6,500   1,424,179   1,271,767 
                                ----------  ----------  ---------- 
                                   162,386   2,089,347   2,145,256 
                                ----------  ----------  ---------- 
 
   8.         SHARE Capital 
 
 
                                          Unaudited     Unaudited      Unaudited     Unaudited 
 Allotted, called                                No           GBP             no           GBP 
  up and fully paid 
                                           Ordinary      Ordinary       Deferred      Deferred 
                                          Shares of        Shares       Share of      Share of 
                                          0.1p each       of 0.1p     39.9p each    39.9p each 
                                                             each 
 
   At 1 January 2020 
   (audited)                            195,943,802       195,943     22,014,596     8,783,824 
 Issued in period                         6,666,667            67              -             - 
 Cancellation of shares                                             (22,014,596)   (8,783,824) 
                                   ----------------  ------------  -------------  ------------ 
 
   At 31 December 2020 
   (audited)                            202,610,469       202,610              -             - 
                                   ----------------  ------------  -------------  ------------ 
 
 At 1 January 2021                      202,610,469       202,610              -             - 
 Issued in period                     1,826,853,333     1,826,855 
                                   ----------------  ------------  -------------  ------------ 
 
   At 30 June 2021 (unaudited)        2,029,463,802     2,029,465              -             - 
                                   ----------------  ------------  -------------  ------------ 
 
   9.         related party transactions 

The following share options were held by the directors during the year:

 
 Director             Date of      Held at   Surrendered       Granted         Held at   Exercise 
                        grant    1 January    during the    during the         30 June      price 
                                      2021          year        Period            2021 
---------------  ------------  -----------  ------------  ------------  --------------  --------- 
 C Theis           08/10/2020   42,500,000             -             -      42,500,000   GBP0.001 
                   18/03/2021            -             -   739,520,000     739,520,000   GBP0.001 
 N Fitzpatrick     18/03/2021            -             -   162,820,000     162,820,000   GBP0.001 
 J Allardyce       18/03/2021            -             -    62,500,000      62,500,000   GBP0.001 
                               -----------  ------------  ------------  -------------- 
 Total                          42,500,000             -   964,840,000   1,007,340,000 
                               -----------  ------------  ------------  -------------- 
 

As at 30 June 2021, included in other payables were the following convertible loan notes issued to the Directors together with accrued interest thereon.

 
                      Outstanding   Convertible      Interest     Converted        Repaid   Outstanding 
                   at 31 December    loan notes       accrued        during        during    at 30 June 
                             2020        issued        during    the period    the period          2021 
                                         during    the period 
                                         period 
 Director                     GBP           GBP           GBP           GBP           GBP           GBP 
 C Theis*                 150,000             -             -             -    (150,000)-             - 
 C Theis                    3,000             -             -       (3,000)             -             - 
 A Yeo                     75,000             -             -      (75,000)             -             - 
 N Fitzpatrick             54,000             -             -      (54,000)             -             - 
 J Allardyce                    -        15,000             -      (15,000)             -             - 
                 ----------------  ------------  ------------  ------------  ------------  ------------ 
 Total                    282,000        15,000             -     (147,000)     (150,000)             - 
                 ----------------  ------------  ------------  ------------  ------------  ------------ 
 

* these loan notes were issued to Networkguru Limited, a company owned by Chris's Theis' son, who subscribed under the convertible loan note instrument.

The convertible loans were either all converted or repaid within the period.

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