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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 | 0.00% | 0.27 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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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