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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 |
From Apr 2019 to Apr 2024
TIDMPATH
RNS Number : 8233N
Path Investments plc
26 September 2019
26 September 2019
Path Investments plc
("Path" or the "Company")
Interim Results for the six months to 30 June 2019
Path Investments plc (TIDM: PATH), the natural resources investment company, announces its interim results for the six months to 30 June 2019.
Highlights
-- Sale of Legacy Turkish assets -- Broadened focus on the acquisition of producing natural resource assets -- Announcement of binding Share Purchase Agreement with FineGems Extraction Corporation -- Appointment of PKF as auditors to the company -- New website launched www.pathinvestmentsplc.com -- Profit before tax GBP 23,263 (H1 2018 loss before tax of GBP483,418) -- Earnings per share 0.01p (H1 2018 loss 0.25 per share)
Commenting, Christopher Theis, Chief Executive of Path, said: "The first half of 2019 was an extremely busy time for the Company, culminating in our announcement, post the review period on 19 August 2019, of our intended purchase of FineGems Extraction Corporation. The proposed acquisition delivers on our corporate strategy; we are working tirelessly in these difficult times for the capital markets towards completion of the transaction."
Enquiries:
Hot Features
Premium
Path Investments plc
Christopher Theis 020 3934 6630
Shard Capital (Broker and Financial
Adviser)
Simon Leathers
Damon Heath 0207 186 9900
--------------
IFC Advisory (Financial PR &
IR)
Tim Metcalfe
Zach Cohen 020 3934 6630
--------------
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 looking to create 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. The Company is open to ideas but intends that the Reverse Takeover will be of a business that can act as the cornerstone for building a substantial group within the sector.
Chairman's Report
The sale of the legacy Turkish assets during the period under review marked the final chapter of the historic business.
Your board is investigating the appropriate method of returning the consideration received to deferred shareholders, mindful of the company's current negative reserves position. We expect to be in a position to say more on this shortly.
We are pleased with the progress that has been made since signing our binding Share Purchase Agreement with FineGems Extraction Corporation. Given the reverse takeover nature of the transaction, we intend to publish a prospectus during the final quarter of 2019 and are grateful of the support of our advisory team in this regard.
I encourage shareholders to visit our new website www.pathinvestmentsplc.com on a regular basis to keep abreast of developments.
Brent Fitzpatrick
Non-executive Chairman
26 September 2019
Financial Review
For the six months to 30 June 2019, the Company recorded a profit before tax of GBP23,263. There was no revenue in the period.
Cash flow
As at 30 June 2019 the Company held cash of GBP14,756 in the bank account.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2019
Six months Six months Year ended
ended ended 31 December
Notes 30 June 30 June
2019 2018 2018
Unaudited Unaudited Audited
GBP GBP GBP
Administrative expenses 3 (376,800) (483,492) (965,608)
----------- ----------- -------------
Total administrative expenses (376,800) (483,492) (965,608)
Operating loss (376,800) (483,492) (965,608)
Other income 400,000 - -
Finance income 63 74 81
Finance cost - - (93,533)
Profit/(loss) on ordinary activities
before taxation 23,263 (483,418) (1,059,060)
Tax on profit/(loss) on ordinary - - -
activities
Profit/(loss) for the period
and total comprehensive (loss)/profit
for period 23,263 (483,418) (1,059,060)
=========== =========== =============
Earnings/(loss) per share (pence)
- Basic & diluted 4 0.01 (0.25) (0.54)
All operating income and operating gains and losses relate to continuing activities.
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2019
Share Share Premium Retained Total
Capital earnings
GBP GBP GBP GBP
As at 1 January
2019 8,979,767 25,413,617 (35,466,144) (1,072,760)
Comprehensive income
Loss for the period - - 23,263 23,263
As at 30 June 2019 8,979,767 25,413,617 (35,442,881) 1,049,497
---------- -------------- ------------- ------------
Share Share Premium Retained Total
Capital earnings
GBP GBP GBP GBP
As at January 2018 8,979,767 25,413,617 (34,407,084) (13,700)
Comprehensive income
Loss for the period - - (1,059,060) (1,059,060)
As at 31 December
2018 8,979,767 25,413,617 (35,466,144) (1,072,760)
---------- -------------- -------------- --------------
Share Share Premium Retained Total
Capital earnings
GBP GBP GBP GBP
As at 1 January
2018 8,979,767 25,413,617 (34,407,084) (13,700)
Comprehensive income
Profit for the period - - (483,418) (483,418)
Issue of share capital - - - -
As at 30 June 2018 8,979,767 25,413,617 (34,890,502) (497,118)
---------- -------------- ------------- ------------
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 2019
As at As at As at
30 June 30 June 31 December
Notes 2019 2018 2018
Unaudited Unaudited Audited
GBP GBP GBP
ASSETS
Current assets
Trade and other receivables - - 2,220
Cash and cash equivalents 14,756 30,734 473
------------- ------------- -------------
14,756 30,734 2,693
LIABILITIES
Current liabilities
Trade and other payables 5 (1,064,253) (527,852) (1,075,453)
------------- ------------- -------------
Net Current Liabilities (1,049,497) (497,118) (1,075,453)
------------- ------------- -------------
NET LIABILITIES (1,049,497) (497,118) (1,072,760)
============= ============= =============
SHAREHOLDERS' EQUITY
Called up share capital 6 195,943 195,943 195,943
Deferred shares 6 8,783,824 8,783,824 8,783,824
Share premium account 25,413,617 25,413,617 25,413,617
Retained earnings (35,442,881) (34,890,502) (35,466,144)
------------- ------------- -------------
TOTAL EQUITY (1,049,497) (497,118) (1,072,760)
============= ============= =============
statement of cash flows
FOR THE SIX MONTHS ENDED 30 JUNE 2019
Six months Six months Year ended
to 30 June to 30 June 31 December
2019 2018 2018
Unaudited Unaudited Audited
GBP GBP GBP
Operating loss (376,800) (483,492) (965,608)
Decrease in debtors 2,220 8,978 6,758
(Decrease)/increase in creditors
within one year (11,200) 345,669 893,270
Convertible loan note interest - - (93,000)
Net cash outflow from operating
activities (385,780) (128,845) (158,580)
------------ ------------ --------------------
Cash flows from investing
activities
Investment income 400,000 - -
Interest received 63 74 81
Finance costs - - (533)
------------ ------------ --------------------
Net cash generated from
investing activities 400,063 74 (452)
------------ ------------ --------------------
Net increase/(decrease)
in cash and cash equivalents 14,283 (128,771) (159,032)
Cash and cash equivalents
at beginning of period 473 159,505 159,505
------------ ------------ --------------------
Cash and cash equivalents
at end of period 14,756 30,734 473
============ ============ ====================
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2019
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 Aston House, Cornwall Avenue, London, N3 1LF. The principal activity of the Company is the investment in oil and gas 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 2019 have been prepared on the basis of the accounting policies set out in the company's 2018 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 2018 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 2018 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 2018 accounts.
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
2019 2018 2018
Unaudited Unaudited Audited
GBP GBP GBP
Directors remuneration 98,031 131,960 268,896
Other administrative expenses 278,769 351,532 696,712
------------ ------------ -------------
376,800 483,492 965,608
------------ ------------ -------------
Included in Directors remuneration for the period ended 30 June 2018 are accrued salaries of GBP77,031 (June 2018 GBP95,781, December 2018: GBP210,718).
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
2019 2018 2018
Unaudited Unaudited Audited
GBP GBP GBP
Net profit/(loss) for the
period 23,263 (483,418) (1,059,060)
------------ ------------ -------------
The weighted average number
of shares in the period were:
Basic and dilutive ordinary
shares 195,943,802 195,943,802 195,943,802
------------ ------------ -------------
Basic and dilutive earnings/(loss)
per share (pence) 0.01 (0.25) (0.54)
------------ ------------ -------------
5. TRade and other payables
As at 30 As at 30 As at 31
June 2019 June 2018 December
2018
Unaudited Unaudited Audited
GBP GBP
Trade payables 246,785 168,319 369,939
Other payables 173,934 68,000 193,956
Accruals and deferred income 643,534 291,533 511,558
----------- ----------- ----------
1,064,253 527,852 1,075,453
----------- ----------- ----------
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 2018
and as at 30 June
2018 (unaudited),
(December 2018 (audited)
and June 2019 (unaudited) 195,943,802 195,943 22,014,596 8,783,824
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR FQLFLKKFZBBL
(END) Dow Jones Newswires
September 26, 2019 07:44 ET (11:44 GMT)
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