TIDMPATH

RNS Number : 1418S

Path Investments plc

12 March 2021

12 March 2021

Path Investments plc

("Path" or the "Company")

Publication of Prospectus,

Update on Fundraise,

Appointment of Director

and

Issue of Shares and Options to Directors

Path Investments plc (TIDM: PATH) , the energy and natural resources investment company, is pleased to announce, further to the announcements on 19 and 26 February 2021 in respect of a placing and subscription for, in aggregate, GBP3.85 million before expenses (the "Fundraise"), the publication of a prospectus, as approved by the Financial Conduct Authority ("FCA"), in connection with the admission of new Ordinary Shares to trading on the Standard Segment of the Official List and the Main Market of the London Stock Exchange ("Admission" and the "Prospectus").

Any capitalised terms used but not otherwise defined in this announcement have the meaning set out in the Prospectus.

The Fundraise and Issue of Shares and Warrants

The Company will be issuing 1,540,000,000 new Ordinary Shares at an issue price of 0.25 pence each in connection with the Fundraise (the "Investor Shares"). The Fundraise is conditional on Admission and consequently completion of the Fundraise is expected to occur on 18 March 2021.

In addition, participants in the Fundraise will be issued with one warrant for every two new Ordinary Shares subscribed for with an exercise price of 0.25 pence per new Ordinary Share and one warrant for every two new Ordinary Shares subscribed for with an exercise price of 0.5 pence per new Ordinary Share. The warrants will have a five-year exercise period from Admission.

In connection with the Fundraise, ETX Capital will on Admission be issued with warrants to subscribe for up to 40,800,000 new Ordinary Shares at an exercise price of 0.25 pence per Ordinary Share. These warrants are exercisable at any time from the date of Admission to the fifth anniversary of Admission.

The proceeds of the Fundraise will be used to pay for:

-- the expenses of the Fundraise and Admission which are expected to be in the region of GBP534,000;

-- to pay certain outstanding trade creditors, principally advisory fees and up-front deal costs totalling GBP279,591;

   --    t o redeem certain Convertible Loan Stock totalling GBP160,000; 

-- to pay both internal and external costs for future asset acquisition identification, analysis and negotiation; and

   --    for general working capital purposes of the business. 

In addition to the Investor Shares, the Company will be issuing 151,533,333 new Ordinary Shares to certain of the Company's trade creditors in satisfaction of sums owed to them (the "Settlement Shares") and 130,520,000 new Ordinary Shares following conversion of GBP108,767 (nominal value) of Convertible Loan Stock (the "Conversion Shares"). Following this conversion and repayment of the remaining Convertible Loan Stock from the Fundraise proceeds, the Company will no have outstanding Convertible Loan Stock.

Further information related to the Fundraise and issue of new Ordinary Shares is set out in the Prospectus.

Appointment of Director

Further to the Company's announcement on 30 September 2020, it is pleased to confirm that Nicholas Tulloch's appointment as a director of the Company will be effective from Admission.

Director's interests

Certain directors have waived, subject to Admission, accrued salary and have been issued options in the Company as follows:

 
Directors - Share 
 Options 
Option holder      Share Options  Exercise Price          Exercise Period 
=================  =============  ==============  ======================= 
Christopher Theis    739,520,000        GBP0.001  10 years from Admission 
=================  =============  ==============  ======================= 
Brent Fitzpatrick    162,820,000        GBP0.001  10 years from Admission 
=================  =============  ==============  ======================= 
John Allardyce        62,500,000        GBP0.001  10 years from Admission 
=================  =============  ==============  ======================= 
 

Additionally, certain directors have converted Convertible Loan Stock into new Ordinary Shares (which is included in the conversion detailed above). The details of their conversions are:

 
Holder              Conversion 
                        Shares 
==================  ========== 
Christopher Theis    1,200,000 
==================  ========== 
Brent Fitzpatrick 
 (1)                55,320,000 
==================  ========== 
John Allardyce       6,000,000 
==================  ========== 
 

(1) Brent Fitzpatrick will be issued 33,720,000 new Ordinary Shares, 6,000,000 to Alexander Fitzpatrick (Brent Fitzpatrick's son), 9,600,000 to Pondermatters Limited (a company ultimately owned by Brent Fitzpatrick) and 6,000,000 to Ocean Park Developments Limited (a company ultimately owned by Brent Fitzpatrick)

The resultant holdings of the directors in the Company, as at Admission, are set out below.

 
Director                                              Share Options   Fully diluted 
                      Ordinary Shares                                  shareholding 
                                                                       at Admission 
==================  =================  ============================  ============== 
Christopher Theis          60,995,589                   780,020,000           16.8% 
==================  =================  ============================  ============== 
Brent Fitzpatrick          57,336,875                   162,820,000            4.4% 
==================  =================  ============================  ============== 
John Allardyce              6,000,000                    62,500,000           1.40% 
==================  =================  ============================  ============== 
Nicholas Tulloch                    0                             0               0 
==================  =================  ============================  ============== 
 

The notifications shown below, made pursuant to Article 19(3) of the Market Abuse Regulation, provides further details of the directors' transactions.

Availability of the Prospectus

The Prospectus has been approved by the FCA will be available shortly electronically from the Company's website at www.pathinvestmentsplc.com and at the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

Admission and Total Voting Rights

A total of 1,822,053,333 new Ordinary Shares in the capital of the Company will be admitted to trading on Standard Segment of the Official List and the Main Market of the London Stock Exchange at 8.00 a.m. on 18 March 2021 .

On Admission, the Company's issued share capital will consist of 2,029,463,802 ordinary shares. The Company does not hold any Ordinary Shares in Treasury. The total voting rights from Admission will therefore be 2,029,463,802 ordinary shares. This figure above may be used by shareholders from 18 March 2021 as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Share Statistics

 
 Number of Existing Ordinary Shares                         207,410,469 
 Number of Investor Shares                                1,540,000,000 
 Number of Settlement Shares                                151,533,333 
 Number of Conversion Shares                                130,520,000 
 Enlarged Share Capital                                   2,029,463,802 
 Number of Warrants outstanding at Admission              1,620,800,000 
 Number of Share Options outstanding at Admission         1,363,097,500 
 Fully Diluted Share Capital (assuming all outstanding 
  Share Options and Warrants are exercised)               5,013,361,302 
 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU No. 596/2014) which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information please contact:

 
 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 LLP (Financial Adviser) 
  Jamie Barklem 
  Samantha Harrison 
  Harrison Clarke                             020 7383 5100 
 
 ETX Capital (Broker)                         020 7392 1400 
 Elliot Hance 
 
 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 
      1.  Details of the person discharging managerial responsibilities 
           / person closely associated 
  a)      Name                                Christopher Theis 
          ----------------------------------  ------------------------------- 
  2.      Reason for the Notification 
          ------------------------------------------------------------------- 
  a)      Position/status                     Chief Executive Officer 
          ----------------------------------  ------------------------------- 
  b)      Initial notification/Amendment      Initial notification 
          ----------------------------------  ------------------------------- 
  3.      Details of the issuer, emission allowance market participant, 
           auction platform, auctioneer or auction monitor 
          ------------------------------------------------------------------- 
  a)      Name                                Path Investments plc 
          ----------------------------------  ------------------------------- 
  b)      LEI                                 21380058VQBP76M7TN11 
          ----------------------------------  ------------------------------- 
  4.      Details of the transaction(s): section to be repeated 
           for (i) each type of instrument; (ii) each type of transaction; 
           (iii) each date; and (iv) each place where transactions 
           have been conducted 
          ------------------------------------------------------------------- 
  a)      Description of the Financial         Grant of Options over Ordinary 
           instrument, type of instrument       Shares of GBP0.001 each 
          Identification code                 GB00BYQD5059 
          ----------------------------------  ------------------------------- 
  b)      Nature of the transaction           Grant of Options 
          ----------------------------------  ------------------------------- 
  c)      Price(s) and volume(s)              Price   Volume 
                                               nil     739,520,000 
                                                       ----------- 
          ----------------------------------  ------------------------------- 
  d)                 Aggregated information: 
                      -- Aggregated volume      N/A 
                      -- Price 
          ----------------------------------  ------------------------------- 
  e)      Date of the transaction             18 March 2021 
          ----------------------------------  ------------------------------- 
  f)      Place of the transaction            Outside of trading venue 
          ----------------------------------  ------------------------------- 
 
 
      1.  Details of the person discharging managerial responsibilities 
           / person closely associated 
  a)      Name                                John Allardyce 
          ----------------------------------  ------------------------------ 
  2.      Reason for the Notification 
          ------------------------------------------------------------------ 
  a)      Position/status                     Executive Director 
          ----------------------------------  ------------------------------ 
  b)      Initial notification/Amendment      Initial notification 
          ----------------------------------  ------------------------------ 
  3.      Details of the issuer, emission allowance market participant, 
           auction platform, auctioneer or auction monitor 
          ------------------------------------------------------------------ 
  a)      Name                                Path Investments plc 
          ----------------------------------  ------------------------------ 
  b)      LEI                                 21380058VQBP76M7TN11 
          ----------------------------------  ------------------------------ 
  4.      Details of the transaction(s): section to be repeated 
           for (i) each type of instrument; (ii) each type of transaction; 
           (iii) each date; and (iv) each place where transactions 
           have been conducted 
          ------------------------------------------------------------------ 
  a)      Description of the Financial        Grant of Options over Ordinary 
           instrument, type of instrument      Shares of GBP0.001 each 
          Identification code                 GB00BYQD5059 
          ----------------------------------  ------------------------------ 
  b)      Nature of the transaction           Grant of Options 
          ----------------------------------  ------------------------------ 
  c)      Price(s) and volume(s)              Price   Volume 
                                               nil     62,500,000 
                                                       ---------- 
          ----------------------------------  ------------------------------ 
  d)                 Aggregated information: 
                      -- Aggregated volume      N/A 
                      -- Price 
          ----------------------------------  ------------------------------ 
  e)      Date of the transaction             18 March 2021 
          ----------------------------------  ------------------------------ 
  f)      Place of the transaction            Outside of trading venue 
          ----------------------------------  ------------------------------ 
 
 
      1.  Details of the person discharging managerial responsibilities 
           / person closely associated 
  a)      Name                                Brent Fitzpatrick 
          ----------------------------------  ------------------------------- 
  2.      Reason for the Notification 
          ------------------------------------------------------------------- 
  a)      Position/status                     Chairman 
          ----------------------------------  ------------------------------- 
  b)      Initial notification/Amendment      Initial notification 
          ----------------------------------  ------------------------------- 
  3.      Details of the issuer, emission allowance market participant, 
           auction platform, auctioneer or auction monitor 
          ------------------------------------------------------------------- 
  a)      Name                                Path Investments plc 
          ----------------------------------  ------------------------------- 
  b)      LEI                                 21380058VQBP76M7TN11 
          ----------------------------------  ------------------------------- 
  4.      Details of the transaction(s): section to be repeated 
           for (i) each type of instrument; (ii) each type of transaction; 
           (iii) each date; and (iv) each place where transactions 
           have been conducted 
          ------------------------------------------------------------------- 
  a)      Description of the Financial         Grant of Options over Ordinary 
           instrument, type of instrument       Shares of GBP0.001 each 
          Identification code                 GB00BYQD5059 
          ----------------------------------  ------------------------------- 
  b)      Nature of the transaction           Grant of Options 
          ----------------------------------  ------------------------------- 
  c)      Price(s) and volume(s)              Price   Volume 
                                               nil     162,820,000 
                                                       ----------- 
          ----------------------------------  ------------------------------- 
  d)                 Aggregated information: 
                      -- Aggregated volume      N/A 
                      -- Price 
          ----------------------------------  ------------------------------- 
  e)      Date of the transaction             18 March 2021 
          ----------------------------------  ------------------------------- 
  f)      Place of the transaction            Outside of trading venue 
          ----------------------------------  ------------------------------- 
 
 
      1.  Details of the person discharging managerial responsibilities 
           / person closely associated 
  a)      Name                                Christopher Theis 
          ----------------------------------  ------------------------------- 
  2.      Reason for the Notification 
          ------------------------------------------------------------------- 
  a)      Position/status                     Chief Executive Officer 
          ----------------------------------  ------------------------------- 
  b)      Initial notification/Amendment      Initial notification 
          ----------------------------------  ------------------------------- 
  3.      Details of the issuer, emission allowance market participant, 
           auction platform, auctioneer or auction monitor 
          ------------------------------------------------------------------- 
  a)      Name                                Path Investments plc 
          ----------------------------------  ------------------------------- 
  b)      LEI                                 21380058VQBP76M7TN11 
          ----------------------------------  ------------------------------- 
  4.      Details of the transaction(s): section to be repeated 
           for (i) each type of instrument; (ii) each type of transaction; 
           (iii) each date; and (iv) each place where transactions 
           have been conducted 
          ------------------------------------------------------------------- 
  a)      Description of the Financial         Conversion of convertible loan 
           instrument, type of instrument       stock 
          Identification code                 GB00BYQD5059 
          ----------------------------------  ------------------------------- 
  b)      Nature of the transaction           Grant of Options 
          ----------------------------------  ------------------------------- 
  c)      Price(s) and volume(s)              Price        Volume 
                                               0.25 pence   1,200,000 
                                                            --------- 
          ----------------------------------  ------------------------------- 
  d)                 Aggregated information: 
                      -- Aggregated volume      N/A 
                      -- Price 
          ----------------------------------  ------------------------------- 
  e)      Date of the transaction             18 March 2021 
          ----------------------------------  ------------------------------- 
  f)      Place of the transaction            Outside of trading venue 
          ----------------------------------  ------------------------------- 
 
 
      1.  Details of the person discharging managerial responsibilities 
           / person closely associated 
  a)      Name                                John Allardyce 
          ----------------------------------  ------------------------------- 
  2.      Reason for the Notification 
          ------------------------------------------------------------------- 
  a)      Position/status                     Executive Director 
          ----------------------------------  ------------------------------- 
  b)      Initial notification/Amendment      Initial notification 
          ----------------------------------  ------------------------------- 
  3.      Details of the issuer, emission allowance market participant, 
           auction platform, auctioneer or auction monitor 
          ------------------------------------------------------------------- 
  a)      Name                                Path Investments plc 
          ----------------------------------  ------------------------------- 
  b)      LEI                                 21380058VQBP76M7TN11 
          ----------------------------------  ------------------------------- 
  4.      Details of the transaction(s): section to be repeated 
           for (i) each type of instrument; (ii) each type of transaction; 
           (iii) each date; and (iv) each place where transactions 
           have been conducted 
          ------------------------------------------------------------------- 
  a)      Description of the Financial         Conversion of convertible loan 
           instrument, type of instrument       stock 
          Identification code                 GB00BYQD5059 
          ----------------------------------  ------------------------------- 
  b)      Nature of the transaction           Grant of Options 
          ----------------------------------  ------------------------------- 
  c)      Price(s) and volume(s)              Price        Volume 
                                               0.25 pence   6,000,000 
                                                            --------- 
          ----------------------------------  ------------------------------- 
  d)                 Aggregated information: 
                      -- Aggregated volume      N/A 
                      -- Price 
          ----------------------------------  ------------------------------- 
  e)      Date of the transaction             18 March 2021 
          ----------------------------------  ------------------------------- 
  f)      Place of the transaction            Outside of trading venue 
          ----------------------------------  ------------------------------- 
 
 
      1.  Details of the person discharging managerial responsibilities 
           / person closely associated 
  a)      Name                                Brent Fitzpatrick 
          ----------------------------------  ------------------------------- 
  2.      Reason for the Notification 
          ------------------------------------------------------------------- 
  a)      Position/status                     Chairman 
          ----------------------------------  ------------------------------- 
  b)      Initial notification/Amendment      Initial notification 
          ----------------------------------  ------------------------------- 
  3.      Details of the issuer, emission allowance market participant, 
           auction platform, auctioneer or auction monitor 
          ------------------------------------------------------------------- 
  a)      Name                                Path Investments plc 
          ----------------------------------  ------------------------------- 
  b)      LEI                                 21380058VQBP76M7TN11 
          ----------------------------------  ------------------------------- 
  4.      Details of the transaction(s): section to be repeated 
           for (i) each type of instrument; (ii) each type of transaction; 
           (iii) each date; and (iv) each place where transactions 
           have been conducted 
          ------------------------------------------------------------------- 
  a)      Description of the Financial         Conversion of convertible loan 
           instrument, type of instrument       stock 
          Identification code                 GB00BYQD5059 
          ----------------------------------  ------------------------------- 
  b)      Nature of the transaction           Grant of Options 
          ----------------------------------  ------------------------------- 
  c)      Price(s) and volume(s)              Price        Volume 
                                               0.25 pence   55,320,000 
                                                            ---------- 
          ----------------------------------  ------------------------------- 
  d)                 Aggregated information: 
                      -- Aggregated volume      N/A 
                      -- Price 
          ----------------------------------  ------------------------------- 
  e)      Date of the transaction             18 March 2021 
          ----------------------------------  ------------------------------- 
  f)      Place of the transaction            Outside of trading venue 
          ----------------------------------  ------------------------------- 
 

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March 12, 2021 07:50 ET (12:50 GMT)

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