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