Path Investments plc Interim Results

Fecha : 26/09/2019 @ 06:44
Fuente : UK Regulatory (RNS & others)
Emisora : Path Investments Plc (PATH)
Cotización : 0.75  0.0 (0.00%) @ 19:00
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Path Investments plc Interim Results

Path Investments (LSE:PATH)
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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:

 
 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

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