Path Investments plc Proposed sale of Kansas Land Leases and equipment (0273B)
05 Octubre 2020 - 1:00AM
UK Regulatory
TIDMPATH
RNS Number : 0273B
Path Investments plc
05 October 2020
Path Investments plc
("Path" or the "Company")
Proposed sale of Kansas Land Leases and associated equipment
Path Investments plc (TIDM: PATH) , the energy and natural
resources investment company, is pleased to announce the
conditional sale of the Kansas Land Leases and its associated
equipment (the "Kansas Assets") to GasRock Limited, a specialist
US-based helium exploration and development company with operations
in Kansas. The Kansas Assets are currently included in the assets
which Path is to acquire from Zoetic International plc.
The aggregate proceeds payable to Path for the Kansas Assets by
GasRock Limited will be approximately GBP126,000 in cash. The
proceeds (which includes interest) which will be settled in equal
instalments over a period of 60 months from completion.
Completion of the acquisition will be simultaneous with, and
conditional on, completion of Path's purchase of the Kansas Assets
and DT Ultravert from Zoetic International plc (the "Zoetic
Acquisition"). Consequently, Path will incur no costs or
liabilities in respect of the Kansas Assets, and will not take over
the operatorship of the Kansas Land Leases.
Commenting, Christopher Theis CEO of Path, said: "The focus of
our forthcoming acquisition from Zoetic International plc has been
to secure 100% ownership of DT Ultravert, a technology which we
believe has considerable potential. We were delighted to be able to
announce last week that we had secured that objective.
"Whilst the Kansas Leases and associated equipment also have
unrealised potential, this rapid sale to GasRock generates
immediate cash receipts to Path, relieves it of any liabilities in
connection with the assets and enables the Company to concentrate
its resources on its primary objective."
Nick Tulloch, who it is proposed will join the Path board on
Readmission, is a director of GasRock Limited.
For further information please contact:
Path Investments plc C /O IFC
Christopher Theis
IFC Advisory Limited (Financial PR & IR) 020 3934 6630
Tim Metcalfe
Zach Cohen
Grant Thornton UK LLP (Financial Adviser)
Samantha Harrison 020 7865 2411
Harrison Clarke 020 7184 4384
Keith, Bayley, Rogers & Co. Limited (Broker)
07776 30 22
Brinsley Holman 28
07506 43 41
Graham Atthill-Beck 07
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END
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