Path Investments plc Termination of DTU Acquisition (1470P)
15 Febrero 2021 - 8:00AM
UK Regulatory
TIDMPATH
RNS Number : 1470P
Path Investments plc
15 February 2021
15 February 2021
Path Investments plc
("Path" or the "Company")
Termination of DTU Acquisition and Restoration of Trading
Path Investments plc (TIDM: PATH) , the energy and natural
resources investment company, announces the termination of the
proposed transaction to acquire DT Ultravert ("DTU"), a technology
used in the energy industry, from two vendors, including Zoetic
International plc ("Zoetic") (the "Transaction").
As previously announced, completion of the Transaction was
subject, inter alia, to the publication of a prospectus by Path
prepared in accordance with the Prospectus Regulation Rules made
under section 73A of the Financial Services and Markets Act 2000
(as amended) and approved by the UK Financial Conduct Authority
("FCA") under section 87A of Financial Services and Markets Act
2000 (as amended) and re-admission of the Company's shares to
trading on the Main Market of the London Stock Exchange. Concerns
raised regarding the Transaction during the preparation of the
prospectus and also recent press speculation brought to the Board's
attention concerning Zoetic have led the Board to question the
merits of continuing with the Transaction as they consider it may
pose unnecessary risk to the Company and its shareholders. As a
result, the Board has terminated the Transaction with immediate
effect.
Path has been undertaking market soundings (as defined in MAR)
in connection with an equity fundraise to support its continuing
investment strategy (as outlined in the Company's prospectus
published in March 2017), together with the proposed acquisition of
DTU. This was only a small part of the Company's overall strategy
to acquire energy assets and the Directors remain focussed on
pursuing opportunities in line with the Company's investment
strategy. It remains the Company's intention to complete a
fundraise for what is currently anticipated to be a gross amount of
approximately GBP2 million in the form of equity to allow it to
meet its working capital requirements and further its investing
strategy. However, there is currently no certainty of the
structure, quantum or that the fundraise will be completed. The
proposed fundraise would require the publication of a prospectus as
more than 20% of its existing ordinary share capital would be
issued and admitted to trading. This is currently being prepared,
and further announcements will be made as appropriate in due
course.
Restoration of Trading
Following the termination of the Transaction, it is expected
that Path's ordinary shares will resume trading on the Main Market
of the London Stock Exchange in due course following consultation
with the FCA.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 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
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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February 15, 2021 09:00 ET (14:00 GMT)
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