TIDMPATH
RNS Number : 6527Y
Path Investments plc
10 September 2020
10 September 2020
Path Investments plc
("Path" or the "Company")
Interim Results for the six months to 30 June 2020
Path Investments plc (TIDM: PATH), the natural resources
investment company, announces its interim results for the six
months to 30 June 2020.
Highlights
-- Continued progress on the acquisition of producing natural resource assets
-- Focus on completion of DTU acquisition
-- Evidence of flexibility to successfully work under the current pandemic restrictions
-- Loss before tax GBP 163,699 (H1 2019 profit before tax of GBP23,263)
-- Loss per share 0.08 (H1 2019 profit 0.01 per share)
Commenting, Christopher Theis, Chief Executive of Path, said : "
The first half of 2020 has challenged the working practises of many
businesses. Your company has evidenced the flexibility to adapt to
what is fast becoming the new normal. We are working hard to
complete our acquisition of DTU and hope to be filing our
prospectus with the FCA for approval shortly. The publication of
our accounts is an integral part of that process ."
Enquiries:
Path Investments plc C/O IFC
Christopher Theis
IFC Advisory (Financial PR & IR) 020 3934 6630
Tim Metcalfe
Zach Cohen
Grant Thornton UK LLC (Financial Adviser)
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
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 focused on the
creation of 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.
Chairman's Report
The ongoing pandemic environment has shifted work patterns and
in certain external cases slowed the requisite steps to our stated
aim of re-admission of our shares to trading on the Standard List
of the Main Market of the London Stock Exchange. However, your
directors have continued to work tirelessly and without
compensation. As a result, the governing prospectus is nearing
completion and filing for FCA approval.
We look forward to updating shareholders further as we move
towards completion of our acquisition of DTU.
Brent Fitzpatrick
Non-Executive Chairman
10 September 2020
Financial Review
For the six months to 30 June 2020, the Company recorded a loss
before tax of GBP163,699. There was no revenue in the period.
Cash flow
As at 30 June 2020 the Company held cash of GBP63,934 in the
bank account.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2020
Six months Six months Year ended
ended ended 31 December
Notes 30 June 30 June
2020 2019 2019
Unaudited Unaudited Audited
GBP GBP GBP
Administrative expenses 3 (163,699) (376,800) (612,537)
----------- ----------- -------------
Total administrative expenses (163,699) (376,800) (612,537)
Operating loss (163,699) (376,800) (612,537)
Other income - 400,000 400,000
Finance income - 63 68
Finance cost - - (105,178)
Profit/(loss) on ordinary activities
before taxation (163,699) 23,263 (317,647)
Tax on profit/(loss) on ordinary - - -
activities
Profit/(loss) for the period
and total comprehensive (loss)/profit
for period (163,699) 23,263 (317,647)
=========== =========== =============
Earnings/(loss) per share (pence)
- Basic & diluted 4 (0.08) 0.01 (0.16)
All operating income and operating gains and losses relate to
continuing activities.
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2020
Share Share Premium Retained Total
Capital earnings
GBP GBP GBP GBP
As at 1 January
2020 8,979,767 25,413,617 (36,298,570) (1,905,186)
Comprehensive income
Loss for the period - - (163,699) (163,699)
Share issue 67 49,933
As at 30 June 2020 8,979,834 25,463,550 (36,462,269) (2,018,885)
---------- -------------- ------------- ------------
Share Share Premium Retained Total
Capital earnings
GBP GBP GBP GBP
As at January 2019 8,979,767 25,413,617 (35,980,923) (1,587,539)
Comprehensive income
Loss for the period - - (317,647) (317,647)
As at 31 December
2019 8,979,767 25,413,617 (36,298,570) (1,905,186)
---------- -------------- ------------- ------------
Share Share Premium Retained Total
Capital earnings
GBP GBP GBP GBP
As at 1 January
2019 8,979,767 25,413,617 (35,980,923) (1,587,539)
Comprehensive income
Profit for the period - - 23,263 23,263
Issue of share capital - - - -
As at 30 June 2019 8,979,767 25,413,617 (35,957,600) (1,564,216)
---------- -------------- ------------- ------------
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 2020
As at As at As at
30 June 30 June 31 December
Notes 2020 2019 2019
Unaudited Unaudited Audited
GBP GBP GBP
ASSETS
Current assets
Trade and other receivables 6,528 - 10,056
Cash and cash equivalents 63,934 14,756 162
------------- ------------- -------------
70,462 14,756 10,218
LIABILITIES
Current liabilities
Trade and other payables 5 (2,089,347) (1,578,972) (1,915,404)
------------- ------------- -------------
Net Current Liabilities (2,089,347) (1,578,972) (1,915,404)
------------- ------------- -------------
NET LIABILITIES (2,018,885) (1,564,216) (1,905,186)
============= ============= =============
SHAREHOLDERS' EQUITY
Called up share capital 6 196,010 195,943 195,943
Deferred shares 6 8,783,824 8,783,824 8,783,824
Share premium account 25,463,550 25,413,617 25,413,617
Retained earnings (36,462,269) (35,957,600) (36,298,570)
------------- ------------- -------------
TOTAL EQUITY (2,018,885) (1,564,216) (1,905,186)
============= ============= =============
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2020
Six months Six months Year ended
to 30 June to 30 June 31 December
2020 2019 2019
Unaudited Unaudited Audited
GBP GBP GBP
Operating loss (163,699) (376,800) (317,647)
Decrease in debtors 3,528 2,220 (7,836)
(Decrease)/increase in creditors
within one year 123,943 (11,200) 314,282
Convertible loan note interest - - 11,000
Net cash outflow from operating
activities (36,228) (385,780) (400,201)
------------ ------------ --------------------
Cash flows from investing
activities
Investment income - 400,000 400,000
Interest received - 63 68
Finance costs - - (178)
------------ ------------ --------------------
Net cash generated from
investing activities - 400,063 399,890
------------ ------------ --------------------
Cash flows from financing
activities
Increase in bank borrowings 50,000 - -
Issue of share capital 50,000 - -
Net cash generated from
financing activities 100,000 - -
Net increase/(decrease)
in cash and cash equivalents 63,772 14,283 (311)
Cash and cash equivalents
at beginning of period 162 473 473
------------ ------------ --------------------
Cash and cash equivalents
at end of period 63,934 14,756 162
============ ============ ====================
NOTES TO THE ACCOUNTS
FOR THE SIX MONTHSED 30 JUNE 2020
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 15 Victoria Mews, Millfield
Road, Cottingley Business Park, Bingley, West Yorkshire, BD16 1PY.
The principal activity of the Company is the investment in natural
resources 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 2020 have been
prepared on the basis of the accounting policies set out in the
company's 2019 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 2019 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 2019 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 2019 accounts.
During the 2019 audit work the 2018 accounts were restated to
reflect a further accrual of directors' remuneration. The six
months ended 30 June 2018 have been restated to reflect this
adjustment. The accruals have been increased by GBP514,719 and the
reserves by the same.
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
2020 2019 2019
Unaudited Unaudited Audited
GBP GBP GBP
Directors remuneration 82,790 98,031 319,983
Other administrative expenses 80,909 278,769 397,664
------------ ------------ -------------
163,699 376,800 717,647
------------ ------------ -------------
Included in Directors remuneration for the period ended 30 June
2019 are accrued salaries of GBP82,790 (June 2019 GBP77,081,
December 2019: GBP292,537).
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
2020 2019 2019
Unaudited Unaudited Audited
GBP GBP GBP
Net profit/(loss) for the
period (163,699) 23,263 (317,647)
------------ ------------ -------------
The weighted average number
of shares in the period were:
Basic and dilutive ordinary
shares 207,410,469 195,943,802 195,943,802
------------ ------------ -------------
Basic and dilutive earnings/(loss)
per share (pence) (0.08) 0.01 (0.16)
------------ ------------ -------------
5. TR ade and other payables
As at 30 As at 30 As at 31
June June December
2020 2019 2019
Unaudited Unaudited Audited
GBP GBP
Trade payables 322,338 246,785 323,416
Other payables 292,830 173,934 291,198
Bank loan 50,000 - -
Accruals and deferred income 1,424,179 1,158,972 1,300,790
---------- ---------- ----------
2,089,347 1,578,972 1,915,404
---------- ---------- ----------
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 2019
and as at 30 June
2019 (unaudited),
(December 2019 (audited) 195,943,802 195,943 22,014,596 8,783,824
Issued in period 66,667 67 - -
At 30 June 2020 (unaudited) 207,410,469 207,410 22,014,596 8,783,824
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END
IR LMMTTMTTBBFM
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September 10, 2020 08:30 ET (12:30 GMT)
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