30 Mar First Day of Dealings
Path Investments plc, an energy investment company, is pleased to announce the successful placing of 140,000,000 new ordinary shares of £0.001 each in the Company (the “Placing”) at a Placing Price of 1 pence each and the admission of its entire share capital, being 162,014,596 ordinary shares of £0.001 each (“Ordinary Shares”), to the Standard Listing segment of the Official List and to trading on the Main Market of the London Stock Exchange (“Admission”). Shard Capital is acting as Broker and Financial Adviser.
Path has a global focus on energy assets, currently concentrating on the onshore oil and gas markets and is targeting oil and gas production, or near production, assets which possess a lower risk profile than exploration or development assets.
Against the background of a sharp decline in the oil price over the last three years, the Company believes that there is a significant opportunity to acquire interests in assets owned by financially distressed exploration led oil and gas companies. Where possible Path will make direct investments in assets in order to establish a greater degree of control over risk management, investment decisions and cash flows.
The Company has raised gross proceeds of £1.4 million under the Placing, which will be used to facilitate its investment strategy and working capital, as well as covering the listing costs.
Copies of the Prospectus published by the Company in connection with Admission has been published on the Company’s website at http://pathinvestmentsplc.com and is also available at the FCA’s Document Storage Mechanism at http://morningstar.co.uk/uk/NSM. Hard copies of the Prospectus will also be available during normal business hours at the office of the Company’s Broker and Financial Adviser, Shard Capital, at 23rd Floor, 20 Fenchurch St, London EC3M 3BY.
Christopher Theis, Chief Executive of Path, commented: “This listing represents a new chapter for Path Investments and we are looking forward to executing our investment strategy and realising value for our new and existing shareholders in the future.”
|Path Investments plcChristopher Theis (CEO)Andy Yeo (COO)||020 8371 3000|
|Shard Capital (Broker and Financial Adviser) Simon LeathersDamon HeathErik Woolgar||020 3463 4990|
|IFC Advisory (Financial PR & IR)Tim MetcalfeGraham HerringHeather ArmstrongMiles Nolan||020 3053 8671|
Notes to Editors:
Path Investments is an investment company with the objective of acquiring oil and gas production, or near production, assets which possess a lower risk profile than exploration or development assets. The company has a highly experienced management team and has a worldwide pipeline of potential opportunities.