29 Jun General Meeting Statement
Path Investments plc (TIDM: PATH) will be holding a General Meeting today at 5 p.m. at the offices of Womble Bond Dickinson (UK) LLP, 4 More London Riverside, London, SE1 2AU. Christopher Theis, Chief Executive Officer, will provide the following trading update at today’s meeting:
“As previously announced, the Company intends to undertake a fund raising and to seek admission of the Company’s Ordinary Shares to trading on the AIM Market of the London Stock Exchange plc (“AIM”) in conjunction with the completion of the acquisition of a 50% participating interest in an onshore producing conventional gas field, the Alfeld-Elze II Licence and Gas Field in Germany, located some 22 km south of Hannover (the “Proposed Transaction”).
The Company confirms that progress continues to be made in preparing for the proposed admission to AIM and in delivering an efficient financial structure for the Proposed Transaction, but there can be no certainty at this time that it will be successfully completed.
The macro economic factors supporting the Proposed Transaction are strong with the German government’s target to phase out nuclear power generation by 2022, along with the retirement of the majority of Germany’s coal fired power stations, with a long-term focus on the development of renewable energy sources. The Company believes that natural gas, and the flexibility it provides in meeting fluctuations in demand, will remain the most favourable source of primary energy consumption after renewables during Germany’s energy transition.
The Company is also pleased to announce the appointment of Cantor Fitzgerald as joint financial adviser and broker to the Company as well as bookrunner in the proposed fund raising.”
Further announcements will be made, as appropriate, in due course.
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
For further information please contact:
Path Investments plc
Christopher Theis, Andy Yeo +44 (0) 20 3934 6632
Cantor Fitzgerald (Joint financial Adviser, Broker and Bookrunner)
Nick Tulloch +44 (0) 131 257 4634
Shard Capital (Joint Financial Adviser and Broker)
Simon Leathers, Damon Heath +44 (0) 20 7186 9900
IFC Advisory (Financial PR & IR)
Tim Metcalfe, Heather Armstrong, Miles Nolan +44 (0) 20 3934 6630