19 Jan Intended cancellation of Standard Listing
Path Investments plc (TIDM: PATH) is pleased to provide an update to the announcement on 15 December 2017 with regards to the potential acquisition by the Company of a 50% participating interest in a producing gas field, the Alfeld-Elze II Licence and Gas Field in Germany (the “Proposed Transaction”).
The Proposed Transaction meets the Company’s acquisition criteria, namely the acquisition of producing, or near production, oil and gas assets which possess a lower risk profile than exploration or appraisal assets. The Alfeld-Elze II Licence and Gas Field is a conventional Rotliegend sandstone gas reservoir, with 2D seismic coverage, existing production, well control and good access to infrastructure. The Field is located onshore, 22km south of Hannover.
In order to effect the Proposed Transaction, Path has applied to cancel the listing of the ordinary shares of £0.001 each in the Company (“Ordinary Shares”) on the standard listing segment of the Official List of the UK Listing Authority (the “Official List”) and cancel trading of its Ordinary Shares on London Stock Exchange plc’s main market for listed securities (“Main Market”). It is expected that the last day of dealings in the Ordinary Shares (which remain suspended) on the Main Market will be 16 February 2018. Cancellation of the listing of the Ordinary Shares on the Official List is expected to take effect at 8.00 a.m. on 19 February 2018. The Company intends to undertake an equity fund raising and seek admission of the Ordinary Shares to trading on the AIM Market of the London Stock Exchange (“AIM”) during Q1.
The Company intends to proceed as quickly as possible with the Proposed Transaction. However, there can be no certainty that the Proposed Transaction will be successfully completed. If the Proposed Transaction cannot be successfully completed the Company intends to maintain its listing of Ordinary Shares on the Official List and trading will recommence in the Ordinary Shares on the Main Market of the London Stock Exchange. The Company will make further announcements in due course, as appropriate.
|Path Investments plc Christopher Theis Andy Yeo||020 3934 6632|
|Shard Capital (Broker and Financial Adviser) Simon Leathers Damon Heath||0207 186 9900|
|IFC Advisory (Financial PR & IR) Tim Metcalfe Heather Armstrong Miles Nolan||020 3934 6630|