05 Nov Notice of Withdrawal from proposed Farm-in Agreement
Path Investments plc (TIDM: PATH) announces that the Company’s proposed acquisition of a 50% participating interest in an onshore producing conventional gas field, the Alfeld-Elze II Licence and Gas Field in Germany (the “Proposed Transaction”) will no longer proceed.
The Proposed Transaction was to be partly funded, inter alia, by a placing of new ordinary shares in the Company (the “Placing”). However, in spite of encouraging Institutional investor demand, it was not possible to reach agreement with the vendors with regards to a transaction structure and timing that would have satisfied the interests of all parties.
Resumption of trading
The Proposed Transaction would have been classified as a reverse takeover in accordance with the Listing Rules of the Financial Conduct Authority. As a result, the listing of the ordinary shares of £0.001 each in the Company (“Ordinary Shares”) on the Standard Listed Segment of the Official List and trading in the Ordinary Shares on the Main Market of the London Stock Exchange was suspended on 15 December 2017. It is the Company’s intention to seek removal of the Official List suspension as soon as practicable.
Christopher Theis, Chief Executive of Path, commented: “Whilst the Board is naturally disappointed that we were unable to complete the Proposed Transaction, I look forward to updating shareholders in the near future with regards to other investment opportunities under consideration.”
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
For further information:
Path Investments plc
Christopher Theis, Andy Yeo +44 (0) 20 3934 6632
Cantor Fitzgerald (Joint Financial Adviser and Broker)
Nick Tulloch, Pete Malovany +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