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Monday 27 March, 2017

Path Investments Plc

Intention to Float on the London Stock Exchange

RNS Number : 5400A
Path Investments Plc
27 March 2017
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW.

This announcement is an advertisement and does not constitute a prospectus and investors must subscribe for or purchase any shares referred to in this announcement only on the basis of information contained in a prospectus to be published by Path Investments plc in due course (the "Prospectus") and not in reliance on this announcement. When made generally available, copies of the Prospectus may, subject to any applicable law, be obtained from the registered office of the Company. This announcement does not constitute, and may not be construed as, an offer to sell or an invitation to purchase, investments of any description, or a recommendation regarding the issue or the provision of investment advice by any party.

 

27 March 2017

Path Investments plc

("Path" or the "Company)

Intention to Float on the London Stock Exchange

Path Investments plc, an energy investment company, is pleased to announce its intention to seek admission of its 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 to the company in relation to the Admission which is expected to take place on or around 30 March 2017.

Company Strategy

The objective of Path Investments is to acquire oil and gas production, or near production, assets which possess a lower risk profile than exploration or development assets. Path Investments has a highly experienced management team with many years experience of assessing and investing in a number of small to medium sized projects.

Path Investments has a global focus on energy assets, currently concentrating on the onshore oil and gas markets. Against the background of a sharp decline in the oil price over the last three years, the Directors believe this has provided 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.

Path's overarching aim is to create a diversified portfolio of assets, mindful of the maturity of asset development, the duration of income stream and the potential for growth.

Investments under consideration feature:

·    

Cash flow generation, principally targeting production or near production assets.

·    

Opportunities in understood, politically stable and fiscally attractive geographies.

·    

Transformation of distressed, underperforming, or mispriced assets into high quality, marketable assets through active asset management.

 

Admission

It is expected that Admission will become effective and dealings in the Ordinary shares on the London Stock Exchange's main market for listed securities will commence on or around 30 March 2017 under the TIDM "PATH" and ISIN GB00BYQD5059.

Prospectus

The Prospectus, which has been approved by the UK Listing Authority, 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 Investments, commented: "We are delighted to be listing Path Investments. The exacerbated fall in oil prices over the last three years has created an opportunity for well capitalised companies to exploit. We have established a very strong management team at Path Investments and have a significant pipeline of potential deals to examine. Our intention is to be highly selective in our approach, seeking out cash flow producing assets in attractive geographies and we look forward to reporting on our progress."

 

Enquiries:

Path Investments plc

Christopher Theis

Andy Yeo

 

020 8371 3000

Shard Capital (Broker and Financial Adviser) Simon Leathers

Damon Heath

 

020 3463 4990

IFC Advisory (Financial PR & IR)

Tim Metcalfe

Graham Herring

Heather Armstrong

Miles 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.

 

Nigel Brent Fitzpatrick MBE, Non-Executive Chairman

Brent has over 20 years' experience as a corporate finance consultant. He was previously Chairman of Global Marine Energy and is currently Chairman of Risk Alliance Group, Vela Technologies and Aboyne Clyde Rubber Estates of Ceylon Limited. Brent is a non-executive director of Acorn Growth plc. He is a member of the Audit Committee Institute. In 2012, Brent was awarded an MBE for services to education.

Christopher Theis, Chief Executive Officer

Christopher is an experienced investment banker and entrepreneur. He has led number one rated City teams, including Smith New Court and Hoare Govett in the origination, structuring, flotation and placement of secondary market transactions of numerous successful companies. Christopher has also founded a number of successful quoted and private businesses. Christopher holds an MBA from Cass Business School.

Andrew Yeo, Chief Operating Officer

Andrew was a founder member of Evolution Securities where he was a board member and executive director. He previously worked for UBS and Hoare Govett, where he first worked alongside Christopher. Over the last ten years, Andrew has gained significant expertise in the oil and gas sectors having had a variety of roles including oil and gas private equity and operational and financial experience in exploration and production activities as CFO of Wessex Exploration PLC.

Rakesh Patel, Chief Financial Officer

Rakesh qualified as a Chartered Certified Accountant in 1991 whilst at Gerald Edelman, Chartered Accountants. In 1992 he formed the firm's corporate finance division and was involved in acquisitions, disposals, mergers, private placings and stock market flotations. In 2003, he joined Adler Shine LLP, Chartered Accountants, where he is currently a senior Partner. Rakesh has served on the board of directors of a number of public companies and has worked on more than 40 public company transactions.

Donal Joseph Boylan, Non-Executive Director

Donal began his career with GE as a Power Generation field engineer before moving into aviation finance with Aer Lingus, GPA, GE Capital and Royal Bank of Scotland. He was most recently CEO of global aircraft lessors, CBD Leasing and Hong Kong Aviation Capital and board member of several of shareholders', HNA Group and Bohai Leasing, international investments. He has developed an extensive network of Middle East and mainland China investment relationships.

Tommaso Maria Corrado, Non-Executive Director

Tommaso is an experienced energy investor and entrepreneur with board level experience including BG Group (Italian subsidiary) and Swerve Energy (senior partner). Tommaso has held a number of roles which have involved him in the investment and divestment processes of corporations and investors. These included the selection, appraisal, evaluation and assurance of international energy assets and contracts across the value chain and asset development cycles.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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