29th Jun 2018 12:47
LONDON (Alliance News) - Path Investments PLC said on Monday it is making progress with its planned fund raising and plans to transfer its listing from the London Main Market to AIM, ahead of its general meeting.
Shares in the investment company are currently suspended.
Currently, Path is working on the acquisition of 50% in an onshore producing gas field on the Alfeld-Elze II licence in Germany. In addition, Path has appointed Cantor Fitzgerald as joint financial adviser and broker as well as bookrunner in the fund raising.
"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," said Chief Executive Officer Christopher Theis.
Related Shares:
PATH.L