25th May 2018 16:52
LONDON (Alliance News) - Path Investments PLC said on Friday that its shares will remain suspended as it prepares to float on London's AIM market.
Path Investments said the float, through which the company intends to raise funds, is planned "in conjunction with" its reverse takeover of the Alfeld-Elze II Licence and Gas Field in Germany.
The reverse takeover was agreed in December and involves Path Investments acquiring 50% of the gas field from 5P Energy GmbH for EUR5.0 million plus further EUR12.0 million payments.
The energy investment company did not give a specific time frame but said it would continue to suspend its shares on the main market, which have already been suspended for the takeover.
Path Investments said its annual financial statement, which has been delayed by the float, will be "published in early June".
Shares in the company last closed at 0.75 pence on December 15.
Related Shares:
PATH.L