Sch 1 Update - Path Investments Plc

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

COMPANY NAME:

Path Investments plc

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

Registered and Head Office:

Aston House

Cornwall Avenue

London

N3 1LF

COUNTRY OF INCORPORATION:

England and Wales

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

www.pathinvestmentsplc.com

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

Path Investments plc ("Path" or the "Company") is an oil and gas company focused on the acquisition of production, or near production, oil and gas assets. The Company's first acquisition in line with this strategy is the acquisition of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany ("Alfeld-Elze II").

Alfeld-Elze II has been in production from the re-entered producing H-WD Z2 vertical well since 2015 and is currently producing at a rate of approximately 84.0 Mm3/d (c. 3.0 MMscf/d). The re-drilling of a second well at Alfeld-Elze II, the A-EZ Z4(2) well, was completed in February 2018 and subject to testing, final approvals and commissioning, production from A-EZ Z4(2) is anticipated to commence in H2 2018.

In addition to seeking to deliver significant near-term increases in gas production from Alfeld-Elze II, and following admission, the directors intend to continue to build a low risk and, over time, diversified, oil and gas portfolio.

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

Number of ordinary shares to be admitted:

Existing ordinary shares - 195,943,802

Convertible Loan Stock conversion shares - TBC

Placing shares - TBC

Total - TBC

Nominal value of ordinary shares to be admitted: 0.1 pence

Placing Price of the placing shares: TBC

All of Path Investments plc's AIM securities will be freely transferable

No ordinary shares will be held as treasury shares on Admission to AIM

CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

Capital to be raised on admission: £10 million

Anticipated market capitalisation on admission: TBC

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

TBC

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:

The Company's ordinary shares are currently listed on the standard segment of the Main Market of the London Stock Exchange (the "Standard Listing").

The Standard Listing will be cancelled immediately prior to admission to trading on AIM.

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

Nigel Brent Fitzpatrick, Non-Executive Chairman

Christopher Lorne Dennis Jonathan Theis, Chief Executive Officer

Andrew Robert Yeo, Chief Operating Officer

Tommaso Maria Corrado, Non-Executive Director

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

-

(i) ANTICIPATED ACCOUNTING REFERENCE DATE

(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

(i) 31 December

(ii) 31 December 2017

(iii) 30 September 2018, 30 June 2019, 30 September 2019

EXPECTED ADMISSION DATE:

Mid-September 2018

NAME AND ADDRESS OF NOMINATED ADVISER:

Smith & Williamson Corporate Finance Limited

25 Moorgate

London EC2R 6AY

NAME AND ADDRESS OF BROKER:

Cantor Fitzgerald Europe

Hobart House

80 Hanover Street

Edinburgh EH2 1EL

One Churchill Place

London E14 5RB

Shard Capital Partners LLP

23rd Floor

20 Fenchurch Street

London EC3M 2BY

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

The Company's admission document, which will contain full details about the Company and the admission of its securities, will be available from www.pathinvestmentsplc.com.

THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY

Quoted Companies Alliance Corporate Governance Code

DATE OF NOTIFICATION:

4 September 2018

NEW/ UPDATE:

UPDATE