Option Surrender and Issue of Replacement Options

RNS Number : 5153B
Path Investments plc
08 October 2020
 

Path Investments plc

("Path" or the "Company")

Option Surrender and Issue of Replacement Options

 

 

Path Investments plc (TIDM: PATH) , the energy and natural resources investment company, announces that Christopher Theis, Chief Executive Officer and Andrew Yeo, formerly Chief Operating Officer, of Path, have today surrendered the following options in the Company, granted to them on 30 March 2017:

 


Number of ordinary shares subject to option

Exercise price

Expiry date

Christopher Theis

20,000,000

£0.001

30 March 2027

Christopher Theis

16,000,000

£0.01

30 March 2027

Christopher Theis

6,500,000

£0.02

30 March 2027

Andrew Yeo

8,500,000

£0.001

30 March 2027

Andrew Yeo

6,500,000

£0.01

30 March 2027

Andrew Yeo

2,875,000

£0.02

30 March 2027

 

The following options to acquire ordinary shares in Path have today been issued to Christopher Theis and Andrew Yeo:

 


Number of ordinary shares subject to option

Exercise price

Expiry date

Christopher Theis

42,500,000

£0.001

8 October 2030

Andrew Yeo

17,875,000

£0.001

8 October 2030

 

 

This surrender and reissue of an equivalent amount of options marks the first action in a series of events that the directors have planned, to streamline the company's capital structure ahead of the proposed readmission and acquisition of DTU.

 

Further details on the lapse and grant to Christopher Theis are included in the notifications below, made in accordance with the requirements of the EU Market Abuse Regulation.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014

For further information please contact:

Path Investments plc

C /O IFC

Christopher Theis




IFC Advisory Limited (Financial PR & IR)

020 3934 6630

Tim Metcalfe


Zach Cohen




Grant Thornton UK LLP (Financial Adviser)


Samantha Harrison

020 7865 2411

Harrison Clarke

020 7184 4384



Keith, Bayley, Rogers & Co. Limited (Broker)


Brinsley Holman

07776 30 22 28

Graham Atthill-Beck

07506 43 41 07

 

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 

1. 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Christopher Theis

2. 

Reason for the Notification

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Path Investments plc

b)

LEI

21380058VQBP76M7TN11

4. 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument

 

Lapse of Options over Ordinary Shares of £0.001 each

Identification code

GB00BYQD5059

b)

Nature of the transaction

Surrender of Options

c)

Price(s) and volume(s)

Price(s)

Volume

nil

42,500,000

d)

Aggregated information:

· Aggregated volume

· Price

 

N/A

 

e)

Date of the transaction

8 October 2020

f)

Place of the transaction

Outside of trading venue

 

 

2. 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Christopher Theis

3. 

Reason for the Notification

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial notification

4. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Path Investments plc

b)

LEI

21380058VQBP76M7TN11

5. 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument

 

Grant of Options over Ordinary Shares of £0.001 each

Identification code

GB00BYQD5059

b)

Nature of the transaction

Grant of Options

c)

Price(s) and volume(s)

Price(s)

Volume

nil

42,500,000

d)

Aggregated information:

· Aggregated volume

· Price

 

N/A

 

e)

Date of the transaction

8 October 2020

f)

Place of the transaction

Outside of trading venue

 

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