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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