Path Investments (TIDM:PATH), the natural resources investment company, today announced its interim results for the six months to 30 June 2019.
Commenting, Christopher Theis, Chief Executive of Path, said: “The first half of 2019 was an extremely busy time for the Company, culminating in our announcement, post the review period on 19 August 2019, of our intended purchase of FineGems Extraction Corporation. The proposed acquisition delivers on our corporate strategy; we are working tirelessly in these difficult times for the capital markets towards completion of the transaction.”
Highlights
· Sale of Legacy Turkish assets
· Broadened focus on the acquisition of producing natural resource assets
· Announcement of binding Share Purchase Agreement with FineGems Extraction Corporation
· Appointment of PKF as auditors to the company
· New website launched www.pathinvestmentsplc.com
· Profit before tax £ 23,263 (H1 2018 loss before tax of £483,418)
· Earnings per share 0.01p (H1 2018 loss 0.25 per share)
Chairman’s Report
The sale of the legacy Turkish assets during the period under review marked the final chapter of the historic business.
Your board is investigating the appropriate method of returning the consideration received to deferred shareholders, mindful of the company’s current negative reserves position. We expect to be in a position to say more on this shortly.
We are pleased with the progress that has been made since signing our binding Share Purchase Agreement with FineGems Extraction Corporation. Given the reverse takeover nature of the transaction, we intend to publish a prospectus during the final quarter of 2019 and are grateful of the support of our advisory team in this regard.
I encourage shareholders to visit our new website www.pathinvestmentsplc.com on a regular basis to keep abreast of developments.
Brent Fitzpatrick
Non-executive Chairman
26 September 2019
Financial Review
For the six months to 30 June 2019, the Company recorded a profit before tax of £23,263. There was no revenue in the period.
Cash flow
As at 30 June 2019 the Company held cash of £14,756 in the bank account.
