REG - EnergyPathways PLC - Subscription by Existing Shareholders & Directors
16/04/2025 17:00
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RNS Number : 3465F EnergyPathways PLC 16 April 2025
16 April 2025
EnergyPathways plc
("EnergyPathways" or the "Company")
Subscription by Existing Shareholders and Directors
EnergyPathways (AIM: EPP), an energy transition company, is pleased to
announce that it has raised £743,692 by way of a subscription offered to
known long term shareholders and directors of the Company at an issue price of
5.54 pence per share ("Subscription").
The Subscription results in the issuance of a total of 13,424,040 new ordinary
shares ("Subscription Shares") at a price of 5.54 pence per share
(representing a discount of 10% to the closing mid-market price on Friday 11
April 2025).
Directors' Participation
The table below provides details of the subscriptions by certain directors of
the Company (the "Directors' Subscriptions") and their resulting interests
following the purchase. The PDMR forms are set out at the foot of this
announcement.
Director Interest in shares prior to the Subscription Number of Subscription Shares subscribed for Interest in shares following completion of the Subscription % interest in the enlarged share capital of the Company
Ben Clube* 9,879,012 794,223 10,673,235 5.76%
Mark Steeves 937,500 180,505 1,118,005 0.60%
Graeme Marks 6,643,073 54,151 6,697,224 3.61%
Horacio Carvalho - 180,505 180,505 0.10%
*held through Painkalac Holdings Pty Ltd ATF Lighthouse Trust and Flax Lily
Super Superannuation Fund
Use of Proceeds
The proceeds from the Subscription will be used to fund pre-development
activities on the Company's MESH project's compressed air storage, hydrogen
storage and natural gas storage developments and also provides additional
working capital. It positions the MESH project to progress promptly to FID as
soon as, if its application is successful, it is awarded applicable licences
by government regulators.
Commenting on the Subscription, CEO Ben Clube said:
"This limited subscription was made to known long term investors aligned with
the Company's business model. The subscription bolsters the position of
long-term investors on the Company's register which we believe will be
beneficial in attracting cornerstone long term investors to the Company in the
future.
"The Subscription ensures the Company is positioned to invest significant
potential non-dilutive private capital in the MESH project. Private capital is
poised for deployment soon as the UK government signals its support for growth
investment in EnergyPathways' MESH project with the award of applicable
licences.
"This additional investment by existing shareholders and directors of
EnergyPathways demonstrates their confidence in the strategic outlook of the
Company and what they believe will be the likely direction of UK energy
transition.
"As per our consistent communication to the market, the Company is always
assessing its financing options, which includes opportunities to attract long
term investors in the Company."
Related Party Transactions
The Directors' Subscriptions constitute related party transactions as defined
by the AIM Rules for Companies ("AIM Rules"). The independent director of the
Company in relation to the Directors' Subscriptions, being Max Williams,
considers, having consulted with Cairn Financial Advisers LLP ("Cairn") the
Company's nominated adviser, that the terms of the Directors' Subscriptions
are fair and reasonable insofar as the Company's shareholders are concerned.
Admission and Total Voting Rights
Conditional on the receipt of funds, application will be made for the
13,424,040 Subscription Shares to be admitted to trading on AIM, which is
expected to occur on or around 24 April 2025 ("Admission"). The Subscription
Shares will rank pari passu in all respects with the ordinary shares of the
Company currently traded on AIM.
Immediately following Admission, the Company's issued share capital will
comprise 185,311,066 ordinary shares of 1p each. This number will represent
the total voting rights in the Company and may be used by shareholders in the
Company as the denominator for the calculations by which they may determine if
they are required to notify their interest in, or a change to their interest
in, the Company under the Financial Conduct Authority's Disclosure Guidance
and Transparency Rules
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.
Engage with us by asking questions, watching video summaries and seeing what
other shareholders have to say. Navigate to our Interactive Investor website
here: https://energypathways.uk/link/XyOKmy
Enquiries
Investor questions on this announcement https://energypathways.uk/link/XyOKmy
We encourage all investors to share questions on this announcement via our
investor hub
EnergyPathways Tel: +44 (0)207 466 5000, c/o Buchanan (Financial PR)
Ben Clube / Max Williams
Email : info@energypathways.uk (mailto:info@energypathways.uk)
Cairn Financial Advisers LLP (Nominated Adviser) Tel: +44 (0)20 7213 0880
Jo Turner / Louise O'Driscoll / Sandy Jamieson
SP Angel Corporate Finance LLP (Broker) Tel: +44 (0)20 3470 0470
Richard Hail / Adam Cowl
Global Investment Strategy UK Limited (Joint Broker) Tel: +44 (0)20 7048 9000
Callum Hill / James Sheehan
Subscribe to our news alert service: energypathways.uk
(http://energypathways.uk/auth/signup) /auth/signup
(http://energypathways.uk/auth/signup)
For further information on EnergyPathways visit www.energypathways.uk and
@energy_pathways on X (formerly Twitter).
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market and business conditions, competition for qualified
staff, the regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties regarding
the timing and granting of prospecting rights, uncertainties regarding the
timing and granting of regulatory and other third party consents and
approvals, uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of unexpected
events.
Actual results achieved may vary from the information provided herein as a
result of numerous known and unknown risks and uncertainties and other
factors.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
596/2014
1 Details of the person discharging managerial responsibilities/person closely
associated
a. Name Mr Ben Clube
2 Reason for notification
a. Position/Status Director
b. Initial notification/ Initial notification
Amendment
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name EnergyPathways plc
b. LEI
2138003CPOJCTT86BY54
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
Identification Code Ordinary shares of £0.01 each
GB00BM9M0884
b. Nature of the transaction Subscription for Ordinary shares of £0.01 each
c. Price(s) and volume(s)
Price(s) Volume(s)
5.54 pence 794,223
d. Aggregated information
N/A
e. Date of the transaction 15 April 2025
f. Place of the transaction London, UK
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
596/2014
1 Details of the person discharging managerial responsibilities/person closely
associated
a. Name Mr Mark Steeves
2 Reason for notification
a. Position/Status Director
b. Initial notification/ Initial notification
Amendment
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name EnergyPathways plc
b. LEI
2138003CPOJCTT86BY54
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
Identification Code Ordinary shares of £0.01 each
GB00BM9M0884
b. Nature of the transaction Subscription for Ordinary shares of £0.01 each
c. Price(s) and volume(s)
Price(s) Volume(s)
5.54 pence 180,505
d. Aggregated information
N/A
e. Date of the transaction 15 April 2025
f. Place of the transaction London, UK
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
596/2014
1 Details of the person discharging managerial responsibilities/person closely
associated
a. Name Mr Horacio Carvalho
2 Reason for notification
a. Position/Status Director
b. Initial notification/ Initial notification
Amendment
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name EnergyPathways plc
b. LEI
2138003CPOJCTT86BY54
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
Identification Code Ordinary shares of £0.01 each
GB00BM9M0884
b. Nature of the transaction Subscription for Ordinary shares of £0.01 each
c. Price(s) and volume(s)
Price(s) Volume(s)
5.54 pence 180,505
d. Aggregated information
N/A
e. Date of the transaction 15 April 2025
f. Place of the transaction London, UK
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
596/2014
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
596/2014
1 Details of the person discharging managerial responsibilities/person closely
associated
a. Name Mr Graeme Marks
2 Reason for notification
a. Position/Status Director
b. Initial notification/ Initial notification
Amendment
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name EnergyPathways plc
b. LEI
2138003CPOJCTT86BY54
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
Identification Code Ordinary shares of £0.01 each
GB00BM9M0884
b. Nature of the transaction Subscription for Ordinary shares of £0.01 each
c. Price(s) and volume(s)
Price(s) Volume(s)
5.54 pence 54,151
d. Aggregated information
N/A
e. Date of the transaction 15 April 2025
f. Place of the transaction London, UK
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