Subscription by Existing Shareholders & Directors
Company raises £743,692 through subscription by existing shareholders and directors at 5.54p per share.
- Amount raised £743,692
- Subscription price per share 5.54 pence
- Number of new shares issued 13,424,040
- Discount to market price 10%
- Total issued shares post-admission 185,311,066
Select text to share a quote on X · sign in to keep highlights & notes in your EPP notes
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
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
| Investor questions on this announcement We encourage all investors to share questions on this announcement via our investor hub | https://energypathways.uk/link/XyOKmy | |
| EnergyPathways Ben Clube / Max Williams | Tel: +44 (0)207 466 5000, c/o Buchanan (Financial PR) Email : info@energypathways.uk | |
| Cairn Financial Advisers LLP (Nominated Adviser) Jo Turner / Louise O'Driscoll / Sandy Jamieson | Tel: +44 (0)20 7213 0880 | |
| SP Angel Corporate Finance LLP (Broker) Richard Hail / Adam Cowl | Tel: +44 (0)20 3470 0470 | |
| Global Investment Strategy UK Limited (Joint Broker) Callum Hill / James Sheehan | Tel: +44 (0)20 7048 9000 | |
| Subscribe to our news alert service: energypathways.uk/auth/signup | ||
| a. | Name | Mr Ben Clube |
| 2 | Reason for notification | |
| a. | Position/Status | Director |
| b. | Initial notification/ Amendment | Initial notification |
| a. | Name | EnergyPathways plc |
| b. | LEI | 2138003CPOJCTT86BY54 |
| 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 |
| 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/ Amendment | Initial notification |
| a. | Name | EnergyPathways plc |
| b. | LEI | 2138003CPOJCTT86BY54 |
| 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 |
| 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/ Amendment | Initial notification |
| a. | Name | EnergyPathways plc |
| b. | LEI | 2138003CPOJCTT86BY54 |
| 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 |
| 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/ Amendment | Initial notification |
| a. | Name | EnergyPathways plc |
| b. | LEI | 2138003CPOJCTT86BY54 |
| 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 |
| f. | Place of the transaction | London, UK |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.