TIDMDSI
RNS Number : 9917W
Dial Square Investments PLC
15 December 2023
15 December 2023
Dial Square Investments Plc
(to be renamed EnergyPathways plc)
Update re Reverse Takeover of EnergyPathways plc and
Cancellation of the Company's Ordinary Shares from the Official
List and the Main Market and proposed admission to trading on
AIM
Dial Square Investments Plc ("Dial Square" or the "Company"), a
London Stock Exchange traded special purpose acquisition vehicle,
is pleased to announce that it has agreed to acquire the entire
issued share capital and other securities of EnergyPathways Limited
("EnergyPathways"), that was announced on 10 March 2023, with such
acquisition constituting a reserve takeover (the "Acquisition").
Completion of the Acquisition is conditional on the satisfaction of
various conditions, including admission of the Company's entire
issued and to be issued share capital to trading on the AIM market
of the London Stock Exchange ("AIM"). Accordingly, the Company
intends to request that the Financial Conduct Authority ("FCA")
cancels the standard listing of the ordinary shares of the Company
(the "Shares") on the Official List and to request the London Stock
Exchange to cancel the admission to trading of the Shares on the
main market for listed securities (the "Cancellation").
As part of the reverse takeover, the Company has raised
GBP2,000,000 through a placing and subscription of 50,000,000
Shares at a price of 4p per Share (the "Fundraising").
The Company has applied for the admission of its issued Shares
(as enlarged by the Fundraising and the reverse takeover of
EnergyPathways) to trading on AIM ("Admission"). Cancellation and
Admission will take place simultaneously and this is expected on 20
December 2023.
On Admission the expected market capitalisation of the Company
based on the placing and subscription price of 4p per share is
approximately GBP6.32 million.
Background to EnergyPathways
EnergyPathways is an integrated energy transition company,
initially targeting UK gas assets, with the aim of bringing into
production, in the near-term, low emission energy solutions to
assist with the UK's transition to net zero while also providing
critical supply to ensure domestic energy security.
EnergyPathways holds, via its wholly-owned subsidiary
EnergyPathways Irish Sea Limited, a 100 per cent. interest in block
110/4a in Seaward Licence P2490 that contains the Marram gas field
(the "Marram Field"), located 30km west of mainland UK, close to
the developed Morecambe gas complex in the UK waters of the UK
Irish Sea Basin.
The Marram Field, which was discovered in 1993, is estimated to
contain 35.3 Bcf of undeveloped gas 2P Reserves and lies
approximately 15km east of the offshore South Morecambe Gas Field
Platform and 20km south of the North Morecambe trunkline.
Currently, gas from the South Morecambe Field is produced at the
South Morecambe platform and is transported along the existing
South Morecambe trunkline to the onshore North Morecambe Terminal
in Barrow-in-Furness. At the peak of its production, the Morecambe
gas complex, including the North Morecambe Field, satisfied
approximately 20 per cent. of the UK's gas demand.
In the Marram Field, EnergyPathways has identified what it
considers to be a 'ready-to-go' gas development asset, in that it
has been fully appraised and has low sub-surface technical risk. It
is also able to be brought into production relatively quickly, due
to the ability to tie-in to neighbouring existing infrastructure
which has spare capacity.
EnergyPathways' proposed development plan for the Marram Field
comprises two sub-sea horizontal wells, tied back to the existing
Morecambe Bay infrastructure, which the Company hopes will enable
the project to generate high rates of return and a prompt recovery
of investment. EnergyPathways is targeting first gas from the
Marram Field in 2025.
The Directors and the Proposed Directors believe that natural
gas is a bridging fuel with a key role to play in the UK energy
transition and it is their view that successful development of the
Marram Field has the potential to make a favourable contribution
towards reducing emissions and supporting the UK's transition to
Net Zero and providing energy security.
The Directors and the Proposed Directors believe that the
undeveloped potential gas resources identified by EnergyPathways in
the UK Irish Sea, which may be up to 2 TCF, are ideally suited for
integration with the clean energy technologies and assets in the
region to develop reliable, affordable low emission energy supply.
The UK Irish Sea region contains major renewable wind generation
capacity, reservoirs suited to natural gas and hydrogen energy
storage and CCUS and existing energy infrastructure. The UK's
leading hydrogen hub development is also nearby. The co-location of
these energy assets offers the opportunity for cost-effective
integration. Gas power generation is set to have a critical role in
providing flexible energy supply as intermittent renewable wind
energy generation increases. In this regard, available UK domestic
gas, along with stored gas, will be critical in providing back up
capacity. Further ahead, the development of a hydrogen economy in
the UK will be driven initially by using gas feedstock, gas
reforming technologies and CCUS.
The Enlarged Group's initial focus will be the development of
the Marram Field, however it also plans to generate shareholder
value by playing a wider role in providing the UK with energy
security and net zero energy solutions.
Cancellation and Admission
It is intended that the Cancellation will become effective from
8.00 a.m. (London time) on Wednesday 20 December 2023, such that
the last day of listing of the Shares on the Official List (with
ISIN GB00BM9M0884) would be Tuesday 19 December 2023.
Admission is expected to take place, and dealings in Shares are
expected to commence on AIM at 8.00 a.m. on Wednesday 20 December
2023.
Any change to the times and dates mentioned above will be
notified to shareholders by an announcement through a Regulatory
Information Service.
An AIM Admission Document will be available on the Company's
website www.energypathways.uk shortly before Admission.
Cairn Financial Advisers LLP will be appointed Nominated Adviser
to the Company upon Admission.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (which forms part of
domestic UK law pursuant to the European Union (Withdrawal) Act
2018).
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.
For further information, please see EnergyPathways' website
www.energypathways.uk
Enquiries:
Dial Square Investments Plc
Neil Cousins Tel : +44 (0) 161 504 0629
Cairn Financial Advisers LLP
Jo Turner/Louise O'Driscoll/Sandy Tel: +44 207 213 0880
Jamieson
-----------------------------
Joint Brokers
Optiva Securities Tel: +44 (0) 20 3137 1903
Christian Dennis/Daniel Ingram
GIS
James Sheehan/ Callum Hill Tel: +44 (0) 207 048 9400
-----------------------------
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