Business
Interim Accounts - 31 August 2023
Interim Accounts - 31 August 2023.
About this update from Energypathways Plc
[{"type":"text","content":"\n\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.\n \n28 November 2023\n \nDial Square Investments plc\nInterim Accounts - 31 August 2023\nDial Square Investments plc is pleased to announce its interim results for the six months ended 31 August 2023.\n \n \nEnquiries\n\n\n\n\nDial Square Investments plc\n\n\nNeil Cousins\n(Non-Executive Chairman)\n\n\n+44 (0)1615040629\n\n\n\n\nOptiva Securities Limited\n(Company Broker)\n\n\nChristian Dennis/Daniel Ingram\n\n\n+44 (0)20 3137 1903\n\n\n\n\n \n \n \n\n \nOverview\n \nDuring the period the Directors considered a number of acquisition opportunities in the sport management sector, but did not identify an acquisition target that we considered would be appropriate for the Company or in the best interests of its shareholders. As this search continued, the Board was made aware of an opportunity to acquire EnergyPathways Ltd, a transaction which we believed represented an opportunity for the Company to invest in a business that has the potential to deliver excellent value for shareholders. As such, the Directors, in consultation with major shareholders of Dial Square, considered it appropriate to pursue this transaction rather than continue to spend time and resources seeking an opportunity in the sports management sector that may not come to fruition.\n \nPost year end on 10 March 2023, Dial Square entered into Heads of Terms (\"Term Sheet\") to acquire 100% of the issued and to be issued share capital by way of a reverse takeover (the \"Transaction\") of EnergyPathways Ltd (\"EnergyPathways\"), an English private company. EnergyPathways is an energy transition company, 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.\n \nEnergyPathways holds, indirectly through its subsidiary, a 100 per cent. interest in block 110/4a in Seaward Licence P2490 that contains the Marram gas field (\"Marram Field\"), located 30km west of mainland UK, close to the d...