Ascent Resources PLC Signature of Slovenian Claim Funding (5714R)
08 November 2021 - 6:00PM
UK Regulatory
TIDMAST
RNS Number : 5714R
Ascent Resources PLC
08 November 2021
8 November 2021
Ascent Resources plc
("Ascent" or the "Company")
Non Recourse Funding Secured for Claim against the Republic of
Slovenia
Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic
American and European focused energy and natural resources company,
is pleased to announce that it has signed a binding damages-based
agreement to pursue the Company's ECT and Slovenia-UK BIT
arbitration claim against the Republic of Slovenia.
Further to the Company's announcement on 27 May 2021, the
Company is now pleased to announce that it has signed a binding
damages-based agreement with Enyo Law LLP ("Enyo" or "the Firm"),
the specialist arbitration and litigation legal firm who filed the
Notice of Dispute and represented the Company in the
pre-arbitration negotiations, to commence the arbitration
proceedings against the Republic of Slovenia under the Energy
Charter Treaty and UK-Slovenia Bilateral Investment Treaty. The
Firm - which will also be advancing the disbursements which are
expected to be incurred in the pursuit of the claim - will only be
paid out of the proceeds of the arbitration in the event of a
successful damages award or execution of a binding settlement
agreement (if achieved sooner).
Completion of the damages-based agreement is expected to occur
shortly once the condition precedents, which include certain
conditions the completion of which does not depend on Ascent, are
met.
Further announcements will be made on completion and as the case
progresses and key milestones are achieved.
James Parsons, Executive Chairman, commented :
"This agreement represents an important milestone for Ascent and
its shareholders as it seeks to pursue its claim against Slovenia.
Ascent has secured for itself a non-equity dilutive and, subject to
completion, a fully funded non-recourse position through this
damages-based arrangement which gives its shareholders no financial
risk and potentially highly material reward. We will continue to
work closely with Enyo to pursue our claim in as effective a manner
as possible, and will keep investors updated as we progress the
case.'
Enquiries:
Ascent Resources plc Via Vigo Communications
Andrew Dennan
WH Ireland, Nominated Adviser & Broker
James Joyce / Sarah Mather 0207 220 1666
Novum Securities, Joint Broker
John Belliss 0207 399 9400
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBLBDBRSGDGBR
(END) Dow Jones Newswires
November 08, 2021 02:00 ET (07:00 GMT)
Ascent Resources (LSE:AST)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ascent Resources (LSE:AST)
Historical Stock Chart
From Apr 2023 to Apr 2024