Ascent Resources PLC ECT Claim Distribution Update (2787V)
01 December 2023 - 6:00PM
UK Regulatory
TIDMAST
RNS Number : 2787V
Ascent Resources PLC
01 December 2023
1 December 2023
Ascent Resources plc
("Ascent" or the "Company")
ECT Claim Distribution Update
Ascent Resources Plc (LON: AST), the onshore energy and natural
resources company, announces that, further to the announcement of
27 October 2023 and following the recent investor feedback event,
it is starting a process to be able to distribute an entitlement to
the economic interest in 49% of any net proceeds received (after
all legal fees, costs and expenses relating to the claim) in the
event of a successful claim outcome against the Republic of
Slovenia by the Company and/or its subsidiary Ascent Slovenia
Limited (together the "Claimants").
The intention of this potential distribution is to give
qualifying stakeholders the opportunity of having ring-fenced
access to a significant portion of the net proceeds resulting from
a successful claim, which is not exposed to further changes in the
capital structure of the Company. It should be cautioned that in
the event the Company is successful in its claim any amount
actually received by the Company may be significantly lower than
the full claim.
As part of this process the Company is creating a new 100% owned
subsidiary company as a special purpose vehicle (the "SPV"), with
which the Claimants are expected to enter into a deed of transfer
in relation to 49% of the net proceeds to be received in the event
of a successful ECT claim outcome (the "Transfer"). Following the
SPV receiving tax clearance from HMRC, the Company expects to
convene a general meeting where the Board will request shareholder
approval for a bonus issue of new preference shares or another form
of distribution mechanism for qualifying shareholders on a
specified record date that remains to be determined ("Special
Preference Shareholders"), and which is likely to be the date of
the general meeting which is expected to be in January 2024. Upon
final determination of the Claimants' net proceeds resulting from
any successful ECT claim, the Company will make a distribution to
Special Preference Shareholders using the relevant mechanism.
The Company is finalising tax and legal advice and will make
further announcements as appropriate.
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
Jon Belliss 0207 399 9400
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END
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