REG - Ascent Resources PLC - ECT Claim Distribution Update

Ascent ResourcesAnnouncement

01/12/2023 07:00

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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      0207 220 1666

 James Joyce / Sarah Mather
 Novum Securities, Joint Broker              0207 399 9400

 Jon Belliss

 

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