REG - Ascent Resources PLC - Shares for Fees, Warrants, Options and PDMR

Ascent ResourcesAnnouncement

13/06/2025 14:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250613:nRSM8384Ma&default-theme=true

RNS Number : 8384M  Ascent Resources PLC  13 June 2025

13 June 2025

 

Ascent Resources plc

("Ascent" or the "Company")

Issue of Shares in Lieu of Director Fees / Issue of Warrants

/ Award of Options / PDMR Notifications

Ascent Resources Plc (LON: AST) announces that, further to the announcement on
22 May 2025, and in order to make cost savings to the Company's G&A and to
further align the long term interests of Directors and executives with
shareholders, shares shall be issued to directors and executives in lieu of
30% to 40% of their salaries / fees due for the six month period from 1 June
2025 and other contractual amounts owed.

Issue of Shares

An aggregate of 15,770,217 new Ordinary shares shall be issued to directors
and executives at a price of 0.5p per new Ordinary share ("Issue Price")
issued (the "New Shares"), amounting to a total net cost saving of
£78,851.09. The Issue Price being that of the May 2025 Placing Price with
warrants attached on the same terms as the May 2025 investors.  The allotment
of the New Shares is dependent on the Company being granted the required share
authorities by shareholders at the Company's Annual General Meeting on 27 June
2025.

Of the 15,770,217 New Shares to be issued the directors / PDMR's will be
issued shares as follows:

Andrew Dennan, Chief Executive Officer - 12,214,474 New Shares

David Bullion, Non-Executive Director - 678,183 New Shares

Edouard Etienvre, Independent Non-Executive Director - 630,098 New Shares

A further announcement will be made to the Market at the time the shares are
allotted and admitted to trading on AIM.

Award Of Options

Following the General Meeting of the Company on 20 February 2025, in respect
of the entitlement to shareholders to receive a distribution of a further 41%
of any net proceeds received after deducting costs in respect of the Energy
Charter Treaty claim against the Republic of Slovenia, shareholder approval
was granted in respect of the award of 3,285,894 new options to be made to
certain employees in equal proportion to the options they currently held. The
options have an exercise price of 0.005 pence, being the nominal value of the
A2 Preference Shares. The option holders will receive one A2 Preference share
for every new option exercised. The new options will expire two weeks after
the outcome of the dispute becomes known, including the definition of the
quantum of the award if there is an award. Of the award of the 3,285,894 new
options Mr Dennan had been awarded 2,885,894 new Options.

 

The issue of shares and award of options will constitute a related party
transaction pursuant to AIM Rule 13 of the AIM Rule for Companies. Jean-Michel
Doublet, Interim Chairman, considers, having consulted with the Company's
Nominated Adviser, Zeus Capital Limited, that the terms of issue of shares and
award of options are fair and reasonable insofar as the shareholders of the
Company are concerned.

The notification below, made in accordance with the requirements of the Market
Abuse regulations, provides further details.

 

Enquiries:

 Ascent Resources plc                              Via Vigo Communications

 Andrew Dennan

 Zeus Capital, Nominated Adviser & Broker          0203 829 5000

 James Joyce / James Bavister / Gabriella Zwarts
 Novum Securities, Joint Broker                    0207 399 9400

 John Belliss / Colin Rowbury

 Fortified Securities, Joint Broker                0203 411 7773

 Guy Wheatley

 Shard Capital Partners LLP, Joint Broker          0207 186 9952

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 

 1                                   Details of the person discharging managerial responsibilities / person closely
                                     associated
 a)                                  Name                                              Andrew Dennan
 2                                   Reason for the notification
 a)                                  Position/status

                                                                                       Chief Executive Officer

 b)                                  Initial notification/Amendment                    Initial Notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                            Ascent Resources plc
 b)  LEI                                                             213800Q8R5GV7DLNEL37
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument     Ordinary shares of £0.005 each
     Identification code                                             GB00BJVH7905
 b)  Nature of the transaction                                       Award of Options
 c)  Price(s) and volumes(s)                                         Price(s)                            Volume(s)
                                     £0.0005                                           2,885,894

 d)  Aggregated information                                          N/A
     Aggregated volume                                               N/A
     Price                                                           N/A
 e)  Date of the transaction                                         11 June 2025
 f)  Place of the transaction                                        Outside of a trading venue

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCSFAFDDEISESM