REG - Ascent Resources PLC - Update on Subscription by Global Power Sources <Origin Href="QuoteRef">ASCR.L</Origin>

Ascent ResourcesAnnouncement

06/09/2014 14:29

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RNS Number : 7952L
Ascent Resources PLC
09 July 2014 
 
Ascent Resources plc 
 
("Ascent" or "the Company") 
 
Update on Subscription by Global Power Sources s.r.l. ("GPS") 
 
Further to the announcement dated 5 June 2014, Ascent wishes to provide an
update on the completion of the subscription for new ordinary shares in the
capital of Ascent by GPS and the associated redemption and conversion of the
2013 and 2014 Convertible Loan Notes.  Unless otherwise defined, all
capitalised terms in this announcement shall have the meaning given to them in
the Circular sent to shareholders on 16 May 2014. 
 
As at close of business on 8 July 2014, the £11.7 million payment due from GPS
in respect of the Initial Subscription had not been received by Ascent. 
 
The Board of Ascent has been informed by GPS that GPS's joint venture partner,
Salomon Werner HAB Privee Limited formerly known as Salomon Partners WRS
Werner Rothschild & CIE Limited ("WRS") has not placed GPS in funds to
complete the Initial Subscription due to WRS not having received the overseas
regulatory clearances required to effect the transfer of such funds. 
 
Accordingly, the conditions precedent to the Initial Subscription have not
been satisfied and thus the Initial Subscription has not yet been completed. 
This in turn means that the conversion and redemption of the 2013 and 2014
Convertible Loan Notes, which was conditional upon completion of the Initial
Subscription, has not yet taken place. 
 
The Board of Ascent is in close dialogue with GPS and WRS,  regarding the
timing of the receipt of the funds in respect of the Initial Subscription.
However, the Board is now also in discussions with alternative providers of
funding, including current stakeholders, in the event that the funds are not
received within a reasonable timeframe. 
 
Further announcements will be made in due course. 
 
Enquiries: 
 
Ascent Resources plc. 
 
Clive Carver 
 
Tel: +44 (0)20 7251 4905 
 
finnCap (Nominated Adviser and Broker) 
 
Charlotte Stranner / Matthew Robinson 
 
Tel: +44 (0) 20 7220 0500 
 
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