Ascent Resources PLC Directors' conversion of loan notes (5226G)
May 30 2017 - 3:43AM
UK Regulatory
TIDMAST
RNS Number : 5226G
Ascent Resources PLC
30 May 2017
30 May 2017
Ascent Resources plc
("Ascent" or the "Company")
Conversion of Loan Notes held by the board
Ascent Resources plc, the AIM quoted European oil and gas
exploration and production company has, following a request from
the Company, received notices of exercise ("the Notices") to
convert 67,500 convertible loan notes of GBP1 each held by members
of the Ascent board:
- 17,500 of which were issued in May 2013 as part of an open
offer to all shareholders (the "2013 Loan Notes") and the terms of
which were amended in February 2015 and October 2016.
- 50,000 of which were issued to the Directors pursuant to the
fundraising announced on 27 October 2016 ("2016 Loan Notes").
Each of the 2013 Loan Notes, including rolled up interest, and
the 2016 Loan Notes are convertible into new Ordinary Shares at a
rate of 100 new Ordinary Shares per GBP1 loan note. Consequently, a
total of 6,970,931 new Ordinary Shares ("the Conversion Shares")
will be issued pursuant to the Notices.
This has been done to assist the Company in further removing
debt. None of the Directors currently intend to sell any of their
shareholdings.
The decision to convert the Loan Notes reflects in part that
since January 2015 the outstanding Loan Notes have carried no
interest payments and have only preferential rights compared to the
Ordinary Shares in limited circumstances, such as a winding up of
the Company.
Following the Directors' loan note conversions, which comprise
100% of the loan notes held by the board, GBP3,191,489 nominal
convertible loan notes (including rolled-up interest) remain
outstanding. The 2016 Loan Notes have now been fully converted.
The table below details the Directors' interests.
Director Loan Notes New Ordinary Resultant %
converted Shares received shareholding
Clive Carver 30,883 3,304,231 3,304,231 0.18%
Colin Hutchinson 10,001 1,000,100 1,270,370 0.07%
Nigel Moore 13,333 1,333,300 1,339,275 0.07%
Cameron Davies 13,333 1,333,300 1,340,800 0.07%
Admission and Settlement
Application has been made for the admission to trading on AIM of
the Conversion Shares ("Admission"). Admission is expected to occur
on 5 June 2017. Following Admission, Ascent will have 1,835,618,526
Ordinary Shares in issue. There are no shares held in treasury. The
total voting rights in the Company is therefore 1,835,618,526 and
Shareholders may use this figure as the denominator by which they
are required to notify their interest in, or change to their
interest in, the Company under the Disclosure Guidance and
Transparency Rules.
Clive Carver, Chairman commented
"It is pleasing that the entire board has agreed to convert
their Loan Notes. This underlines the progress the Company has made
in its financial standing."
Enquiries:
Ascent Resources plc 0207 251 4905
Clive Carver, Chairman
Colin Hutchinson, CEO
Stockdale Securities Limited, Nominated Adviser and Joint Broker 0207 601 6100
Richard Johnson
Edward Thomas
Northland Capital Partners Limited, Joint Broker 0203 861
6625
Tom Price
IFC Advisory Ltd, Financial PR and IR 0203 053 8671
Graham Herring
Tim Metcalfe
Heather Armstrong
This information is provided by RNS
The company news service from the London Stock Exchange
END
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