TIDMAST

RNS Number : 7099A

Ascent Resources PLC

24 December 2014

Ascent Resources PLC ("Ascent" or the "Company")

IPPC permit and restructuring of 2013 & 2014 Convertible Loan Notes

IPPC permit

Further to the submission in June 2014 of the Integrated Pollution Prevention & Control ("IPPC") permit which is required for the development of the Company's Petišovci project, Ascent is pleased to announce that the Slovenian authorities have today started the period of public consultation in respect of the permit. Further updates will be made as appropriate.

Loan Notes

The Company also announces that it is in discussions with Henderson Global Investors Limited and Henderson Alternative Investment Advisor Limited (together, "Henderson") the holders of 97% of the aggregate value outstanding of the convertible loan notes issued in 2013 and 2014 ("the Loan Notes"), which have maturity dates of 31 January 2015 and 23 December 2014 respectively, with a view to extending these maturity dates until 30 June 2015.

Since December 2012, the Company has been funded principally by the issue of the Loan Notes. At the time of issue the Board's expectation was that by the date of their maturity, the required permitting and project and other funding would be in place to either allow the Company to redeem the Loan Notes or make their conversion to ordinary shares an attractive option for their holders. This has proved not to be the case.

Including accrued interest, the Company has outstanding GBP5.8 million in respect of the 2013 Loan Notes, which have a maturity date of 31 January 2015, and GBP4.2 million in respect of the 2014 Loan Notes, which have a maturity date of 23 December 2014.

While the final terms of the restructuring are yet to be agreed, it is clear that the required restructuring would, on a subsequent conversion of the restructured Loan Notes, result in a material dilution for other shareholders.

Further announcements on the terms of the Loan Notes restructuring will be made in due course.

Enquiries:

Ascent Resources PLC 0207 251 4905

Clive Carver, Chairman

Len Reece, CEO

   finnCap Limited, Nominated Adviser                                         0207 220 0500

Charlotte Stranner

This information is provided by RNS

The company news service from the London Stock Exchange

END

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