TIDMAST
RNS Number : 6114A
Ascent Resources PLC
30 September 2015
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and
Gas
Ascent Resources plc
("Ascent" or "the Company")
Interim results for the period ended 30 June 2015
Ascent presents its unaudited results for the six months ended
30 June 2015.
Introduction
Good progress was made during the period under review on
acquiring the permits required to develop the Petišovci gas field
in Slovenia ("the Petišovci Project"). The Integrated Pollution
Prevention ("IPPC Permit") was provisionally awarded to the Company
in June 2015 following a public consultation. However two parties
have subsequently filed appeals against the decision. These appeals
will be heard by the Environment Ministry in the first instance
with a potential further appeal through the courts. Whilst
guidelines for the duration of these appeals suggest they should be
completed within six to nine months, it is not possible to say with
certainty how long they will take.
In view of these further delays resulting from the appeals
process, a decision has been made by the Board, to make further
cuts in expenditure, and reduce amounts currently being incurred on
field development to a minimum from 1 October 2015.
In parallel with our efforts to secure the permits required to
produce gas into the Slovenian national grid, the Company is
exploring alternative routes to market for gas production which
would not require the IPPC Permit and which would require
significantly lower capital expenditure. Discussions are currently
in progress with third parties.
Petišovci Project
Background
Ascent has an interest in the Petišovci gas field in Slovenia
with its partner Geoenergo. Forty-two million euros have been spent
on the development of the field which could supply a significant
proportion of Slovenia's future gas requirements thereby reducing
its dependency on imported gas. In recognition of the key strategic
importance of the project, earlier this year the Slovenian
government designated Nafta Lendava, which holds an interest in the
concession through its shareholding in Geoenergo, as one of 21
important national assets. The preferred field development plan is
to install a gas gathering and separation station ("GGSS") to
reduce the carbon dioxide content of the gas to meet national gas
grid specifications, upgrade a metering station at the entry point
to the national grid and connect the wells via the GGSS to the
metering station.
IPPC Permit
Under Directives adopted by all EU Governments, the installation
of the GGSS requires an IPPC Permit. The application was completed
in July 2014 and submitted to the Environmental Agency ("ARSO") for
approval. The Agency approved the permit in December 2014 subject
to public consultation and in June 2015 it announced that,
following the completion of this consultation, the Permit had been
provisionally awarded subject to a statutory period for appeals. In
August 2015, the Company received formal notification that two
parties had lodged appeals to which Ascent submitted its responses
in August 2015. The appeals will be heard in the first instance by
the Environment Ministry with potentially a further appeal to the
courts if either of them is found to have substance.
Based on legal and informal advice received by the Board, it
remains firmly of the view that the required IPPC Permit will be
issued in final form. Slovenian government guidelines indicate that
the first appeal should take a maximum of three months and the
second an average of six months. If the decision has to be referred
to the Slovenian courts, the final permit may not be awarded until
sometime in 2016.
In view of the slow progress on the IPPC Permit post-provisional
award, the Company has decided to minimise expenditure until the
award is unconditional. In the meantime, negotiations are underway
to explore alternative routes to market for the gas.
In order to minimise expenditure while we wait for the IPPC
Permit the Company has decided to reduce its headcount in Slovenia,
terminate retained consultants and for Non-executive Directors to
defer fees.
Current Funding
In February 2015 the Company drew down the final GBP500,000
which remained undrawn on the 2014 convertible loan notes
("CLNs").
The variation of the terms of the 2013 and 2014 notes was
approved by shareholders and note holders on 19 February 2015. This
pushed out the redemption date to 19 November 2015 and in return
the conversion price on the notes was adjusted to 1,000 ordinary
shares for every GBP1 Loan note. Further details are included in
Note 6 below.
In May 2015 the Company agreed a GBP7 million facility with
Henderson Global Investors. Whilst the facility was not intended to
be used to cover delays in permitting, the Company agreed the
drawdown of the first GBP250,000 to fund its working capital
requirements in August and intends to make a further drawdown of
GBP100,000 in the next few days. The Company is presently reliant
on this facility to fund its working capital requirements with
drawdowns made solely at the discretion of Henderson.
The CLNs which were varied in February 2015 and the liabilities
to EnQuest are due for redemption on 19 November 2015.
Issues of equity
On 2 May 2015 the Company raised GBP550,000 (GBP525,250 net of
costs) through the placing (the "Placing") of 275,000,000 ordinary
shares in the capital of the Company at a price of 0.2p per
Ordinary Share with investors using the Primarybid.com platform.
PrimaryBid is a trading name of Darwin Strategic Limited which is
regulated and authorised by the Financial Conduct Authority
(FCA).
At the general meeting of shareholders on 3 September 2015,
shareholders voted to give the Directors the authority to issue a
further GBP1,500,000 nominal value of Ascent ordinary shares.
Other funding discussions
The Company has held discussions with a range of parties
interested in participating in a farm out. Discussions are well
advanced with several parties, the completion of which is likely to
be subject to either the IPPC Permit being issued in final form or,
failing that, an alternative method of transporting gas to market
is found.
The Company continues to have positive discussions with banks
who, following lengthy, technical due diligence, have expressed
firm interest in providing up to EUR20 million of debt funding to
the project. These funds would be available after the IPPC Permit
has been declared valid and additional equity investment has been
secured.
Board Changes
In line with the decision to limit expenditure management
changes were implemented with a view to conserving the Company's
cash until the IPPC Permit is awarded in final form or an
alternative is found.
As part of this process, Len Reece, Ascent's CEO for the past
three years, resigned as a director of the Company on 14 August
2015 and on 10 September the Company and Mr. Reece entered into a
settlement agreement to terminate his employment. Colin Hutchinson,
Finance Director, has become interim Chief Executive and with the
support of the Non-executive Directors will lead the day-to-day
activities of the Company.
The Board of Ascent would like to extend its thanks and
appreciation for Len's work in leading the Company over the past
three years. Len oversaw the move from a collection of disparate
assets spread over five countries to a focus on its prime Slovenian
asset. More recently he has been instrumental in moving the IPPC
Permit forwards. We wish Len well for the future.
Results for the period
The result for the period was a loss of GBP2,684,000 (2014:
GBP1,886,000)
Outlook
The attractions of the Petišovci Project remain strong: the
verified gas in place is significant and the proximity to
infrastructure means that once the permitting issue has been
resolved the project should move forward into production. The
decision in June 2015 to award the IPPC Permit provisionally was a
major step forward. The Board is advised that the current
challenges to that decision are unlikely to succeed and that the
IPPC will be unconditionally awarded at the end of the permitted
reviews and challenges. When this happens, the intended funding
from the banks or new financial partners should become available to
us.
During the past few months the Company and its partners have
been exploring the possibility of bringing their unprocessed gas to
market thereby bypassing the need for the IPPC Permit and the
capital expenditure associated with the required processing plant.
Whilst encouraging discussions are underway with a number of
parties, at the time of writing it is not possible to say with
certainty whether such arrangements will be concluded and a further
announcement will be made in due course.
Enquiries:
Ascent Resources plc 0207 251 4905
Clive Carver, Chairman
Colin Hutchinson, Interim CEO
finnCap Limited, Nominated Adviser 0207 220 0500
Christopher Raggett
Consolidated Income Statement
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for the Period ended 30 June 2015
Six months Six months
ended ended
30 June 30 June
2015 Unaudited 2014 Unaudited
Notes GBP '000s GBP '000s
Continuing Operations
Administrative expenses (1,011) (1,105)
---------------- ----------------
Loss from operating activities (1,011) (1,105)
Finance income 1 2
Finance cost (1,674) (783)
---------------- ----------------
Net finance costs (1,673) (781)
Loss before taxation (2,684) (1,886)
Income tax expense - -
---------------- ----------------
Loss for the period (2,684) (1,886)
Basic & fully diluted loss
per share (pence) (0.17) (0.13)
Consolidated Statement of Comprehensive Income
for the Period ended 30 June 2015
Six months Six months
ended ended
30 June 30 June
2015 2014
Unaudited Unaudited
GBP '000s GBP '000s
Loss for the period (2,684) (1,886)
Other comprehensive income
Currency translation differences
on foreign operations (1,809) (752)
Total comprehensive loss for
the year (4,493) (2,638)
* Foreign currency translation differences from foreign
operations may be recycled through the income statement in the
future if certain conditions arise
Consolidated Statement of Changes in Equity
for the Period ended 30 June 2015
Share Share Equity Shares Share Translation Retained Total
Capital Premium reserve to based Reserve Earnings
be payment
issued reserve
Balance at
1 January 2014 1,451 55,833 518 84 1,896 (498) (34,171) 25,113
Comprehensive
expense
Loss for the
year - - - - - - (1,886) (1,886)
Other comprehensive
expense
Currency translation
differences - - - - - (752) - (752)
Total comprehensive
income - - - - - (752) (1,886) (2,638)
Transactions
with owners
Shares issued 8 76 - (84) - - - -
Issue of convertible
loan notes - - 91 - - - - 91
Share-based
payments and
expiry of options - - - - (1,040) - 1,113 73
--------
Balance at
30 June 2014 1,459 55,909 609 - 856 (1,250) (34,944) 22,639
Balance at
1 January 2014 1,451 55,833 518 84 1,896 (498) (34,171) 25,113
Comprehensive
income
Loss for the
year - - - - - - (5,623) (5,623)
Other comprehensive
income
Currency translation
differences - - - - - (1,248) - (1,248)
Total comprehensive
income - - - - - (1,248) (5,623) (6,871)
Transactions
with owners
Issue of convertible
loan notes - - 2,058 - - - - 2,058
Conversion
of loan notes - 2 - - - - - 2
Issue of shares
during the
year net of
costs 8 76 - (84) - - - -
Share-based
payments and
expiry of options - - - - (1,035) - 1,181 146
--------
Balance at
31 December
2014 1,459 55,911 2,576 - 861 (1,746) (38,613) 20,448
Balance at
1 January 2015 1,459 55,911 2,576 - 861 (1,746) (38,613) 20,448
Comprehensive
income
Loss for the
year - - - - - - (2,684) (2,684)
Other comprehensive
income
Currency translation
differences - - - - - (1,809) - (1,809)
Total comprehensive
income - - - - - (1,809) (2,684) (4,493)
Transactions
with owners
Issue of shares
during the
year net of
costs 275 250 - - - - - 525
Extinguishment
of convertible
loan notes - - (2,576) - - - 2,576 -
Extension of
convertible
loan notes - - 1,910 - - - - 1,910
Share-based
payments - - - - 73 - - 73
--------- --------- --------- -------- --------- ------------ ---------- --------
Balance at
30 June 2015 1,734 56,161 1,910 - 934 (3,555) (38,721) 18,463
Consolidated Statement of Financial Position
As at 30 June 2015
30 June 30 June 31 December
2015 2014 2014
Unaudited Unaudited Audited
GBP '000s GBP '000s GBP '000s
Assets
Non-current assets
Property, plant and
equipment 2 2 2
Exploration and evaluation
costs 31,455 33,221 33,166
----------- ----------- ------------
Total non-current assets 31,457 33,223 33,168
Current assets
Trade and other receivables 142 88 98
Cash and cash equivalents 239 937 456
----------- ----------- ------------
Total current assets 381 1,025 554
Total assets 31,838 34,248 33,722
=========== =========== ============
Equity and liabilities
Share capital 1,734 1,459 1,459
Share premium account 56,161 55,911 55,911
Equity reserve 1,910 609 2,576
Share-based payment
reserve 934 856 861
Translation reserves (3,555) (1,250) (1,746)
Retained earnings (38,721) (34,944) (38,613)
Total equity 18,463 22,639 20,448
----------- ----------- ------------
Non-current liabilities
Provisions 370 420 410
Other non-current liabilities - 2,417 -
----------- ----------- ------------
Total non-current liabilities 370 2,837 410
Current liabilities
Trade and other payables 535 457 647
Borrowings 9,691 8,315 9,624
Other current liabilities 2,779 - 2,593
----------- ----------- ------------
Total current liabilities 13,005 8,772 12,864
Total liabilities 13,375 11,609 13,274
Total equity and liabilities 31,838 34,248 33,722
=========== =========== ============
Consolidated Statement of Cash Flows
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for the six months ended 30 June 2015
Six months Six months Year
ended ended ended
30 June 30 June 30 December
2015 2014 2014
Unaudited Unaudited Audited
GBP '000s GBP '000s GBP '000s
Cash flows from operations
Loss before tax for
the year (2,684) (1,886) (5,623)
DD&A charge - 1 2
(Increase) / Decrease
in receivables (44) 22 12
(Decrease) / Increase
in payables (112) 49 238
Share-based payment
charge 73 73 146
Exchange differences 30 6 (42)
Finance income (1) (2) (3)
Finance cost 1,674 783 3,516
----------- ----------- -------------
Net cash flows from
operating activities (1,064) (954) (1,754)
Cash flows from investing
activities
Interest received 1 2 3
Payments for investing
in exploration (174) (389) (773)
Disposal of property,
plant & equipment - - (1)
----------- ----------- -------------
Net cash used in investing
activities (173) (387) (771)
Cash flows from financing
activities
Interest paid and other
finance fees (1) (55) (60)
Proceeds from loans 500 2,150 3,650
Loans repaid (1) - (761)
Loan issue costs - - (32)
Proceeds from issue 550 - -
of shares
Share issue costs (25) - -
----------- ----------- -------------
Net cash generated from
financing activities 1,015 2,095 2,797
Net increase in cash
and cash equivalents
for the year (214) 754 272
Effect of foreign exchange
differences (3) (1) -
Cash and cash equivalents
at beginning of the
year 456 184 184
----------- ----------- -------------
Cash and cash equivalents
at end of the year 239 937 456
=========== =========== =============
1. Accounting Policies
Reporting entity
Ascent Resources plc ('the Company') is a company domiciled in
England. The address of the Company's registered office is 5 New
Street Square, London EC4A 3TW. The unaudited consolidated interim
financial statements of the Company as at 30 June 2015 comprise the
Company and its subsidiaries (together referred to as the
'Group').
Basis of preparation
The interim financial statements have been prepared using
measurement and recognition criteria based on International
Financial Reporting Standards (IFRS and IFRIC interpretations)
issued by the International Accounting Standards Board (IASB) as
adopted for use in the EU. The interim financial information has
been prepared using the accounting policies which will be applied
in the Group's statutory financial statements for the year ended 31
December 2015 and were applied in the Group's statutory financial
statements for the year ended 31 December 2014.
All amounts have been prepared in British pounds, this being the
Group's presentational currency.
The interim financial information for the six months to 30 June
2015 and 30 June 2014 is unaudited and does not constitute
statutory financial information. The comparatives for the full year
ended 31 December 2014 are not the Group's full statutory accounts
for that year. The information given for the year ended 31 December
2014 does not constitute statutory financial statements as defined
by Section 435 of the Companies Act. The statutory accounts for the
year ended 31 December 2014 have been filed with the Registrar and
are available on the Company's web site www.ascentresources.co.uk.
The auditors' report on those accounts was unqualified and included
an emphasis of matter drawing attention to the importance of
disclosures made in the annual report regarding going concern. It
did not contain a statement under Section 498(2)-(3) of the
Companies Act 2006
Going Concern
The financial statements of the Group are prepared on a going
concern basis.
In July 2015 the Company drew GBP250,000 from a working capital
facility provided by Henderson. In order to continue to operate as
a going concern the Company is currently wholly reliant on this
facility. The Directors are pursuing a range of funding options,
including a strategic investor or a farm-in arrangement. The
Company is also wholly reliant on the support from shareholders to
meets its current liabilities as recorded in trade and other
payables, the majority of which are owed to partners in
Slovenia.
However, there can be no guarantee over the outcome of these
negotiations and as a consequence there is a material uncertainty
of the Group's ability to raise additional finance, which may cast
significant doubt on the Group's ability to continue as a going
concern. Further, the Group may be unable to realise its assets and
discharge its liabilities in the normal course of business.
The Directors, however, remain confident of the Group's ability
to operate as a going concern given the funding discussions that
have and continue to take place and in light of the recent support
from existing shareholders.
Liquidity and Capital Resources:
The Company continues to be an emerging business and currently
has no production cash flows; consequently, it manages its working
capital and liquidity position by balancing the timing of critical
expenditure with available funds. Further information on future
funding arrangements and the Directors' assessment of the Group's
going concern position is set out above.
Principal Risks and Uncertainties:
The principal risks and uncertainties affecting the business
activities of the Group remain those detailed on pages 50-52 of the
Annual Review 2014, a copy of which is available on the Company's
website at www.ascentresources.co.uk.
2. Operating loss is stated after charging
Six months Six months
ended ended
30 June 30 June
2015 2014
Unaudited Unaudited
Operating loss is stated GBP '000s GBP '000s
after charging
Employee costs 397 382
Share based payments
charge 73 73
Foreign exchange differences - -
Included within Admin
Expenses
Audit Fees 26 26
Fees payable to the - -
Company's auditor for
other services
----------- -----------
26 26
----------- -----------
3. Finance income and costs recognised in loss
Six months Six months
ended ended
30 June 30 June
2015 2014
Unaudited Unaudited
GBP '000s GBP '000s
Finance income
Income on bank deposits 1 2
----------- -----------
1 2
Finance cost
Interest payable on
borrowings (624) (564)
Bank Charges (1) (1)
Unwinding of EnQuest
liability (186) (162)
Loss on extinguishment (854) -
of convertible loan
notes
Foreign exchange movements
realised (9) (56)
----------- -----------
(1,674) (783)
4. Loss per share
Six months Six months
ended ended 30 June
30 June 2014 Unaudited
2015
Unaudited
GBP '000s GBP '000s
Total loss for the period
attributable to equity
shareholders (2,684) (1,856)
Wight average number
of ordinary shares
For basic earnings per
share 1,541,219,096 1,451,164,395
Total loss per share
(pence) (0.17) (0.13)
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Potential shares to be issued are antidilutive so the basic
earnings per share is equivalent to the diluted earnings per
share.
5. Exploration and Evaluation Costs
Slovenia Total
Cost
At 1 January 2014 33,628 33,628
Additions 389 389
Effects of movements
in exchange rates (796) (796)
--------- --------
At 30 June 2014 33,221 33,221
At 1 July 2014 33,221 33,221
Additions 384 384
Effects of movements
in exchange rates (439) (439)
--------- --------
At 31 December 2014 33,166 33,166
At 1 January 2015 33,166 33,166
Additions 174 174
Effects of movements
in exchange rates (1,885) (1,885)
--------- --------
At 30 June 2015 31,455 31,455
Carrying value
At 30 June 2015 33,221 33,221
At 31 December 2014 33,628 33,628
At 1 July 2014 33,061 33,061
6. Borrowings
30 June 30 June 31 December
2015 2014 2014
Unaudited Unaudited Audited
GBP '000s GBP '000s GBP '000s
Current
Loan with financial - 317 -
institution
Convertible loan note 9,691 7,998 9,624
----------- ----------- ------------
9,691 8,315 754
30 June 30 June 31 December
2015 2014 2014
Unaudited Unaudited Audited
GBP '000s GBP '000s GBP '000s
Fair value of consideration
received 10,017 2,000 3,500
Equity component (1,056) (91) (107)
----------- ----------- ------------
Liability component
on initial recognition 8,961 1,909 3,393
Liability brought forward 9,624 5,561 5,561
Convertible loan notes
drawn in 2015 500 0 0
Loan notes extinguished (10,017) - (463)
Converted notes (1) - (2)
Interest expense 624 549 1,168
Exchange movements - (21) (1)
Liability on initial
recognition 8,961 1,909 3,393
Deferral of set up costs - - (32)
----------- ----------- ------------
Liability at 31 December 9,691 7,998 9,624
2013 & 2014 Convertible Loan Notes ("CLNs")
On 19 February 2015 the shareholders and note holders approved
the variation of the terms on the 2013 and 2014 CLNs. In total
GBP4.95 million had been drawn under the 2013 CLNs and GBP4.0
million had been drawn under the 2014 CLNs: the final GBP0.5
million having been drawn on 4 February 2015. In total, including
accrued interest, some GBP10 million in aggregate was due for
repayment under the 2013 and 2014 CLNs, in part on 23 December 2014
and in part on 31 January 2015. In return for extending the
maturity date of the Loan Notes to 19 November 2015 and terminating
the accrual of further interest, the Board of Ascent agreed to
adjust the conversion price in respect of both the 2013 and 2014
CLNs from 0.5p and 0.2p respectively to 0.1p for all loan
notes.
The 2013 and 2014 CLNs were extinguished and replaced with
another convertible loan. On initial recognition the liability and
equity element of the CLNs have been fair valued. As part of this
transaction, a loss on extinguishment of GBP0.85m was recognised as
a finance costs. The loan has been recognised at a discount rate of
15% and the interest charge will accrete over the loan period. The
loan amount is convertible at any time into ordinary shares of the
Company. The loan matures on 19 November 2015 and is repayable in
full on that date.
Conversion of convertible loan notes ("CLNs")
During the period under review there have been two drawdown
requests received by loan note holders to convert loan notes and
the interest accrued thereon into ordinary shares.
-- On 26 March 2015 the Company issued 138,520 ordinary shares
of 0.1pence each pursuant to a conversion notice received from the
holder of 123 CLNs of GBP1 each.
-- On 30 April 2015 the Company issued 473,030 ordinary shares
of 0.1pence each pursuant to a conversion notice received from the
holder of 123 CLNs of GBP1 each.
Subsequent to the end of the period on 27 July 2015 the Company
issued 244,392 ordinary shares of 0.1pence each pursuant to a
conversion notice received from the holder of 217 CLNs of GBP1
each.
GBP7million short term funding facility
On 12 May 2015 the Company announced that it had agreed a
GBP7million loan facility (the "Loan") for general corporate
purposes with Henderson Global Investors Limited ("Henderson").
The Loan can be drawn at any time from signing to 30 June 2016
at the discretion of Henderson. The Loan accrues interest at the
rate of 7.5% per annum on the amount drawn and this is added to the
amount of the Loan. The Loan is subject to a drawdown fee of 1.75%
per tranche which is deducted from the funds advanced. The Loan is
also subject to a repayment fee of 1.25% on any amounts repaid by
the Company. The balance outstanding is repayable on demand at any
time.
The first GBP250k was drawn on the 21 August 2015 and the
Company is currently reliant on this facility for working capital
funding going forward.
7. Other current liabilities
The other current liability of GBP2,779,000 (December 2014:
GBP2,417,000) relates to the grant in 2011 of a nil cost option
over 29,686,000 new ordinary shares of 0.1p each in the Company to
EnQuest. Where the share price of the Company is below 10 pence on
the exercise date the agreement provided for the liability to be
settled in cash for GBP2,968,000; given the current share price,
the Company considers it to be likely that the option will be
settled in cash rather than through the issue of equity. As a
result this was reclassified in 2012 from equity to current
liabilities. This is held at a discounted rate and repayment is due
in December 2015.
The discount rate used for the purposes of calculating accretion
interest is 15% and the interest accreted for the period was
GBP161,831.
Subsequent to the end of the reporting period the Company
entered into an agreement to restructure this liability as detailed
in Note 8 below.
8. Events subsequent to the reporting date
a) EnQuest restructuring
As detailed in Note 8 above, in December 2010 Ascent entered
into an agreement with EnQuest to acquire their 48.75% interest in
the Petišovci Project in Slovenia. The consideration consisted
of:
-- 150,903,958 new ordinary shares of 0.1p each in the Company,
which were issued fully paid to EnQuest at closing;
-- GBP14,830 payable in cash for each year between closing and
the fifth anniversary of the date of closing payable on 20 December
2015 in total GBP74,150; and
-- GBP2,968,000 consideration payable in cash on 20 December
2015 contingent on the share price being lower than 10 pence per
share.
The total of GBP3,042,150 was to become due for payment to
EnQuest on 20 December 2015 and has now been restructured into
GBP2,038,241 of CLNs. The terms of these CLNs are identical to the
GBP4million of notes issued in 2014 to Henderson Global Investors
("Henderson") and will benefit from security over the Company's
shareholding in Ascent Slovenia Limited which owns an interest in
the Petišovci concession. The notes accrue no interest, are
redeemable on 19 November 2015 or can be converted at the option of
the noteholder at the rate of 1,000 shares for every GBP1 of Loan
Note.
b) Authority to allot shares
On 3 September 2015 the Company held a General Meeting at which
the Directors received the authority to allot shares in the Company
for a nominal value of up to GBP1,500,000. This was intended to
give Directors the flexibility to raise additional funding for
working capital or for the development of the project from sources
other than the GBP7m Henderson facility.
c) Management changes
On 11 September 2015 the Company announced that CEO Len Reece,
Ascent's CEO had resigned as a director of the Company. Following
further discussions, the Company and Len Reece have entered into a
settlement agreement to terminate his employment effective from 10
September 2015. Colin Hutchinson, Finance Director, has become
interim Chief Executive and with the support of the Non-executive
Directors will lead the day-to-day activities of the Company.
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