TIDMAST
RNS Number : 6664W
Ascent Resources PLC
10 February 2017
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION
WOULD BE PROHIBITED BY ANY APPLICABLE LAW.
THIS ANNOUNCEMENT AMOUNTS TO A FINANCIAL PROMOTION FOR THE
PURPOSES OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT
2000 ("FSMA") AND HAS BEEN APPROVED BY DARWIN STRATEGIC LIMITED
WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT
AUTHORITY. PRIMARYBID LTD IS AN APPOINTED REPRESENTATIVE OF DARWIN
STRATEGIC LIMITED.
Ascent Resources plc
("Ascent" or the "Company")
Institutionally Underwritten Offer to Raise approximately GBP3
million via PrimaryBid
Ascent Resources plc, the European focused oil & gas
exploration and production company, is pleased to announce a
fully-underwritten offer to raise approximately GBP3 million
(before expenses) by the issue and allotment by the Company of
161,500,000 new ordinary shares of 0.2p each in the Company ("New
Ordinary Shares") at an offer price of 1.85 pence per New Ordinary
Share, being a discount of approximately 17 per cent to today's
closing mid-price.
Importantly, the Company is pleased to provide private and other
investors the opportunity to participate in the Offer by applying
exclusively through the PrimaryBid.com platform.
The Company will use these funds to continue the development of
the Petišovci field including the recompletion of Pg-11A and for
general working capital purposes.
Highlights
-- Offer at 1.85 pence per New Ordinary Share (a discount of
approximately 17 per cent to the closing mid-price per Ordinary
Share on 10 February 2017) to raise an aggregate of approximately
GBP3 million (before expenses).
-- The Offer is fully underwritten by a UK based financial institution.
-- Net proceeds of the Offer will be applied towards development
activity at the Petišovci concession in Slovenia.
-- The Company values its private investor base and is therefore
opening this opportunity to individual and institutional investors
exclusively on PrimaryBid.com before 5p.m. on 12 February 2017.
PrimaryBid Limited is acting as sole arranger for the Offer.
-- Subscriptions under the Offer will be considered by the
Company on a "first come, first served" basis subject to
conditions.
For further information on PrimaryBid.com or the procedure for
applications under the Offer, visit www.PrimaryBid.com or call
PrimaryBid.com on +44 (0)20 7491 6519.
Colin Hutchinson, Chief Executive Officer of Ascent Resources,
commented:
"Following the successful flow test to at Pg-10, I am pleased to
confirm an institutionally backed equity raise through a platform
which enables private investors to participate. We value our
private investors and have chosen this structure to demonstrate our
desire to treat them fairly.
As previously announced, progress at Petišovci continues to be
good and we remain on track to supply INA with first gas as
expected. The Company anticipates being able to provide a positive
update on the IPPC permit in the near future."
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
PrimaryBid Limited 0207 4791 6519
Dave Mutton
Northland Capital Partners Limited, Joint Broker 0203 861
6625
Tom Price
IFC Advisory Ltd, Financial PR and IR 0203 053 8671
Tim Metcalfe
Heather Armstrong
Introduction
The Company today announces an underwritten Offer to raise a
total of approximately GBP3 million (before expenses) through the
issue and allotment by the Company of an aggregate of 161,500,000
new ordinary shares of 0.2p each in the Company ("New Ordinary
Shares") at an offer price of 1.85 pence per New Ordinary
Share.
The Company highly values its private investor base which has
supported the Company alongside institutional investors over
several years while the Company obtained a route to market for its
gas. Given the longstanding support of private shareholders, the
Company believes that it is appropriate to provide private and
other investors with the opportunity to participate in this issue
of New Ordinary Shares. The Company is therefore making the Offer
exclusively through PrimaryBid.com.
Private and other investors may participate in the Offer of New
Ordinary Shares on a on a first come, first served basis,
exclusively through PrimaryBid.com.
The Offer
Details of the Offer
The Company is raising a total of approximately GBP3 million,
before expenses (GBP2.83million net). 161,500,000 New Ordinary
Shares are available pursuant to the Offer at the Offer Price,
payable in full on acceptance.
The Offer is offered under the exemptions against the need for a
prospectus allowed under the Prospectus Rules. As such, there is no
need for publication of a prospectus pursuant to the Prospectus
Rules, or for approval of the same by the Financial Conduct
Authority in its capacity as the UK Listing Authority.
The Offer is fully underwritten and is made available to
individual and institutional investors on the following basis.
Up to 161,500,000 New Ordinary Shares at the Offer Price to
raise up to GBP3 million with a minimum subscription of GBP1,000
per investor and open to shareholders and other investors
subscribing via PrimaryBid.com. This allocation will be filled on a
"first come first served" basis.
The maximum investment amount for any investor is GBP50,000. Any
investment request over GBP50,000 will first require the Company's
consent.
For further details please refer to the PrimaryBid.com website
at www.PrimaryBid.com.
The terms and conditions on which the Offer is made, including
the procedure for application and payment for New Ordinary Shares,
is available to all persons who register with PrimaryBid.com. The
Offer is made on a first come, first served basis and scale back of
subscriptions (where necessary) will be made at the discretion of
PrimaryBid in consultation with the Company.
The New Ordinary Shares will be issued free of all liens,
charges and encumbrances and will, when issued and fully paid, rank
pari passu in all respects with the Company's existing Ordinary
Shares.
Application will be made to the London Stock Exchange plc for
the admission of the New Ordinary Shares to trading on AIM
("Admission"). It is expected that Admission will occur and that
dealings will commence at 8.00 a.m. on 16 February 2017 - at which
time it is also expected that the New Ordinary Shares will be
enabled for settlement in CREST.
The Offer is not being made into any Restricted Jurisdiction or
any other jurisdiction where it would be unlawful to do so.
Investors should make their own investigations into the merits
of an investment in the Company. Nothing in this announcement
amounts to a recommendation to invest in the Company or amounts to
investment, taxation or legal advice.
It should be noted that a subscription for New Ordinary Shares
and investment in the Company carries a number of risks. Investors
should consider the risk factors set out on PrimaryBid.com before
making a decision to subscribe for New Ordinary Shares. Investors
should take independent advice from a person experienced in
advising on investment in securities such as the New Ordinary
Shares if they are in any doubt.
Use of proceeds
The gross proceeds of the Offer will be approximately GBP3
million and it is proposed that such proceeds shall be used as
follows:
-- for development capital for the Petišovci development, in north eastern Slovenia; and
-- for general working capital purposes.
Expected Timetable of Principal Events
Announcement of the Offer 10 February 2017
Closing of subscriptions 5:00 p.m. on 12 February
on PrimaryBid.com 2017
Announcement of result of 13 February 2017
the Offer
Admission and commencement 8:00 a.m. on 16 February
of dealings in the New Ordinary 2017
Shares on AIM
Definitions
"CREST" the relevant system (as
defined in the CREST Regulations)
in respect of which Euroclear
is the operator (as defined
in the CREST Regulations)
--------------------------- -----------------------------------
"Euroclear" Euroclear UK & Ireland
Limited
--------------------------- -----------------------------------
"Prospectus Rules" the Prospectus Rules made
in accordance with the
EU Prospectus Directive
2003/71/EC in relation
to offers of securities
to the public and the
admission of securities
to trading on a regulated
market
--------------------------- -----------------------------------
"Restricted Jurisdictions" United States of America,
Canada, Australia, Japan
and the Republic of South
Africa and any other jurisdiction
where the extension or
availability of the Offer
would breach any applicable
law
--------------------------- -----------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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