Ascent Resources plc Provides ECT Claim Distribution Update

Source: www.gulfoilandgas.com 12/1/2023, Location: Europe

Ascent Resources Plc the onshore energy and natural resources company, announces that, further to the announcement of 27 October 2023 and following the recent investor feedback event, it is starting a process to be able to distribute an entitlement to the economic interest in 49% of any net proceeds received (after all legal fees, costs and expenses relating to the claim) in the event of a successful claim outcome against the Republic of Slovenia by the Company and/or its subsidiary Ascent Slovenia Limited (together the "Claimants").

The intention of this potential distribution is to give qualifying stakeholders the opportunity of having ring-fenced access to a significant portion of the net proceeds resulting from a successful claim, which is not exposed to further changes in the capital structure of the Company. It should be cautioned that in the event the Company is successful in its claim any amount actually received by the Company may be significantly lower than the full claim.

As part of this process the Company is creating a new 100% owned subsidiary company as a special purpose vehicle (the "SPV"), with which the Claimants are expected to enter into a deed of transfer in relation to 49% of the net proceeds to be received in the event of a successful ECT claim outcome (the "Transfer").

Following the SPV receiving tax clearance from HMRC, the Company expects to convene a general meeting where the Board will request shareholder approval for a bonus issue of new preference shares or another form of distribution mechanism for qualifying shareholders on a specified record date that remains to be determined ("Special Preference Shareholders"), and which is likely to be the date of the general meeting which is expected to be in January 2024. Upon final determination of the Claimants' net proceeds resulting from any successful ECT claim, the Company will make a distribution to Special Preference Shareholders using the relevant mechanism.

The Company is finalising tax and legal advice and will make further announcements as appropriate.


Canada >>  1/6/2025 - PetroTal Corp. ("PetroTal" or the "Company") (TSX: TAL, AIM: PTAL and OTCQX: PTALF), announces that, in accordance with the terms of its share buyback...
Canada >>  1/6/2025 -  Energy Plug Technologies Corp. (CSE: PLUG) (OTCQB: PLGGF) (FSE: 6GQ) ("Energy Plug"), is pleased to announce that, further to its press releases date...

China >>  1/6/2025 - China Natural Resources Inc. (NASDAQ: CHNR) (the "Company") announced that on January 3, 2025, the Company has been granted an additional 180-day peri...
United Kingdom >>  1/6/2025 - Gulf Marine Services (GMS), a leading provider of self-propelled, self-elevating support vessels for the offshore energy sector, is pleased to announc...

United States >>  1/6/2025 - Hess Corporation (NYSE: HES) has earned a place on the prestigious Dow Jones Sustainability Index (DJSI) North America for the 15th consecutive year a...
China >>  1/5/2025 - According to TrendForce’s latest “Development Trends of Solid-State Battery Market (2025)”, the Japanese government aims to achieve commercialization ...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.