Result of GM & Total Voting Rights

RNS Number : 4137H
Ascent Resources PLC
30 November 2015
 

Ascent Resources plc

("Ascent" or "the Company")

 

Result of General Meeting

and Total Voting Rights

 

Ascent announced that on 12 November 2015 it had conditionally raised £703,500 (before expenses) by way of a proposed Placing of 70,350,000 New Ordinary shares at a price of 1.0 pence* per share and had proposed an amendment to the Loan Notes and a Capital Reorganisation. The Placing, amendment to the Loan Notes and the Capital Reorganisation were conditional, inter alia, on shareholder approval at a General Meeting. The Company is pleased to announce that at the General Meeting held earlier today all resolutions put to shareholders were duly passed.

 

These funds will allow the Company to progress towards its goal of delivering first gas to market within twelve months without relying on the construction of a processing facility. 

 

Admission is expected to take place at 8.00 a.m. tomorrow, 1 December 2015, at which point the Placing and the Capital Reorganisation will also become effective.

 

Capital Reorganisation

Pursuant to the terms of the Capital Reorganisation:

a)   the Existing Ordinary Shares of 0.1 pence each will be subdivided into:

i.    one Redenominated Ordinary Share (being an ordinary share in the capital of the Company with a nominal value of 0.01 pence);

ii.    one Deferred Share (being a deferred share in the capital of the Company with a nominal value of 0.09 pence); and

b)   the Redenominated Ordinary Shares of 0.01 pence each (resulting from the subdivision referred to in paragraph (a) above) be will consolidated into new ordinary shares of 0.2 pence each (the "New Ordinary Shares") on the basis of one ordinary share for every 20 ordinary shares of 0.01 pence each.

 

The record date for the Share Consolidation is 5 p.m. today, 30 November 2015, with the Capital Reorganisation becoming effective from Admission, 1 December 2015. The Company's ISIN from Admission will be GB00BZ16J374 and the SEDOL will be BZ16J37.

 

For Shareholders holding shares in the Company in certificated form, new share certificates are expected to be dispatched by 10 December 2015. For shareholders holding shares in CREST, CREST accounts will be credited with the post Capital Reorganisation New Ordinary Shares on 1 December 2015.

 

Total Voting Rights

Application has been made to the London Stock Exchange for the 70,350,000 New Ordinary Shares, pursuant to the Placing, to be admitted to trading on AIM and it is expected that Admission will be effective and dealings will commence in respect of the New Ordinary Shares, at 8.00 a.m. on 1 December 2015.

 

The number of ordinary shares of 0.2 pence each in the Company in issue following the Placing and Capital Reorganisation will be 157,205,538. There are no ordinary shares held in treasury. The above figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

 

*Following the Capital Reorganisation.

 

Unless otherwise defined, all capitalised terms in this announcement shall have the meaning given to them in the Circular.

 

Enquiries:

 

Ascent Resources plc

Clive Carver, Chairman

Colin Hutchinson, Interim CEO

 

0207 251 4905

 

finnCap Limited, Nominated Adviser

Christopher Raggett

Emily Watts 

 

0207 220 0500

IFC Advisory Ltd, Financial PR and IR

Graham Herring

Tim Metcalfe

Heather Armstrong

 

0203 053 8671

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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