Ascent Resources plc has announced that it is starting a process to distribute an entitlement to the economic interest in 49% of any net proceeds received in the event of a successful claim against the Republic of Slovenia. The distribution is intended to give qualifying stakeholders the opportunity to have ring-fenced access to a significant portion of the net proceeds, which will not be exposed to further changes in the company's capital structure. However, it should be noted that the amount received by the company may be significantly lower than the full claim.

To facilitate this distribution, the company is creating a new subsidiary company as a special purpose vehicle (SPV), with which the claimants will enter into a deed of transfer. The SPV will receive tax clearance from HMRC, after which the company expects to convene a general meeting to request shareholder approval for a bonus issue of new preference shares or another form of distribution mechanism for qualifying shareholders. The record date for the distribution is yet to be determined but is likely to be the date of the general meeting in January 2024.

The company is currently finalizing tax and legal advice and will provide further announcements as appropriate.