Ascent Resources plc has announced that it will be mailing a Notice to its shareholders to convene a General Meeting (GM) in order to approve the issue of 45 million new warrants. These warrants, with an exercise price of 5 pence per new warrant share, are part of the strategic investment with MBD that was announced on October 3, 2023. The GM will be held on November 15, 2023, at the offices of FieldFisher LLP in London. The Company will also be refreshing its routine equity authorities at the GM. The Notice of GM will be available on the Company's website on Monday.
In addition, Ascent Resources is considering a distribution to qualifying shareholders on a future record date. This distribution would be an assignment of part of the proceeds that the Company would receive if it is successful in its Energy Charter Treaty claim against the Republic of Slovenia. The purpose of this distribution would be to enfranchise qualifying shareholders with access to a portion of the damages proceeds, which would not be affected by future changes in the Company's capital. However, it is important to note that the actual amount received may be significantly lower than the full amount being claimed for. The implementation of this distribution would be subject to receiving final legal and tax advice, as well as shareholder approval.
After the official business of the meeting is completed, shareholders will have the opportunity to discuss their views on the distribution and raise any questions they may have.