Ascent Resources PLC Placing of shares via Primarybid.com (9482L)
May 01 2015 - 1:00AM
UK Regulatory
TIDMAST
RNS Number : 9482L
Ascent Resources PLC
01 May 2015
Ascent Resources plc
("Ascent" or "the Company")
Placing of shares via Primarybid.com
As announced on 9 March 2015, the Company joined PrimaryBid.com,
the online platform dedicated to equity crowdfunding for AIM-listed
companies. The Board of Ascent is now pleased to announce that it
has raised GBP550,000 via the placing (the "Placing") of
275,000,000 ordinary shares in the capital of the Company
("Ordinary Shares") at a price of 0.2p per Ordinary Share with
investors using the Primarybid.com platform.
The Company will receive GBP525,250 net of costs. These funds
will be used to provide the Company with additional working capital
which it will use over the coming quarter as it concludes advanced
negotiations with potential sources of additional financing. The
Directors are confident that they will receive significant further
funds as a result of such negotiations that will allow the Company
to develop the project for the foreseeable future, towards cash
flow.
Admission of Ordinary Shares
The Company has applied for admission of the 275,000,000 new
Ordinary Shares to trading on AIM. Dealings are expected to become
effective on 7 May 2015 ("Admission"). Following Admission, the
Company will have 1,734,119,459 Ordinary Shares in issue with each
Ordinary Share carrying the right to one vote. There are no
Ordinary Shares currently held in treasury. The total number of
voting rights in the Company therefore will be 1,734,119,459 and
this figure may be used by shareholders as the denominator for the
calculations by which they will determine if 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.
Related Party Transaction
PrimaryBid is a trading name of Darwin Strategic Limited
("Darwin") which is regulated and authorised by the Financial
Conduct Authority (FCA).
Pursuant to the Placing, the Company will pay to PrimaryBid a
commission of 4.5 per cent. of the gross proceeds of the Placing
(the "Commission"). PrimaryBid is acting as a broker for this
transaction with the Ordinary Shares being placed out to third
parties.
Darwin is an investment held by funds managed by Henderson
Global Investors.. Funds managed by Henderson Global Investors are
themselves substantial shareholders in Ascent, holding in aggregate
12.17 per cent. of the voting rights of the Company and as such is
considered to be a related party of the Company for the purpose of
the AIM Rules. Darwin is therefore also a related party of the
Company for the purpose of the AIM Rules. The payment of the
Commission to Darwin therefore constitutes a related party
transaction pursuant to AIM Rule 13. The Independent Directors of
the Company (being Len Reece, Nigel Moore, Cameron Davies and Colin
Hutchinson), having consulted with the Company's nominated adviser,
finnCap, consider that the terms of the transaction are fair and
reasonable insofar as the Company's shareholders are concerned.
Leonard Reece, CEO of Ascent Resources PLC said:
"We are delighted that investors were able to engage with the
Company directly using Primarybid.com. We found the process to be
highly efficient and effective and only decided to accept the
placing once the size and price were to our satisfaction."
Enquiries:
Ascent Resources plc.
Len Reece / Colin Hutchinson
Tel: +44 (0)20 7251 4905
finnCap (Nominated Adviser and Broker)
Christopher Raggett / Kate Bannatyne
Tel: +44 (0) 20 7220 0500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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