Ascent Resources PLC Slovenia Claim: Funding Update (0137A)
May 27 2021 - 1:46AM
UK Regulatory
TIDMAST
RNS Number : 0137A
Ascent Resources PLC
27 May 2021
27 May 2021
Ascent Resources plc
("Ascent" or the "Company")
Slovenian Claim : Funding Update
Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic
American and European focused energy and natural resources company,
is pleased to provide shareholders with an update on the funding of
its dispute with the Republic of Slovenia.
Further to the Company's announcement on 19 March 2021, the
Company is pleased to report that it is advancing towards
initiating international arbitration proceedings against the
Republic of Slovenia under the Energy Charter Treaty and
UK-Slovenia Bilateral Investment Treaty. Accordingly, the Company
has signed non-binding heads of terms with Enyo Law LLP, a
specialist arbitration and litigation legal firm (the "Firm")
pursuant to which the Company intends to instruct the Firm to
pursue the Company's claims on a fully contingent basis through a
damages-based agreement. Upon completion of definitive
documentation, the Firm will only be paid out of the proceeds of
the arbitration in the event of a successful damages award or
execution of a binding settlement agreement if achieved sooner.
This non-equity dilutive, non-recourse and full funding proposal is
the preferred solution from the Company's perspective,
notwithstanding that the Company has other alternative offers also
under discussion.
Further updates will be announced in due course.
Enquiries:
Ascent Resources plc Via Vigo Communications
Andrew Dennan
WH Ireland, Nominated Adviser & Broker
James Joyce / Chris Savidge 0207 220 1666
Novum Securities, Joint Broker
John Belliss 0207 399 9400
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