13 June 2025
Ascent Resources plc
("Ascent" or the "Company")
Issue of Shares in Lieu of Director Fees / Issue of Warrants
/ Award of Options / PDMR Notifications
Ascent Resources Plc (LON: AST) announces that, further to the announcement on 22 May 2025, and in order to make cost savings to the Company's G&A and to further align the long term interests of Directors and executives with shareholders, shares shall be issued to directors and executives in lieu of 30% to 40% of their salaries / fees due for the six month period from 1 June 2025 and other contractual amounts owed.
Issue of Shares
An aggregate of 15,770,217 new Ordinary shares shall be issued to directors and executives at a price of 0.5p per new Ordinary share ("Issue Price") issued (the "New Shares"), amounting to a total net cost saving of £78,851.09. The Issue Price being that of the May 2025 Placing Price with warrants attached on the same terms as the May 2025 investors. The allotment of the New Shares is dependent on the Company being granted the required share authorities by shareholders at the Company's Annual General Meeting on 27 June 2025.
Of the 15,770,217 New Shares to be issued the directors / PDMR's will be issued shares as follows:
Andrew Dennan, Chief Executive Officer - 12,214,474 New Shares
David Bullion, Non-Executive Director - 678,183 New Shares
Edouard Etienvre, Independent Non-Executive Director - 630,098 New Shares
A further announcement will be made to the Market at the time the shares are allotted and admitted to trading on AIM.
Award Of Options
Following the General Meeting of the Company on 20 February 2025, in respect of the entitlement to shareholders to receive a distribution of a further 41% of any net proceeds received after deducting costs in respect of the Energy Charter Treaty claim against the Republic of Slovenia, shareholder approval was granted in respect of the award of 3,285,894 new options to be made to certain employees in equal proportion to the options they currently held. The options have an exercise price of 0.005 pence, being the nominal value of the A2 Preference Shares. The option holders will receive one A2 Preference share for every new option exercised. The new options will expire two weeks after the outcome of the dispute becomes known, including the definition of the quantum of the award if there is an award. Of the award of the 3,285,894 new options Mr Dennan had been awarded 2,885,894 new Options.
The issue of shares and award of options will constitute a related party transaction pursuant to AIM Rule 13 of the AIM Rule for Companies. Jean-Michel Doublet, Interim Chairman, considers, having consulted with the Company's Nominated Adviser, Zeus Capital Limited, that the terms of issue of shares and award of options are fair and reasonable insofar as the shareholders of the Company are concerned.
The notification below, made in accordance with the requirements of the Market Abuse regulations, provides further details.
Enquiries:
| Ascent Resources plc Andrew Dennan
| Via Vigo Communications
|
| Zeus Capital, Nominated Adviser & Broker James Joyce / James Bavister / Gabriella Zwarts | 0203 829 5000 |
| Novum Securities, Joint Broker John Belliss / Colin Rowbury Fortified Securities, Joint Broker Guy Wheatley Shard Capital Partners LLP, Joint Broker
| 0207 399 9400
0203 411 7773
0207 186 9952 |
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Andrew Dennan | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status |
Chief Executive Officer
| ||||
| b) | Initial notification/Amendment | Initial Notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
| ||||
| a) | Name | Ascent Resources plc |
| |||
| b) | LEI | 213800Q8R5GV7DLNEL37 |
| |||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
| ||||
| a) | Description of the financial instrument, type of instrument | Ordinary shares of £0.005 each |
| |||
| | Identification code | GB00BJVH7905 |
| |||
| b) | Nature of the transaction | Award of Options |
| |||
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| ||
| £0.0005 | 2,885,894
|
| ||||
| d) | Aggregated information | N/A |
| |||
| | Aggregated volume | N/A |
| |||
| | Price | N/A |
| |||
| e) | Date of the transaction | 11 June 2025 |
| |||
| f) | Place of the transaction | Outside of a trading venue |
| |||
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