Ascent Resources plc is creating a special purpose vehicle to distribute an entitlement to the economic interest in 49% of any net proceeds if its claim against Slovenia is successful.
MEETING
The company and its subsidiary Ascent Slovenia Ltd are engaged in arbitration over breaches of the Energy Charter Treaty relating to the Petišovci onshore gas exploration joint venture.
Qualifying stakeholders would have “ring-fenced access to a significant portion of the net proceeds” from a successful claim.
The money would not be exposed to further changes in the capital structure of the company.
Once the SPV receives tax clearance from HM Revenue and Customs, the company expects to convene a general meeting, likely the date of the general meeting in January 2024.
This will be to request shareholder approval for a bonus issue of new preference shares or another form of distribution mechanism for qualifying shareholders.