Business
Approach by Cadogan Petroleum plc
Approach by Cadogan Petroleum plc.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2463T Ascent Resources PLC 24 March 2016 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \nThis is an announcement falling under Rule 2.4 of the City Code on Takeovers and Mergers (the \"Code\") and does not constitute an announcement of a firm intention to make an offer under Rule 2.7 of the Code. There can be no certainty that an offer will be made nor as to the terms on which any offer might be made.\n \nFOR IMMEDIATE RELEASE\n24 March 2016\n \nAscent Resources plc\n(\"Ascent\" or the \"Company\")\n \nResponse to share price movement\n \nThe Board of Ascent notes the recent rise in the Company's share price and announces that it has received a preliminary approach from Cadogan Petroleum plc (\"Cadogan\") that may or may not lead to an offer being made for the entire issued and to be issued share capital of the Company (\"Possible Offer\"). The discussions are at an early stage and there can be no certainty that an offer will be made, nor as to the terms on which any offer might be made.\n \nIn accordance with Rule 2.6(a) of the Code, Cadogan is required, by no later than 5:00 p.m. on 21 April 2016 (\"relevant deadline\"), either to announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel on Takeovers and Mergers (the \"Panel\") in accordance with Rule 2.6(c) of the Code. If Cadogan announces that it does not intend to make an offer for the Company, Cadogan and any person(s) acting in concert with it will, except with the consent of the Panel, be bound by the restrictions contained in Rule 2.8 of the Code for six months from the date of such announcement. \n \nFurther announcements will be made as appropriate. \n \nA summary is set out below of the dealing disclosure requirements under the Code, which require action by holders (whether directly or indirectly) of more than 1 per cent. of Ascent's issued share capital.\n \nIn accordance with Rule 26.1 of the Co...