Business
Directors' conversion of loan notes
Directors' conversion of loan notes.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5226G Ascent Resources PLC 30 May 2017 \n\n30 May 2017\nAscent Resources plc\n \n(\"Ascent\" or the \"Company\")\n \nConversion of Loan Notes held by the board \n \nAscent Resources plc, the AIM quoted European oil and gas exploration and production company has, following a request from the Company, received notices of exercise (\"the Notices\") to convert 67,500 convertible loan notes of £1 each held by members of the Ascent board:\n \n- 17,500 of which were issued in May 2013 as part of an open offer to all shareholders (the \"2013 Loan Notes\") and the terms of which were amended in February 2015 and October 2016. \n- 50,000 of which were issued to the Directors pursuant to the fundraising announced on 27 October 2016 (\"2016 Loan Notes\"). \n \nEach of the 2013 Loan Notes, including rolled up interest, and the 2016 Loan Notes are convertible into new Ordinary Shares at a rate of 100 new Ordinary Shares per £1 loan note. Consequently, a total of 6,970,931 new Ordinary Shares (\"the Conversion Shares\") will be issued pursuant to the Notices.\n \nThis has been done to assist the Company in further removing debt. None of the Directors currently intend to sell any of their shareholdings. \n \nThe decision to convert the Loan Notes reflects in part that since January 2015 the outstanding Loan Notes have carried no interest payments and have only preferential rights compared to the Ordinary Shares in limited circumstances, such as a winding up of the Company.\n \nFollowing the Directors' loan note conversions, which comprise 100% of the loan notes held by the board, £3,191,489 nominal convertible loan notes (including rolled-up interest) remain outstanding. The 2016 Loan Notes have now been fully converted.\n \nThe table below details the Directors' interests. \n \n\n\n\n\nDirector\n\n\nLoan Notes converted\n\n\nNew Ordinary Shares received\n\n\nResultant shareholding\n\n\n%\n\n\n\n\nClive Carver\n\n\n30,883\n\n\n3,304,231\n\n\n3,304,231\n\n\n0.18%\n\n\n\n\nColin Hutchinson\n\n\n10,001\n\n\n1,000,100\n\n\n1,270,370\n\n\n0.07%\n\n\n\n\nNigel Moore\n\n\n13,333\n\n\n1,333,300\n\n\n1,339,275\n\n\n0.07%\n\n\n\n\nCameron Davies\n\n\n13,333\n\n\n1,333,300\n\n\n1,340,800\n\n\n0.07%\n...