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Ascent Resources PLC - mineral exploration and development company with gold mining interests in Turkey, Cyprus and Kosovo - Say it was informed that Ascent Slovenia Ltd's Slovenian joint venture partner Geoenergo doo has had its application to enter insolvency approved. Says it is now filing an appeal against the decision of the court in relation to this "unprecedented" situation and will register its claim with the competent court, while "continuing to pursue civil and criminal areas of redress against the former management and stakeholders of Geoenergo". Says further announcements will be made "as necessary".
On Monday, Ascent Resources said Ascent Slovenia successfully prevented Geoenergo from immediate insolvency amid its ongoing arbitration tribunal against Geoenergo. Ascent Resources said Geoenergo's application to enter self-declared insolvency has not been approved by the relevant court, following petitions lodged by Ascent Slovenia. Ascent Resources said a hearing will be held on February 23 to "deliberate the matter further".
Current stock price: 2.41 pence, down 17%
12-month change: down 36%
By Greg Rosenvinge, Alliance News senior reporter
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