LONDON (Alliance News) - Ascent Resources PLC, the AIM-listed European oil and gas exploration and production company, on Monday said it is issuing 92.4 million new shares after receiving notice of an intention to convert loan notes into equity.
Notice was received to turn 820,000 convertible loan notes into shares. The notes were issued in May 2013 as part of an open offer to shareholders.
The loan notes, including rolled-up interest, are convertible into new ordinary shares at a rate of 100 new shares per GBP1 loan note.
Following conversion, Ascent will have GBP9.4 million nominal convertible loan notes, including rolled-up interest, outstanding.
Shares in Ascent were up 12% at 0.810 pence Monday in London.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Ascent Resources (AST)