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Why is this work around of the rules allowed? sub dividing nominal value just to circumvent the rules of not being allowed to offer shares at a discount to the nominal value of the shares in issue. by allowing this workaround the rule becomes none existent. When is a rule not a rule when you can circumvent it.
Fairy tale 30m what about the 50m invested and the 200m asset value. Its no fairy tale. Its just faffing about with numbers.
The asset remains a constant, the funds invested remain a constant, and the production is set to increase. The number of shares will have been sub divided by a factor of 100 and then 53.33% more shares added to the total number of shares outstanding. Hence the massive drop in share price. No reason or justification to cancel the funding arrangement and no justification of handing out free shares to the directors. All this based on no news update and still no decision on appeal.
Problems with this reorganisation.
* Unresolved permit issues ( No action taken and court proceedings still not taken further other than awaiting appeal )
* 16m or over 1/3 of the company being raised could bring takeover issues.
* Unresolved whereabouts of funds raised for compressor.
* Free shares to the directors (For what reason ? as none of above has been resolved)
The reason I ask, is that we are in a situation that an amount of money was raised for a compressor that has seemingly
evaporated. This money together with the more recent money raised via Riverfort amount to or fall in to the same sort of money the company is raising on this reorganisation. 750k 1m and now 800k but now 16m or more than a 1/3 of the company's outstanding shares . Is this to force or manipulate an mandatory offer for the company with what looks like a
un-fixable scenario still to be resolved. Then all of a sudden after the take-up of a mandatory offer the problem is fixed and as if by magic the problem disappears.(Is resolved).
So we have a company that has invested 50m in to a 200m Slovenia asset now being held to ransom on the issuance of a permit to carry out re-simulation of wells that were designed, fully agreed to and permitted to proceed to production. An IPPC permit has also been agreed and issued to create a processing plant that will allow gas asset to be connected to the Slovenian gas network. All the above has required lots of planning consents and legal agreements. Hmm
The company now brought to a grinding halt and being forced to jump through hoops to survive. Any actions from this point could be deemed taken under duress and be included in a damages claim.
With just 46000000 shares and a 2m mcap, AST will have an 120m + asset with 50m invested and option to work on recovering investment and claim compensation in court. 2m = 0.05 20m = 0.4347 50m investment 108.69 and asset value 120m + 2.6086
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AST have sent me the correct recording link and updated link on web site. As below if anybody would like to follow up / listen.
https://www.ascentresources.co.uk/wp-content/uploads/2019/10/Ascent-Resources-Investor-Call-20191015.mp3.
The link on page https://www.ascentresources.co.uk/2019/10/17/shareholder-conference-call-15-october-2019/
points to the wrong conference call recording. It goes to
https://www.ascentresources.co.uk/wp-content/uploads/2018/08/0133835.mp3
Has anyone got the correct link or can administrator of the AST web site please correct this .
https://www.britishbulls.com/SignalPage.aspx?lang=en&Ticker=AST.L