The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Did you notice this bit...
"and will only be paid out of a portion of the proceeds of the arbitration in the event of a successful damages award or execution of a binding settlement agreement (if achieved sooner)."
I feel another long, windy and boring post coming from Pet.
Make as many long posts as you like Pettrader, makes no difference. Holders need to know that...
"Enyo - the specialist arbitration and litigation legal firm who filed both of the Notice of Disputes on behalf of the Company and represented it in last year's pre-arbitration negotiations with the Republic of Slovenia - will be advancing the disbursements which are expected to be incurred in the pursuit of the claim and will only be paid out of a portion of the proceeds of the arbitration in the event of a successful damages award or execution of a binding settlement agreement (if achieved sooner)."
Thanks for the link he seems very positive and hard to knock his dedication to the co. with 70% of the shares.
Have seen the decline as the traders left, guess pertinent question would be when's the earliest these could have news to drag them back in?
Whole agreement..
30 May 2022
Ascent Resources plc
("Ascent" or the "Company")
Completion of "No win No fee" Damages Claim Funding
Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic American and European focussed energy and natural resources company, is delighted to announce its official entry into a binding damages-based agreement - essentially a "no win no fee" funding arrangement - to appoint Enyo Law LLP ("Enyo") to pursue the Company's Energy Charter Treaty ("ECT") and UK-Slovenia Bilateral Investment Treaty ("BIT") arbitration claim against the Republic of Slovenia.
Enyo - the specialist arbitration and litigation legal firm who filed both of the Notice of Disputes on behalf of the Company and represented it in last year's pre-arbitration negotiations with the Republic of Slovenia - will be advancing the disbursements which are expected to be incurred in the pursuit of the claim and will only be paid out of a portion of the proceeds of the arbitration in the event of a successful damages award or execution of a binding settlement agreement (if achieved sooner).
The closing of this funding allows the Company to securely initiate the arbitration proceedings against the Republic of Slovenia in relation to the significant damages by the Company's Slovenian investment as a result of Slovenia's breaches of the protections established by the ECT and BIT, including, inter alia the prohibition of expropriation, the guarantee that the investments would be accorded fair and equitable treatment and Slovenia's guarantee that the management, maintenance, use, enjoyment or disposal of the investments would not be impaired by arbitrary, unreasonable or discriminatory measures.
Notwithstanding the size of the Company's damages, in its view, having increased (for reasons including the increased gas price and the consequences of the recent legislative changes in Slovenia) and remaining significantly in excess of a hundred million Euros, it should be cautioned that in the event the Company is successful in its claim any amount actually received by the Company may be significantly lower.
Andrew Dennan, Chief Executive Officer, commented:
"Today's completion of the 'no win, no fee' damages based agreement allows the Company to immediately advance its material damages claim against the Republic of Slovenia in an international forum, as we seek redress for shareholders after many years of frustration, arbitrary decision-making against the Company's investment and delays being imposed on the project. This impact has recently been amplified with our investment effectively being expropriated by virtue of the new amendments to the mining law which specifically target the destruction of our full investment value.
We are delighted to have secured this arrangement on behalf of our shareholders and which now positions Ascent's equity holders with material upside exposure to a claim seeking damages of several hundred mil
No PetTrader the only thing I found was that you're 100% WRONG.
Can understand you trying that one, there's not much of a bear case here now they've won the cases against their partners and have a no win no fee arrangement with ENYO but no not true at all.
Would have to say good try at trolling but no brucie bonus for that one..
30 May 2022
Enyo - the specialist arbitration and litigation legal firm who filed both of the Notice of Disputes on behalf of the Company and represented it in last year's pre-arbitration negotiations with the Republic of Slovenia - will be advancing the disbursements which are expected to be incurred in the pursuit of the claim and will only be paid out of a portion of the proceeds of the arbitration in the event of a successful damages award or execution of a binding settlement agreement (if achieved sooner).
No its not there's no stick at all its simply a court case run and paid for by a very professional set of lawyers who are willing to front all the expenses themselves as they obviously believe they can win,
The only part AST (or more accurately your nemesis Parsons) are responsible for now is distributing funds which the RNS has addressed very nicely.
Surprised at the amount they want to distribute to shareholders. 49% of any win is massive imho, granted they have to win but they do have a habit of winning cases starting to build so very happy to continue holding and see what happens down the line.
Thanks for the link. He seems very positive.. "co's don't normally have investor days unless they're really encouraged by the news they're going to give out."
Looking forward to the event now.
Would have been nice to have had an update on current sales but will take 33kT's@$240T for now. Just shy of £9M shows what they can make if they get their act tpgether.
Maru seems like a pretty good way to lose your funds with or without SB's.
Pumping videos from management followed by umpteen RNS's for their 4p warrants.
Way to impress your investor base, will be looking for an out on the next spike at this rate.
Traders selling when they decided it was high enough followed by the usual suspects selling at a loss in panic at any subsequent drop imo. makes the MM's job so much easier.
Was chuffed to bit with the reported growth in M2G. Hoping we'll get a few more pi sellers so I can pick up their stock a bit cheaper. lol
HVA $281 HVB $240.
Sorry to hear that rak, been a tough ride down for a few I bet. I'm 14.8 average on the shares slightly higher with the SB's but still means looking at too much red in the portfolio.
Some may call it enlightened self interest but hope you're back in profit soon.
atb
Can sell at 9.21 on IG. Not that that's meant to be impressive mind.
Thanks imlom appreciated except now left wondering just what is going on with the sp?
I'm guessing from recent moves including todays we're looking at a lowball placing due to the Panama Canal issues.
Just a guess/presumption as the co' haven't rns'd any delays.
Had plenty of water at the canal too, trends been rising for years just won't spend on upgrading so this mess has happened. Check the rainfall chart end of the below article and you'll see what I mean.
https://www.marinelink.com/news/panama-canal-water-levels-likely-remain-507727