Ascent Resources plc has issued in total 15,770,217 new ordinary shares of 0.5p each to directors and executives in lieu of 30 to 40% of salaries or fees to save costs and align their interests with shareholders.
DIRECTORS
The shares cover the period of six months from 1 June 2025 and “other contractual amounts” owed will save net costs of £78,851.09.
Allotment of the new shares is subject to shareholders granting the company authority at its general meeting on 27 June 2025.
Chief executive Andrew Dennan subscribed for 12,214,474 new shares, non-executive director David Bullion, 678,183, and independent NED Edouard Etienvre, 630,098.
Mr Dennan also received 2,885,894 new options, following shareholder approval in February to issue a total 3,285,894 to certain employees in equal proportion to the options they currently held.
The options have an exercise price of 0.005 pence, being the nominal value of the A2 preference shares.
Option holders will receive one A2 preference share for every new option exercised.
The new options will expire two weeks after the outcome of the Energy Charter Treaty claim against Slovenia and the amount known of the award, if one is given.
Shareholders also voted in favour of Ascent distributing a further 41% of any net proceeds from the claim.