LONDON (ShareCast) - (ShareCast News) - European oil and gas exploration and production company Ascent Resources announced on Friday that received a notice of exercise to convert 1,831 convertible loan notes of £1 each, which were issued in May 2013 as part of an open offer to all shareholders, the terms of which were amended in February 2015 and October 2016.
The AIM-traded firm said the 2013 loan notes, including rolled up interest, were convertible into new ordinary shares at a rate of 100 new shares per £1 loan note.

"Consequently, a total of 206,215 new ordinary shares will be issued pursuant to the notice, following which £6.5m nominal convertible loan notes remain outstanding," the board confirmed in a statement.

"This figure includes the 2016 loan notes pursuant to the placing announced on 27 October 2016, on which there are £50,000 outstanding."

Ascent said application had been made for admission of the conversion shares to trading on AIM, which is expected to occur on 2 March.

Following admission, Ascent will have 1,510,784,928 Ordinary Shares in issue, with no shares held in treasury.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE