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LONDON - Ascent Resources Plc (LON:AST) will issue new shares to directors and executives in exchange for 30% to 40% of their salaries and fees for the six-month period beginning June 1, the company announced Friday.
The energy firm plans to issue 15,770,217 new ordinary shares at 0.5p per share, resulting in a total cost saving of £78,851.09. The share issuance is contingent upon shareholder approval at the Annual General Meeting scheduled for June 27.
Chief Executive Officer Andrew Dennan will receive 12,214,474 new shares, while Non-Executive Directors David Bullion and Edouard Etienvre will receive 678,183 and 630,098 shares respectively.
Additionally, following shareholder approval at the February 20 General Meeting, the company will award 3,285,894 new options to certain employees. These options have an exercise price of 0.005 pence, with CEO Dennan receiving 2,885,894 of these options.
The options relate to the company’s Energy Charter Treaty claim against Slovenia, where shareholders are entitled to receive 41% of net proceeds. Option holders will receive one A2 Preference share for each option exercised, with options expiring two weeks after the dispute outcome is known.
Jean-Michel Doublet, Interim Chairman, has confirmed that the terms of the share issuance and option awards are "fair and reasonable" for shareholders, according to the press release statement.
The transactions constitute a related party transaction under AIM Rule 13.
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