News blog
Ascent Resources
- BY: Andrew Hore |
- POSTED: 25/04/2013 |
Ascent Resources has sold its 48.66% interest in PetroHungaria for 450,000 in cash.
This investment held the interest in the Penészlek field in Hungary. Ascent was generating cash from this investment but the contribution was declining and the field has a short life expectancy. The cash will be reinvested in the Slovenian gas project at Petiovci.
Ascent is currently raising money from an open offer to shareholders. Ascent is offering one new share for every 2.05 existing shares at a price of 0.5p a share. The alternative is one loan note of 100p for every 410 shares. Henderson will invest up to £5.5m, although £2.5m of this is available for clawback via the open offer. The final open offer acceptance date is Monday 29 April.
A formal strategic review is ongoing and more disposals could be on the cards.
At 0.068p a share, Ascent is valued at £6.92m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFApril2013_43.pdf
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