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Ascent Resources slumps as it eyes recapitalisation

It also said that the role of chief executive, held by Len Reece, is being made redundant

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Ascent wants to be able to raise £1.5mln without pre-emption rights

Ascent Resources (LON:AST) lost more than a third of its value on Monday as the troubled oil and gas junior revealed plans that will help it raise new capital.

The company also said that boss Len Reece has resigned as a director of the company, and it is begun the redundancy process for his role as chief executive.

“In recognition of the company's current funding position, management changes are being implemented with a view to conserving the company's funding, in particular until the IPPC permit is awarded in final form," the company said.

Last month Ascent told investors there had been at least one objection in relation to its Integrated Pollution Prevention and Control (IPPC) Permit for a gas facility, in Slovenia.

A shareholder vote will be held on September 3 at which point the company will seek authority to raise up to £1.5mln without the need to offer to equity holders on a ‘pre-emptive’ basis.

Trading at 0.12p just before 2pm in London Ascent was down 33.3%, though it had traded as low as 0.11p this morning.

Quick facts: Ascent Resources PLC

Price: 2.875 GBX

AIM:AST
Market: AIM
Market Cap: £1.7 m
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