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Ascent Resources Shares Rise as Slovenia Claim Rises to €656mln

Ascent Resources PLC (AIM:AST) shares were on the front foot in Friday morning’s deals as it announced an increase in the size of its claim against the Republic of Slovenia.

The company, in a statement, said that Enyo Law LLP has on behalf of the claimants raised and validated the damages assessment up to €656.5mln as part of a formal filing of its claim memorial.

“It should be cautioned that in the event the company is successful in its claim any amount actually received by the company may be significantly lower than the full claim,” Ascent noted, however.

Ascent  added: “This memorial is a lengthy document, which includes the narrative and legal reasoning of how the investors’ investments in Slovenia have been unfairly targeted and expropriated by Slovenia (pursuant to its actions to change the mining laws to prohibit the use of any kind of hydraulic stimulation for the purpose of producing hydrocarbons), as well as witness statements from key individuals and independent third party technical and quantum expert reports.”

In London, Ascent shares gained just over 10% to trade at 3.69p each, valuing the company at just under £6mln.

Source : Proactive Investors