It’s with a certain amount of ‘I Told You So’ that I pen this epistle….
There’ll be no wailing and gnashing of the teeth from Ascent Resources (LON: AST) shareholders at the demise of the God awful ‘Bushmills vampire’, Colin Hutchinson, finally receiving his much deserved metaphorical stake through the heart. I just hope that the ‘Slayers’ (new team) double checked the stake had gone right through when they sprinkled holy water over the corpse. Always best to be certain when it comes to Vampire killing…. Gleaned from watching the Netflix series, Van Helsing
So what next for the Slayers, Ewen Ainsworth, James Parsons and Leonardo Salvadori? Well with the cancellation of Riverforts $421,943 note into a two-year zero-coupon bullet payment loan, convertible at 7.5p per share when ASTs share price exceeds 10p per share for more than 5 days, which represents a potential 100% increase from last weeks placing price of 5p now makes AST a fairly comfortable trade/investment, you can buy at 4.p ish. However, that’s not why I bought in.
As most of you know, who follow my site and twitter, I’ve been a fierce
critic of Ascent Resources. I know this company inside out and everything that’s happened to AST I’ve correctly predicted. Clive ‘carve ’em up’ Carver with his crusty sidekick, hapless Colin Hutchinson, destroyed the company. They had no regard whatsoever for their own genuine shareholders. It was never about getting the Slovenian gas asset into full production. Ascent became a ‘confetti machine’ for the likes of Darwin, Henderson Global et al.
The new team who came in last week are some of the corporates I was talking to on behalf of the defunct shareholder action group, set up 18 months ago. Suffice it to say that the market and value of the company has somewhat changed for the worse. Shareholders gave up. And who can blame them? But hope has now been revived
🧛♂️Bushmills vampire🧛♂️
Ascent are basically debt free, ‘Bushmills vampire’ free, generating limited cash from their gas production in Slovenia (which is at the moment mired in a legal controversy the ‘Vampires’, not only created, but failed to address) and now have a team that can sort the mess out. Make no mistake the ‘Slayers’ have already started the process of righting the AST ship. The word is that a delegation is heading to Slovenia pronto! Expect news on this shortly.
News has also reached ‘Yours Truly’ that the new team, pre taking control of the Company, have been in talks with several production/exploration cash strapped oilers, one being Humber Oil & Gas. You may know Humber as a partner in one of the biggest onshore O&G discovery’s in the UK: West Newton and have a stake in the soon to produce Wressle discovery. You may not know that they’re desperate for cash having paid all their West Newton drill costs. All their assets are up for sale. Including West Newton. Enter one Jon Fitzpatrick, (X Macquarie Capital) the negotiator rumoured to be working on behalf of the Lang family. At what stage any of these talks are isn’t known. But talks, there are. Now remember it’s your money not mine. That means investors/traders can buy, sell, hold, derisk or ignore at their own discretion.
If the new team had taken over 18 months ago the SP would probably have made it back to 2/3p. Fast forward today post the consolidation and placing, we have an SP of 4p ish with a resetting of the ‘stock clock’ to 46,196,484 shares in issue. The market cap’ is sub £1.8M. Once the corona virus ‘deflating’ effect passes & the spooked herd stop burning the house down, we’ll see an inflation, subject to sorting out Slovenia & depending on what comes into Ascent, 10p/15p, maybe more, looks achievable……
Now don’t let me have to write another ‘I told You So Epistle’ when it reaches 10p!
Viva
Dan
