After an “Operational Update” from Ascent Resources (AST), despite stating “pleased with the progress of the strategic review”, had seen the shares crashing at the start of this week, they are currently soaring on the back of a “Permitting update”…
An “Operational Update” from Ascent Resources (AST) commences “as previously announced, the company commenced a strategic review in April 2018 to review the various options available for the company to maximise value for shareholders” and later includes “the board is pleased with the progress of the strategic review to date and discussions are ongoing with a number of different parties”. Good, good - ‘Pleasing’ progress towards maximising value for shareholders then… and the shares have currently responded… er, circa 40% lower towards 0.40p!?...
Ascent Resources (AST) is controversial and with its strategic review, very much in the news. But the Ulster Man does not hide and so in that regard I SUFTUM - Colin Hutchinson could have ducked UK Investor but opted not to and here is what he had to say.
Ascent Resources (AST) has hardly exactly lived up to its name in recent times, as it has been on a steady downwards trajectory for some time now. There's now been an RNS advising of a strategic review and a formal sale process for the company being initiated. Given its situation, I certainly wasn’t expecting the market to take the news particularly well - but the share price rocketed and even as I write this, it is currently 1.1p to buy - up more than 22% on the prior close.
If you are not a Primary Bid member you should join now HERE. Friday's deal by Ascent Resources (AST) shows why. The £1 million placing was announced at just after hours on Friday at 1.66p. Now look what happened...
I seem to remember that this is the second time Ascent (AST) has used Primary Bid for a fund raise. The first time worked out well enough.. Anyhow it is back at the trough again raising £1 million in a fully underwritten offer at 1.66p.
From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2016 and thus far in 2017 (by net short position %) - and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...









