Special Bonus Award - Related Party Transaction
Ascent Resources plc has approved a one-off success-based bonus for certain directors and a senior management team member, comprising a total of 784,000 Neometals Limited share options. Each of the four recipients, including Non-Executive Chairman Jean-Michel Doublet, Non-Executive Director David Bullion, and CEO Dave Patterson, will receive 196,000 options, representing 4% each of the 4,900,000 Neometals options granted to Ascent under a recent Licence Agreement. This bonus is non-cash, funded entirely by the Neometals options received by Ascent, and will not result in any additional dilution to Ascent's shareholders. The transaction is considered a related party transaction, with an independent director deeming its terms fair and reasonable for shareholders.
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Ascent Resources Plc (LON: AST), the onshore US focused oil and gas company, announces that, following the announcement of 24 March 2026 regarding the execution of the Exclusive Access & Use Licence Agreement (the "Licence Agreement") with Utah Brine Corporation, the Board has approved a one-off success-based bonus, as part of their remuneration arrangements, to certain directors and one member of the senior management team.
The bonus comprises the allocation of a total of 784,000 options over Neometals Limited (NMT.AX) being 196,000 Neometals Ltd share options to each of recipients, including the following directors:
- Jean-Michel Doublet (Non-Executive Chairman)
- David Bullion (Non-Executive Director)
- Dave Patterson (Chief Executive Officer and Director)
This represents 4% each of the 4,900,000 Neometals Ltd share options granted to the Company under the Licence Agreement. The bonus is non-cash, funded entirely from the Neometals share option package received by Ascent, and does not result in any additional dilution to Ascent's shareholders.
Related Party Transaction
Each of the directors named above is a related party under AIM Rule 13. The bonus therefore constitutes a related party transaction.
Mr Edouard Etienvre, the only director independent of the transaction, considers that the terms of the bonus are fair and reasonable insofar as the Company's shareholders are concerned.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.