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Share Name Share Symbol Market Type Share ISIN Share Description
Echo Energy Plc LSE:ECHO London Ordinary Share GB00BF0YPG76 ORD 0.25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.51 0.49 0.52 0.00 07:35:53
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 11.1 -15.3 -2.0 - 7

Echo Energy PLC Block Admission Update

12/10/2021 1:16pm

UK Regulatory (RNS & others)


Echo Energy (LSE:ECHO)
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From Oct 2021 to Dec 2021

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TIDMECHO

RNS Number : 7216O

Echo Energy PLC

12 October 2021

12 October 2021

Echo Energy plc

("Echo" or the "Company")

Block Admission Interim Review

Echo Energy plc, the Latin American focused upstream energy company, provides an update in relation to the Company's block admission arrangements (the "Block Admissions") in respect of new ordinary shares of 0.25p in the Company ("Ordinary Shares") which may be issued as a result of future exercises of existing warrants and options. The Block Admissions have been put in place to enable the Company to handle any future exercises of existing warrants and options in an efficient manner.

Block Admission Interim Review

Pursuant to Rule 29 of, and Schedule Six to, the AIM Rules for Companies, the Company provides the following notification regarding its Block Admissions.

 
 
   Name of the company:                                                                           Echo Energy plc 
 
   Name of scheme:                                                                               1.Warrants to subscribe for 
                                                                                                 new Ordinary Shares at a price 
                                                                                                 of 3p per new Ordinary Share 
                                                                                                 issued 
                                                                                                 by the Company in 2017 (the 
                                                                                                 "March 2017 Warrants"). The 
                                                                                                 grant of the March 2017 
                                                                                                 Warrants was 
                                                                                                 announced by the Company on 6 
                                                                                                 March 2017 and were granted as 
                                                                                                 part of the institutional 
                                                                                                 investment 
                                                                                                 and Board changes described 
                                                                                                 therein; 
 
                                                                                                 2. Options to subscribe for 
                                                                                                 new Ordinary Shares at a price 
                                                                                                 of 1.625p per new Ordinary 
                                                                                                 Share 
                                                                                                 granted by the Company to 
                                                                                                 certain of the Company's 
                                                                                                 employees in March 2017 (the 
                                                                                                 "March 2017 
                                                                                                 Options"). The grant of the 
                                                                                                 March 2017 Options to certain 
                                                                                                 of the Company's employees was 
                                                                                                 announced 
                                                                                                 by the Company on 6 March; 
 
                                                                                                 3. Warrants to subscribe for 
                                                                                                 new Ordinary Shares at a price 
                                                                                                 of 3.0p per new Ordinary Share 
                                                                                                 issued by the Company in 
                                                                                                 November 2019 (the "November 
                                                                                                 2019 Warrants"). The issue of 
                                                                                                 the November 
                                                                                                 2019 Warrants, which were 
                                                                                                 issued in connection with the 
                                                                                                 Company's EUR5.0 million 
                                                                                                 secured debt 
                                                                                                 facility put in place at that 
                                                                                                 time, was first announced by 
                                                                                                 the Company on 21 October 
                                                                                                 2019; 
                                                                                                 and 
 
                                                                                                 4. Warrants to subscribe for 
                                                                                                 new Ordinary Shares at a price 
                                                                                                 of 1.4p per new Ordinary Share 
                                                                                                 issued by the Company in March 
                                                                                                 2020 (the "March 2020 
                                                                                                 Warrants"). The issue of the 
                                                                                                 March 2020 
                                                                                                 Warrants, which were issued in 
                                                                                                 connection with the extension 
                                                                                                 of an existing GBP1.0 million 
                                                                                                 secured debt facility, was 
                                                                                                 announced by the Company on 6 
                                                                                                 March 2020. 
 
                                                                                                 5. Warrants to subscribe for 
                                                                                                 new Ordinary Shares at a price 
                                                                                                 of 1.0p per new Ordinary Share 
                                                                                                 issued by the Company in July 
                                                                                                 2020 (the "July 2020 Placing 
                                                                                                 Warrants"). The issue of the 
                                                                                                 July 
                                                                                                 2020 Placing Warrants, which 
                                                                                                 were issued in connection with 
                                                                                                 a placing of new Ordinary 
                                                                                                 Shares 
                                                                                                 under taken at that time, was 
                                                                                                 announced by the Company on 27 
                                                                                                 July 2020. 
 
                                                                                                 6. Warrants to subscribe for 
                                                                                                 new Ordinary Shares at a price 
                                                                                                 of 0.8p per new Ordinary Share 
                                                                                                 issued by the Company in July 
                                                                                                 2020 (the "July 2020 Fee 
                                                                                                 Warrants"). The issue of the 
                                                                                                 July 2020 
                                                                                                 Fee Warrants, which were 
                                                                                                 issued in respect of fees 
                                                                                                 incurred in connection with a 
                                                                                                 placing of 
                                                                                                 new Ordinary Shares under 
                                                                                                 taken at that time, was 
                                                                                                 announced by the Company on 27 
                                                                                                 July 2020. 
                                                                                               -------------------------------- 
 Period of return:                                                                              From:     19      To:   11 
                                                                                                          March         October 
                                                                                                          2021          2021 
                                                                                               --------  ------  ----  -------- 
                                                                                                  1:      61,538,461 
                                                                                                   2:      3,033,628 
                                                                                                   3:      74,200,000 
                                                                                                   4:      3,571,428 
                                                                                                   5:      13,300,000 
                                                                                                   6:      5,700,000 
 
 Number of unallotted securities not issued under the scheme(s) at the start of the period:      Total:    161,343,517 
                                                                                               --------  ---------------------- 
 Plus: The amount by which the block scheme(s) has been increased since the date of the last 
  return (if any increase has been applied for):                                                  1:      0 
                                                                                                   2:      0 
                                                                                                   3:      0 
                                                                                                   4:      0 
                                                                                                   5:      0 
                                                                                                   6:      0 
                                                                                                 Total:    0 
                                                                                               --------  ---------------------- 
 Less: Number of securities issued/allotted under scheme(s) during period:                        1:      0 
                                                                                                   2:     0 
                                                                                                   3:     74,200,000 - November 
                                                                                                   4:     2019 Warrants 
                                                                                                   5:     cancelled on 30 March 
                                                                                                   6:     2021 
                                                                                                 Total:   0 
                                                                                                          0 
                                                                                                          0 
                                                                                                          0 
                                                                                               --------  ---------------------- 
 
                                                                                                   1:       61,538,461 
 
                                                                                                   2:       3,033,628 
 
                                                                                                   3:       0 
 
                                                                                                   4:       3,571,428 
 
                                                                                                   5:       13,300,000 
 
                                                                                                   6:       5,700,000 
 
 Equals: Balance under scheme(s) not yet issued/allotted at end of period:                       Total:     87,143,517 
                                                                                               --------  ---------------------- 
 Number and class of securities originally admitted and the date of admission: 
                                                                                                   1:      64,538,461 - 2 March 
                                                                                                           2018 
                                                                                                   2: 
                                                                                                           3, 033,628 -20 March 
                                                                                                   3:      2020 
 
                                                                                                   4:      74,200,000 - 20 
                                                                                                           March 2020 
                                                                                                   5: 
                                                                                                           3,571,428 - 20 March 
                                                                                                   6:      2020 
 
                                                                                                 Total:    13,300,000 - 21 
                                                                                                           September 2020 
 
                                                                                                           5,700,000 - 21 
                                                                                                           September 2020 
 
                                                                                                           164,343,517 
                                                                                               --------  ---------------------- 
 Name of contact:                                                                               AMBA Secretaries Limited, 
                                                                                                Company Secretary 
                                                                                               -------------------------------- 
 Telephone number of contact:                                                                   +44 (0)20 7190 9930 
                                                                                               -------------------------------- 
 
 

For further information please contact:

 
  Echo Energy 
   Martin Hull, Chief Executive Officer       via Vigo Communications 
  Cenkos Securities (Nominated Adviser) 
   Ben Jeynes 
   Katy Birkin                              +44 (0)20 7397 8900 
 
 
  Shore Capital (Corporate Broker) 
   Jerry Keen                          +44 (0)20 7408 4090 
 
 
  Vigo Communications (PR Adviser) 
   Patrick d'Ancona 
   Chris McMahon                       +44 (0)20 7390 0230 
 

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END

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October 12, 2021 08:16 ET (12:16 GMT)

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