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ECHO Echo Energy Plc

0.0042
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Echo Energy Plc LSE:ECHO London Ordinary Share GB00BF0YPG76 ORD 0.0001P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.0042 0.004 0.0044 0.0042 0.0042 0.0042 141,499,563 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Drilling Oil And Gas Wells 14.11M -9.59M -0.0017 0.00 0

Echo Energy PLC Block Admission and Block Admission Interim Review (0236I)

11/04/2022 5:34pm

UK Regulatory


Echo Energy (LSE:ECHO)
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From Mar 2022 to Mar 2024

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TIDMECHO

RNS Number : 0236I

Echo Energy PLC

11 April 2022

11 April 2022

Echo Energy plc

("Echo" or the "Company")

Block Admission and Block Admission Interim Review

Echo Energy plc, the Latin American focused energy company, announces that it has today made application for an additional 230,911,860 new ordinary shares of 0.25p each in the Company ("Additional Block Admission Shares") to be admitted to trading on AIM by way of a block admission (the "Block Admission Update").

Application has been made for the Additional Block Admission Shares, which will, when issued, rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM ("Admission") at 8.00 a.m. on 19 April 2022.

In addition, and reflecting the expiry of 68,143,517 historically issued warrants since the date of the last block admission update on 11 October 2021, the Company also provides the following update.

The Block Admission Update, which will enable the Company to continue to handle future smaller warrant exercises in an efficient manner and does not result in any change in the number of ordinary shares in issue until such time as any warrants subject to the Block Admission Update are exercised, is in addition to the balance of 19,000,000 ordinary shares in the Company ("Ordinary Shares") currently admitted to trading on AIM pursuant to prior block admissions in connection with warrants to subscribe for new Ordinary Shares in the Company (together with the Block Admission Update the "Block Admissions").

Following Admission, the Company will continue to have 1,452,491,345 Ordinary Shares in issue, which remains unchanged from previous notifications.

The Block Admission Update has been made in respect of the issue of 230,911,860 new Ordinary Shares which may be issued pursuant to the following issues of warrants (as defined below):

 
 Warrant Issue                    Number of warrants 
 January 2021 Warrants - Batch 
  1                               81,299,020 
                                 ------------------- 
 January 2021 Warrants - Batch 
  2                               81,299,020 
                                 ------------------- 
 Spartan Warrants                 3,096,429 
                                 ------------------- 
 January 2022 Warrants - Batch 
  1                               65,217,391 
                                 ------------------- 
 Total                            230,911,860 
                                 ------------------- 
 

On Admission, the Company will therefore have the following new Ordinary Shares admitted to trading on AIM under the Block Admissions.

Block Admissions

 
 July 2020 Placing Warrants(i)           13,300,000 
  July 2020 Fee Warrants (ii)             5,700,000 
                                        ------------ 
 January 2021 Warrants - Batch 1(iii)    81,299,020 
                                        ------------ 
 January 2021 Warrants - Batch 2(iv)     81,299,020 
                                        ------------ 
 Spartan Warrants(v)                      3,096,429 
                                        ------------ 
 January 2022 Warrants - Batch 1(vi)     65,217,391 
                                        ------------ 
 Total                                   249,911,860 
                                        ------------ 
 

(i) 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.

(ii) 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.

(iii) Warrants to subscribe for new Ordinary Shares at a price of 0.70p per new Ordinary Share issued by the Company in January 2021 (the "January 2021 Warrants - Batch 1"). The grant of the January 2021 Warrants - Batch 1 was announced by the Company on 22 December 2020 in connection with the issue of subscription shares by the Company described therein with 50% of the January 2021 Warrants - Batch 1 being subject to the receipt of the necessary share issuance authorities at the Company's 2021 annual general meeting;

(iv) Warrants to subscribe for new Ordinary Shares at a price of 0.75p per new Ordinary Share issued by the Company in January 2021 (the "January 2021 Warrants - Batch 2"). The grant of the January 2021 Warrants - Batch 2 was announced by the Company on 22 December 2020 in connection with the issue of subscription shares by the Company described therein with 50% of the January 2021 Warrants - Batch 2 being subject to receipt of the necessary share issuance authorities at the Company's 2021 annual general meeting;

(v) Warrants to subscribe for new Ordinary Shares at a price of 0.7p per new Ordinary Share, in relation to the restructuring of the Company's loan with Spartan, announced on 1 October 2021 (the "Spartan Warrants"); and

(vi) Warrants to subscribe for new Ordinary Shares at a price of 0.65p per new Ordinary Share issued by the Company on 14 January 2022 (the "January 2022 Warrants - Batch 1") in connection with the issue of subscription shares by the Company described in the announcement therein. In addition, the Company also conditionally agreed to issue a further 78,260,869 warrants to subscribe for new Ordinary Shares exercisable at 0.65 pence per new Ordinary Share subject to the receipt of the necessary share issuance authorities at the Company's 2022 annual general meeting. These warrants are not included in this update.

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 2017. 
 
                            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. 
 
                            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. 
 
                            7. Warrants to subscribe for new Ordinary Shares at a price of 0.70p per new Ordinary 
                            Share 
                            issued by the Company in January 2021 (the "January 2021 Warrants - Batch 1"). The grant 
                            of 
                            the January 2021 Warrants - Batch 1 was announced by the Company on 22 December 2020 in 
                            connection 
                            with the issue of subscription shares by the Company described therein with 50% of the 
                            January 
                            2021 Warrants - Batch 1 being subject to the receipt of the necessary share issuance 
                            authorities 
                            at the Company's 2021 annual general meeting. 
 
                            8. Warrants to subscribe for new Ordinary Shares at a price of 0.75p per new Ordinary 
                            Share 
                            issued by the Company in January 2021 (the "January 2021 Warrants - Batch 2"). The grant 
                            of 
                            the January 2021 Warrants - Batch 2 was announced by the Company on 22 December 2020 in 
                            connection 
                            with the issue of subscription shares by the Company described therein with 50% of the 
                            January 
                            2021 Warrants - Batch 2 being subject to receipt of the necessary share issuance 
                            authorities 
                            at the Company's 2021 annual general meeting. 
 
                            9. Warrants to subscribe for new Ordinary Shares at a price of 0.7p per new Ordinary 
                            Share, 
                            in relation to the restructuring of the Company's loan with Spartan, announced on 1 
                            October 
                            2021 (the "Spartan Warrants"). 
 
                            10. Warrants to subscribe for new Ordinary Shares at a price of 0.65p per new Ordinary 
                            Share 
                            issued by the Company on 14 January 2022 (the "January 2022 Warrants - Batch 1") in 
                            connection 
                            with the issue of subscription shares by the Company described in the announcement 
                            therein. 
                            In addition, the Company also conditionally agreed to issue a further 78,260,869 warrants 
                            to subscribe for new Ordinary Shares exercisable at 0.65 pence per new Ordinary Share 
                            subject 
                            to the receipt of the necessary share issuance authorities at the Company's 2022 annual 
                            general 
                            meeting. These warrants are not included in this update. 
                          -------------------------------------------------------------------------------------------- 
 Period of return:         From:               11 October 2021                     To:          11 April 2022 
                          ------------------  ----------------------------------  -----------  ----------------------- 
                                        1:                61,538,461 
                                        2:                 3,033,628 
                                        3:                 0 
                                        4:                 3,571,428 
                                        5:                 13,300,000 
                                        6:                 5,700,000 
 Number of unallotted                   7:                 0 
  securities not issued                 8:                 0 
  under the scheme(s) at                9:                 0 
  the start of the                      10:                0 
  period:                             Total:               87,143,517 
                          -----------------------------  ------------------------------------------------------------- 
                                        1:                0 
                                        2:                 0 
                                        3:                 0 
 Plus: The amount by                    4:                 0 
  which the block                       5:                 0 
  scheme(s) has been                    6:                 0 
  increased since the                   7:                 81,299,020 
  date of the last                      8:                 81,299,020 
  return (if any                        9:                 3,096,429 
  increase has been                     10:                65,217,391 
  applied for):                       Total:               230,911,860 
                          -----------------------------  ------------------------------------------------------------- 
 Less: Number of                        1:                61,538,461 warrants expired on 9 March 2022 
 securities                             2:                 3,033,628 warrants expired on 9 March 2022 
 issued/allotted under                  3:                 0 
 scheme(s) during                       4:                 3,571,428 warrants expired on 9 March 2022 
 period:                                5:                 0 
                                        6:                 0 
                                        7:                 0 
                                        8:                 0 
                                        9:                 0 
                                        10:                0 
                                      Total:               68,143,517 
                          -----------------------------  ------------------------------------------------------------- 
 
                                         1:                 0 
 
                                         2:                 0 
 
                                         3:                 0 
 
                                         4:                 0 
 
                                         5:                 13,300,000 
 
                                         6:                 5,700,000 
 
                                         7:                 81,299,020 
 
                                         8:                 81,299,020 
 
                                         9:                 3,096,429 
 Equals: Balance under 
  scheme(s) not yet                     10:                 65,217,391 
  issued/allotted at end 
  of period:                           Total:               249,911,860 
                          -----------------------------  ------------------------------------------------------------- 
 Number and class of                    1:                64,538,461 - 2 March 2018 
  securities originally                 2:                3,033,628 -20 March 2020 
  admitted and the date                 3:                74,200,000 - 20 March 2020 (admission now withdrawn due to 
  of admission:                                           cancellation of warrants on 30 
                                        4:                March 2021) 
                                                          3,571,428 - 20 March 2020 
                                        5: 
                                                          13,300,000 - 21 September 2020 
                                        6: 
                                                          5,700,000 - 21 September 2020 
                                        7: 
                                                          81,299,020 - 19 April 2022 (admission pending) 
                                        8: 
                                                          81,299,020 - 19 April 2022 (admission pending) 
                                        9: 
                                                          3,096,429 - 19 April 2022 (admission pending) 
                                        10: 
                                                          65,217,391 - 19 April 2022 (admission pending) 
                          -----------------------------  ------------------------------------------------------------- 
 Name of contact:          AMBA Secretaries Limited, Company Secretary 
                          -------------------------------------------------------------------------------------------- 
 Telephone number of       +44 (0)20 7190 9930 
  contact: 
                          -------------------------------------------------------------------------------------------- 
 
 

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) 
      Anita Ghanekar                     +44 (0)20 7408 4090 
 
 
  Vigo Communications (PR Adviser) 
   Patrick d'Ancona 
   Finlay Thomson                      +44 (0)20 7390 0230 
 

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April 11, 2022 12:34 ET (16:34 GMT)

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