Echo Energy PLC Block Admissions, Issue of Options & PDMR Holding (1577G)

TIDMECHO

RNS Number : 1577G

Echo Energy PLC

28 February 2018

28 February 2018

Echo Energy plc

("Echo" or the "Company")

Block Admissions, Issue of Options and Director/PDMR Shareholding

Echo Energy plc, the South and Central American focused upstream gas company, announces that following its re-admission to trading on AIM on 4 January 2018, it has today made application to restate the block admissions that were in place prior to the Company's re-admission (the "Block Admissions") of up to a total of 80,400,739 ordinary shares of 0.25 pence each in the Company ("Ordinary Shares") to be admitted to trading on AIM.

Application has been made for the Block Admission Ordinary 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 2 March 2018.

Following admission, the Company will continue to have 402,003,697 Ordinary Shares in issue, which remains unchanged from previous notifications.

The Block Admissions, which enable the Company to handle future smaller warrant exercises in an efficient manner, replace all prior Echo Energy block admissions in place prior to the Company's re-admission to AIM on 4 January 2018 and have been made in respect of the issue of new Ordinary Shares which may be issued pursuant to the exercise of certain existing warrants to subscribe for new Ordinary Shares in the amounts shown below.

(i) Warrants to subscribe for new Ordinary Shares at a price of 30p per new Ordinary Share issued by the Company in 2015 (the "May 2015 Warrants"). The grant of the May 2015 Warrants was announced by the Company on 8 May 2015 and formed part of the placing to raise gross proceeds of GBP800k;

(ii) Warrants to subscribe for new Ordinary Shares at a price of 18p per new Ordinary Share issued by the Company in 2015 (the "November 2015 Warrants"). The grant of the November 2015 Warrants was announced by the Company on 16 November 2015 and were granted as part of the placing announced therein, representing 5% of the total placing;

(iii) Warrants to subscribe for new Ordinary Shares at a price of 3p per new Ordinary Share issued by the Company in 2016 (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;

(iv) Warrants to subscribe for new Ordinary Shares at a price of 15.1875p per new Ordinary Shares issued by the Company in 2017 (the "May 2017 Warrants - Batch 1"). The grant of the May 2017 Warrants - Batch 1 was announced on 15 May 2017 in connection with the issue by the Company of secured loan notes described therein; and

(v) Warrants to subscribe for new Ordinary Shares at a price of 15.1875p per new Ordinary Shares issued by the Company in 2017 (the "May 2017 Warrants - Batch 2"). The grant of the May 2017 Warrants - Batch 2 was announced by the Company on 19 May 2017 in connection with a GBP10m placing.

together the "Warrants".

Block Admissions

 
 May 2015 Warrants          160,000 
------------------------  ----------- 
 November 2015 Warrants     240,000 
------------------------  ----------- 
 March 2017 Warrants       64,538,461 
------------------------  ----------- 
 May 2017 - Batch 1 
  Warrants                 8,224,007 
------------------------  ----------- 
 May 2017 - Batch 2 
  Warrants                 7,238,271 
------------------------  ----------- 
 Total                     80,400,739 
------------------------  ----------- 
 

Issue of Options and Director/PDMR Shareholding

The Company also announces that it has today issued a total of 6,122,802 options to subscribe for new ordinary shares in the Company to certain of the Company's employees. The options have been granted under the Company's EMI scheme, with an exercise price of 13.25p; vesting on 28 February 2021, with the latest exercise date being 28 February 2023. Of these options granted, two million options to subscribe for new ordinary shares in the Company at a price of 13.25 pence per ordinary share have been granted to Fiona MacAulay, the Company's Chief Executive Officer.

The notification below, made in accordance with the Market Abuse Regulation, provides further details in relation to the issue of options to Fiona MacAulay.

 
 1     Details of the person discharging managerial 
        responsibilities / person closely associated 
----  ------------------------------------------------------------------- 
 a)    Name                            Fiona Margaret Barkham (Fiona 
                                        MacAulay) 
----  ------------------------------  ----------------------------------- 
 2     Reason for the notification 
----  ------------------------------------------------------------------- 
 a)    Position/status                 PDMR (Director) 
----  ------------------------------  ----------------------------------- 
 b)    Initial notification            Initial notification 
        /Amendment 
----  ------------------------------  ----------------------------------- 
 3     Details of the issuer, emission allowance 
        market participant, auction platform, auctioneer 
        or auction monitor 
----  ------------------------------------------------------------------- 
 a)    Name                            Echo Energy plc 
----  ------------------------------  ----------------------------------- 
 b)    LEI                             2138006SNII7SKIGG445 
----  ------------------------------  ----------------------------------- 
 4     Details of the transaction(s): section to 
        be repeated for (i) each type of instrument; 
        (ii) each type of transaction; (iii) each 
        date; and (iv) each place where transactions 
        have been conducted 
----  ------------------------------------------------------------------- 
 a)    Description of                  Options to subscribe for 
        the financial                   ordinary shares of 0.25p 
        instrument, type                each 
        of instrument 
---- 
 
       Identification                  GB00BF0YPG76 
        code 
 
 b)    Nature of the                   Grant of options 
        transaction 
----  ------------------------------  ----------------------------------- 
 c)    Price(s) and volume(s) 
----                                   ---------------  --------------- 
                                        Price(s)         Volume(s) 
----                                   ---------------  --------------- 
                                        13.25p           2,000,000 
                                       ---------------  --------------- 
 
 d)    Aggregated information          n/a - single transaction 
---- 
 
  - Aggregated volume 
 
  - Price 
 
 e)    Date of the transaction         26 February 2018 
----  ------------------------------  ----------------------------------- 
 f)    Place of the transaction        Outside a trading venue 
----  ------------------------------  ----------------------------------- 
 

For further information please contact:

 
 Echo Energy plc 
  Fiona MacAulay, CEO                  [e-mail] 
  Will Holland, CFO                    [e-mail] 
 Smith & Williamson (Nominated 
  Adviser) 
  Azhic Basirov 
  David Jones 
  Ben Jeynes                         [phone] 
 Hannam & Partners (Corporate 
  Broker) 
  Giles Fitzpatrick 
  Andrew Chubb 
  Ernest Bell                        [phone] 
 Vigo Communications (PR Adviser) 
  Patrick d'Ancona 
  Chris McMahon 
  Kate Rogucheva                     [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 28, 2018 02:01 ET (07:01 GMT)