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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Echo Energy Plc | LSE:ECHO | London | Ordinary Share | GB00BF0YPG76 | ORD 0.0001P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0031 | 0.003 | 0.0032 | 0.0031 | 0.0031 | 0.0031 | 67,087,555 | 07:42:15 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Drilling Oil And Gas Wells | 14.11M | -9.59M | -0.0017 | 0.00 | 0 |
From May 2019 to May 2024
TIDMECHO
RNS Number : 1590Z
Echo Energy PLC
16 September 2020
16 September 2020
Echo Energy plc
("Echo" or the "Company")
Block Admissions
Block Admission Interim Review
Echo Energy plc, the Latin American focused upstream oil and gas 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.
In addition to providing notification pursuant to Rule 29 of, and Schedule Six to, the AIM Rules for Companies regarding its existing Block Admissions, the Company also announces that it has today made applications to the London Stock Exchange plc for the admission of an aggregate of 19,000,000 Ordinary Shares to trading on AIM under new Block Admissions (the "New Block Admission Ordinary Shares").
The effect of these Block Admission changes will be to increase the total number of Ordinary Shares that the Company has under Block Admissions to an aggregate of 161,343,517 Ordinary Shares.
Following Admission, the Company will continue to have 806,717,587 Ordinary Shares in issue, which remains unchanged from previous notifications.
New Block Admissions
Application has been made for the New 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 21 September 2020 in the amounts set out below.
-- 13,300,000 Ordinary Shares which may be issued pursuant to the exercise of warrants to subscribe for new Ordinary Shares at a price of 1.0p per new Ordinary Share granted by the Company in July 2020 (the "July 2020 Placing Warrants"). The issue of the July 2020 Warrants, which were issued in connection with a placing of new Ordinary Shares undertaken at that time (the "Placing"), was announced by the Company on 27 July 2020.
-- 5,700,000 Ordinary Shares which may be issued pursuant to the exercise of warrants to subscribe for new Ordinary Shares at a price of 0.8p per new Ordinary Share granted by the Company July 2020 (the "July 2020 Fee Warrants"). The grant of the July 2020 Fee Warrants, in respect of fees incurred in connection with the Placing, was announced by the Company on 27 July 2020.
From Admission, the Company will therefore have the following Ordinary Shares admitted to trading on AIM under the Block Admissions:
Hot Features
Premium
March 2017 Warrants* 61,538,461
March 2017 Options* 3,033,628
------------
November 2019 Warrants* 74,200,000
------------
March 2020 Warrants* 3,571,428
------------
July 2020 Placing Warrants 13,300,000
------------
July 2020 Fee Warrants 5,700,000
------------
Total 161,343,517
------------
* As described and defined below.
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: 14 To: 14
March September
2020 2020
-------- ------ ---- ----------
1: 61,538,461
2: 3,033,628
3: 74,200,000
4: 3,571,428
Number of unallotted securities not issued under the scheme(s) at the start of the period: Total: 142,343,517
-------- ------------------------
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
Total: 0
-------- ------------------------
Less: Number of securities issued/allotted under scheme(s) during period: 1: 0
2: 0
3: 0
4: 0
Total: 0
-------- ------------------------
Equals: Balance under scheme(s) not yet issued/allotted at end of period:
1: 61,538,461
2: 3,033,628
3: 74,200,000
4: 3,571,428
5: 13,300,000- to be
admitted on 21
6: September 2020
Total: 5,700,000 - to be
admitted on 21
September 2020
161,343,517
-------- ------------------------
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 - to be
admitted on 21
September 2020
5,700,000 - to be
admitted on 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, Managing Director 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
MSCUNSBRRSUKARR
(END) Dow Jones Newswires
September 16, 2020 04:00 ET (08:00 GMT)
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