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| Date | 12 Oct 2021 |
| Time | 13:16:58 |
| Category | Miscellaneous |
| ID | 7216O |
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.
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Name of the company:
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Echo Energy plc |
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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 €5.0 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 £1.0 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.
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Period of return: |
From: |
19 March 2021 |
To: |
11 October 2021 |
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Number of unallotted securities not issued under the scheme(s) at the start of the period: |
1: 2: 3: 4: 5: 6:
Total: |
61,538,461 3,033,628 74,200,000 3,571,428 13,300,000 5,700,000
161,343,517 |
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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: 2: 3: 4: 5: 6: Total: |
0 0 0 0 0 0 0 |
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Less: Number of securities issued/allotted under scheme(s) during period: |
1: 2: 3:
4: 5: 6: Total: |
0 0 74,200,000 - November 2019 Warrants cancelled on 30 March 2021 0 0 0 0 |
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Equals: Balance under scheme(s) not yet issued/allotted at end of period: |
1:
2:
3:
4:
5:
6:
Total: |
61,538,461
3,033,628
0
3,571,428
13,300,000
5,700,000
87,143,517
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Number and class of securities originally admitted and the date of admission: |
1:
2:
3:
4:
5:
6:
Total:
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64,538,461 - 2 March 2018
3,033,628 -20 March 2020
74,200,000 - 20 March 2020
3,571,428 - 20 March 2020
13,300,000 - 21 September 2020
5,700,000 - 21 September 2020
164,343,517 |
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Name of contact: |
AMBA Secretaries Limited, Company Secretary |
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Telephone number of contact: |
+44 (0)20 7190 9930 |
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For further information please contact:
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Echo Energy Martin Hull, Chief Executive Officer |
via Vigo Communications |
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Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin
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+44 (0)20 7397 8900 |
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Shore Capital (Corporate Broker) Jerry Keen
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+44 (0)20 7408 4090 |
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Vigo Communications (PR Adviser) Patrick d'Ancona Chris McMahon
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+44 (0)20 7390 0230 |