Block Admissions

RNS Number : 3311G

Echo Energy PLC

16 March 2020

 

16 March 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 remaining Block Admissions, the Company also announces that it has today made applications to the London Stock Exchange plc for: (a) the cancellation of certain previous Block Admissions in respect of an aggregate of 33,809,367 Ordinary Shares; and (b) the admission of an aggregate of 80,805,056 Ordinary Shares to trading on AIM under new Block Admissions (the "New Block Admission Ordinary Shares").

The net effect of these Block Admission changes will be to increase the total number of Ordinary Shares that the Company has under Block Admissions by 46,995,689 Ordinary Shares to an aggregate of 142,343,517 Ordinary Shares.

Following Admission, the Company will continue to have 711,717,587 Ordinary Shares in issue, which remains unchanged from previous notifications.

Block Admission cancellations

The Company has today cancelled Block Admissions in respect of the Cancelled Block Admission Ordinary Shares which may be issued pursuant to the below warrants to subscribe for new Ordinary Shares.

· 26,571,096 Ordinary Shares which may be issued pursuant to the exercise of 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

· 7,238,271 Ordinary Shares which may be issued pursuant to the future exercise of 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  £10m placing.

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 20 March 2020 in the amounts set out below.

· 3,033,628 Ordinary Shares which may be issued pursuant to the exercise of 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.

· 74,200,000 Ordinary Shares which may be issued pursuant to the exercise of 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 milllion secured debt facility put in place at that time, was first announced by the Company on 21 October 2019.

· 3,571,428 Ordinary Shares which may be issued pursuant to the exercise of 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. 

From Admission, the Company will therefore have the following Ordinary Shares admitted to trading on AIM under the Block Admissions:

March 2017 Warrants*	61,538,461
March 2017 Options	3,033,628
November 2019 Warrants	74,200,000
March 2020 Warrants	3,571,428
Total	142,343,517

* As defined below and admitted to trading on AIM on 2 March 2018 under a Block Admission announced by the Company on 28 February 2018.

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.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; 3.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  £10m placing; 4. 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; 5.  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 6.  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.
Period of return:	From:	14 September 2019		To:	13 March 2020
Number of unallotted securities not issued under the scheme(s) at the start of the period:	1: 2. 3. Total:		61,538,461 26,571,096 7,238,271 95,347,828
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: Total:		0 0 0 0
Less:   Number of securities issued/allotted under scheme(s) during period:	1: 2: 3: Total:		0 0 0 0
Equals:   Balance under scheme(s) not yet issued/allotted at end of period:	1: 2: 3: 4: 5: 6: Total:		61,538,461 0 0 3, 033,628 - to be admitted on 20 March 2020 74,200,000 - to be admitted on 20 March 2020 3,571,428 - to be admitted on 20 March 2020 142,343,517
Number and class of securities originally admitted and the date of admission:	1: 2: 3: 4: 5: 6: Total:		64,538,461 - 2 March 2018 8,224,007 - 2 March 2018 18,347,089 - 19 September 2018 7,238,271 - 2 March 2018 3, 033,628 - to be admitted on 20 March 2020 74,200,000 - to be admitted on 20 March 2020 3,571,428 - to be admitted on 20 March 2020 179,152,884
Name of contact:	AMBA Secretaries Limited, Company Secretary
Telephone number of contact:	[phone]

For further information please contact:

Echo Energy Martin Hull, Managing Director	via Vigo Communications
Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin	[phone]

Shore Capital (Corporate Broker) Jerry Keen

[phone]

Vigo Communications (PR Adviser) Patrick d'Ancona Chris McMahon

[phone]

 

END

 

 

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