Debt Restructuring Completion & Issue of Equity

RNS Number : 3533I

Echo Energy PLC

02 December 2022

 

2 December 2022

Echo Energy plc

("Echo Energy", "Echo" or the "Company")

Completion of Debt Restructuring, Issue of Equity and Total Voting Rights

Echo Energy plc, the Latin American focused energy company, announces that in respect of completion of the restructuring of the Company's Luxembourg listed EUR 20.0m 8.0% secured notes (the "Notes") and the Company's 5.0 million 8.0% secured convertible debt facility (the "Facility"), it has today made application for 3,570,766,386 new ordinary shares in the Company (the "New Ordinary Shares") to be admitted to trading on AIM ("Admission"). The New Ordinary Shares will rank pari passu with the Company's existing ordinary shares and it is expected that Admission will occur at 8.00 a.m. on 8 December 2022.

As a result, the restructuring of the Notes and the Facility first announced by the Company on 12 August 2022 and subsequently approved by Echo shareholders and holders of the Notes will complete on Admission, with an aggregate of €15.0 million of debt principal, together with accrued interest thereon having been converted into the New Ordinary Shares.

Following Admission, the Company's issued ordinary share capital will comprise 5,527,427,674 ordinary shares, none of which are held in treasury. Therefore the total number of ordinary Shares with voting rights in Echo following Admission will be 5,527,427,674.

The above figure of 5,527,427,674 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

Martin Hull, Echo's Chief Executive Officer, commented:

"Completion of the restructuring of the Company's balance sheet is a very significant and positive milestone for Echo Energy. I would like to thank our note and debt holders, and of course Echo's shareholders, for their continued support.

With our ambitious strategy to increase production and value in Santa Cruz sur, we remain focused on delivering on our operational and commercial goals."

For further information, please contact:

Echo Energy Martin Hull, Chief Executive Officer	via Vigo Consulting
Vigo Consulting (IR/PR Advisor) Patrick d'Ancona Finlay Thomson Kendall Hill	[phone]
Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin	[phone]
Arden Partners plc (Corporate Broker) Simon Johnson (Corporate Broking) John Llewellyn-Lloyd (Corporate Finance)	[phone]

 

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