Results of Noteholder Meeting
15 March 2021
Echo Energy plc
("Echo" or "the Company")
Noteholder Meeting Results - 84% vote in favour
Adjourned Noteholder Meeting
Echo Energy, the Latin American focused upstream oil and gas company, announces the results of the meeting of the holders of the Company's Luxembourg listed EUR 20.0m 8.0% secured notes (the "Notes") held earlier today (the "Noteholder Meeting") to consider the Company's proposals for the restructuring of the Notes (the "Proposals").
Voting instructions representing EUR 12.5m of the Notes were lodged by holders of the Notes ("Noteholders") with 84 per cent. of votes cast in favour of the Proposals.
With votes representing 62.5 per cent. of the aggregate principal amount of the outstanding Notes cast, the Noteholder Meeting was therefore adjourned for want of the necessary quorum and an adjourned Noteholder Meeting, to consider the Proposals in unchanged form, will now be held at 10.00 a.m. on 30 March 2021 (the "Adjourned Noteholder Meeting").
The Adjourned Noteholder Meeting will require a reduced quorum of 25 per cent. of the aggregate principal amount of the outstanding Notes, being considerably lower than the 75 per cent. of the aggregate principal amount of the outstanding Notes that had been required for the Noteholder Meeting.
Voting instructions already lodged by Noteholders remain valid for the Adjourned Noteholder Meeting and the relevant Noteholders need take no further action to be represented at the Adjourned Noteholder Meeting.
In the event that current votes remain unchanged at the Adjourned Noteholder Meeting, the restructuring of the Notes would be approved as proposed by the Company.
A circular providing Noteholders with notice of the Adjourned Noteholder Meeting will be sent to Noteholders later today and will be available from the Company's website at www.echoenergyplc.co.uk shortly thereafter.
For further information, please contact:
|
Echo Energy Martin Hull, Chief Executive Officer
|
via Vigo Communications |
|
Vigo Communications (PR Advisor) Patrick d'Ancona Chris McMahon
|
+44 (0) 20 7390 0230 |
|
Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin
|
+44 (0) 20 7397 8900 |
|
Shore Capital (Corporate Broker) Jerry Keen |
+44 (0) 20 7408 4090 |
Note
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 4 minutes ago Judges Scientific
- 15 minutes ago AB Dynamics
- 16 minutes ago Henry Boot
- 30 minutes ago TPXimpact Holdings
- 53 minutes ago Ithaca Energy