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IndependentResources (ECHO)

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Tuesday 18 April, 2017

IndependentResources

Result of GM & Successful Conclusion of Open Offer

RNS Number : 6337C
Independent Resources PLC
18 April 2017
 

Independent Resources plc

("Independent Resources" or the "Company")

Result of General Meeting and Successful Conclusion of Open Offer

Admission of Shares, Change of Name/Ticker, New Website, Grant of Warrants, PDMR Dealings, Total Voting Rights


Independent Resources, the upstream oil & gas company is pleased to make the following announcements.

 

Result of General Meeting

The Board is pleased to announce that at the General Meeting held earlier today, all the Resolutions proposed were duly passed by way of a Poll. The voting results are detailed below:

Resolution

Votes For

% of Votes cast

Votes Against

% of Votes cast

Total votes cast

1.

1,587,745,216

99.999

8,334

0.001

1,587,753,550

2.

1,587,753,550

100

0

0

1,587,753,550

3.

1,587,711,520

99.999

8,334

0.001

1,587,719,854

4.

1,587,711,520

99.997

42,030

0.003

1,587,753,550

5.

1,587,745,216

99.999

8,334

0.001

1,587,753,550

 

Votes 'For' include those votes giving the Chairman discretion.

There were 3,921,086,881 Ordinary shares in issue, all of which had the right to vote.

A vote 'withheld' is not a vote in law and is not counted in the calculation of the votes for or against.

Full details of the resolutions are set out in the Notice of General Meeting, dated 16 March 2017 (www.echoenergyplc.com)

 

Successful Conclusion of Significantly Oversubscribed Open Offer

The Open Offer closed for acceptances at 11.00 a.m. on 13 April 2017 and the Company announces that it was hugely oversubscribed and that it has received valid acceptances in respect of 2,236,280,127 Open Offer Shares from Qualifying Shareholders, raising £1,453,582 before expenses, conditional only on Admission. This represents 100 per cent. of the Open Offer Shares offered and includes applications for 58,066,839 Open Offer Shares under the Excess Application Facility. Accordingly, valid applications for Open Offer Entitlements under the Open Offer are being met in full. 

Applications for Excess Open Offer Entitlements were significantly greater than the number of Open Offer Entitlements not applied for and have accordingly been scaled back pro rata to the number of Excess Shares applied for by Qualifying Shareholders under the Excess Application Facility.

All eligible applications under the Excess Application Facility will be scaled back pro rata to the number of Excess Shares applied for and refund payments for all unallocated Excess Applications will be made as soon as reasonably practical.

 

 

Admission of Open Offer Shares

Application has been made for 2,236,280,127 New Ordinary Shares pursuant to the Open Offer to be admitted to trading on AIM with Admission expected to become effective at 8.00 a.m. on 19 April 2017.

Change of Name/Ticker

As announced on 6 March 2017 the Company can confirm that, following the special resolution at the General Meeting, it will change its name to Echo Energy plc with immediate effect. As a consequence it will adopt the ticker symbol ECHO. This is expected to become effective for trading in the Company's shares on 19 April 2017.  The Company's ISIN and SEDOL codes will remain unchanged.

 

New Website

The Company's new website is now active and can be found at www.echoenergyplc.com, including the information required by AIM Rule 26.

 

Grant of Warrants

 

As per the terms of the £1m three year secured loan from Greenberry plc ('Greenberry') to the Company, announced on 6 March 2017, Greenberry was to be granted 1,538,461,538 warrants. On 9 March 2017 53,078,411 warrants were issued to Greenberry and following today's General Meeting 477,800,000 warrants will be issued with the remainder to be issued following approval for further authority to issue equity securities on a non-pre-emptive basis, which will be sought at the next general meeting of the Company.

 

PDMR Dealings

 

Greg Coleman, the Company's Chief Executive Officer, has participated in the Open Offer and as result of his application, including Excess Shares, will be allotted 3,043,799 shares in the Company.

As a result of this purchase Greg Coleman is interested in 7,589,876 Ordinary shares, representing 0.123% of the Company's enlarged issued share capital.

 

Total Voting Rights

On Admission of the New Ordinary Shares the Company will have 6,157,367,008 Ordinary Shares in issue and no shares are held in treasury. Therefore, the Company's total number of Ordinary Shares with voting rights will be 6,157,367,008.

The above figure of 6,157,367,008 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 Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

 

The Company has this morning announced its intention to proceed with a 25:1 share consolidation which will be brought to shareholders for approval during the latter half of May 2017.

 

 

For further information please contact:

 

Independent Resources / Echo Energy

James Parsons, Chairman

Greg Coleman, Chief Executive Officer         

   

[email protected]

[email protected]

ZAI Corporate Finance Limited - Nominated Adviser                           +44 (0) 20 7060 2220

John Treacy / Jamie Spotswood

Brandon Hill Capital Limited - Broker                                                  +44 (0) 20 3463 5000

Jonathan Evans / Oliver Stansfield

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Market Abuse Regulation 596/2014 ("MAR").

 

ANNEX

 

Template for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

 

 William Gregory Coleman

2

 

Reason for the notification

 

a)

 

Position/status

 

 

PDMR, Chief Executive Officer of Independent Resources plc

b)

 

Initial notification /Amendment

 

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Independent Resources plc

b)

 

LEI

 

 

2138006SNII7SKIGG445

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

 

a)

 

Description of the financial instrument, type of instrument

Ordinary Shares



Identification code

GB00B0RNX796



b)

 

Nature of the transaction

 

 

Purchase of Open Offer Shares

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




0.065p

3,043,799







d)

 

Aggregated information




- Aggregated volume

N/A



- Price

N/A



e)

 

Date of the transaction

 

 

18 April 2017

f)

 

Place of the transaction

 

 

London Stock Exchange

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

 

 Greenberry plc

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Notification concerns a PCA, being a legal person the managerial responsibilities of which are discharged by Marco Fumagalli, a PDMR of Independent Resources plc

 

b)

 

Initial notification /Amendment

 

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Independent Resources plc

b)

 

LEI

 

 

2138006SNII7SKIGG445

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

 

a)

 

Description of the financial instrument, type of instrument

Warrants



Identification code




b)

 

Nature of the transaction

 

 

Grant of warrants

c)

 

Price(s) and volume(s)







Price(s)

Volume(s)




0.12p

477,800,000







d)

 

Aggregated information




- Aggregated volume

N/A



- Price

N/A



e)

 

Date of the transaction

 

 

18 April 2017

f)

 

Place of the transaction

 

 

London Stock Exchange

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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