TIDMECHO
RNS Number : 0236I
Echo Energy PLC
11 April 2022
11 April 2022
Echo Energy plc
("Echo" or the "Company")
Block Admission and Block Admission Interim Review
Echo Energy plc, the Latin American focused energy company,
announces that it has today made application for an additional
230,911,860 new ordinary shares of 0.25p each in the Company
("Additional Block Admission Shares") to be admitted to trading on
AIM by way of a block admission (the "Block Admission Update").
Application has been made for the Additional Block Admission
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 19 April 2022.
In addition, and reflecting the expiry of 68,143,517
historically issued warrants since the date of the last block
admission update on 11 October 2021, the Company also provides the
following update.
The Block Admission Update, which will enable the Company to
continue to handle future smaller warrant exercises in an efficient
manner and does not result in any change in the number of ordinary
shares in issue until such time as any warrants subject to the
Block Admission Update are exercised, is in addition to the balance
of 19,000,000 ordinary shares in the Company ("Ordinary Shares")
currently admitted to trading on AIM pursuant to prior block
admissions in connection with warrants to subscribe for new
Ordinary Shares in the Company (together with the Block Admission
Update the "Block Admissions").
Following Admission, the Company will continue to have
1,452,491,345 Ordinary Shares in issue, which remains unchanged
from previous notifications.
The Block Admission Update has been made in respect of the issue
of 230,911,860 new Ordinary Shares which may be issued pursuant to
the following issues of warrants (as defined below):
Warrant Issue Number of warrants
January 2021 Warrants - Batch
1 81,299,020
-------------------
January 2021 Warrants - Batch
2 81,299,020
-------------------
Spartan Warrants 3,096,429
-------------------
January 2022 Warrants - Batch
1 65,217,391
-------------------
Total 230,911,860
-------------------
On Admission, the Company will therefore have the following new
Ordinary Shares admitted to trading on AIM under the Block
Admissions.
Block Admissions
July 2020 Placing Warrants(i) 13,300,000
July 2020 Fee Warrants (ii) 5,700,000
------------
January 2021 Warrants - Batch 1(iii) 81,299,020
------------
January 2021 Warrants - Batch 2(iv) 81,299,020
------------
Spartan Warrants(v) 3,096,429
------------
January 2022 Warrants - Batch 1(vi) 65,217,391
------------
Total 249,911,860
------------
(i) 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.
(ii) 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.
(iii) Warrants to subscribe for new Ordinary Shares at a price
of 0.70p per new Ordinary Share issued by the Company in January
2021 (the "January 2021 Warrants - Batch 1"). The grant of the
January 2021 Warrants - Batch 1 was announced by the Company on 22
December 2020 in connection with the issue of subscription shares
by the Company described therein with 50% of the January 2021
Warrants - Batch 1 being subject to the receipt of the necessary
share issuance authorities at the Company's 2021 annual general
meeting;
(iv) Warrants to subscribe for new Ordinary Shares at a price of
0.75p per new Ordinary Share issued by the Company in January 2021
(the "January 2021 Warrants - Batch 2"). The grant of the January
2021 Warrants - Batch 2 was announced by the Company on 22 December
2020 in connection with the issue of subscription shares by the
Company described therein with 50% of the January 2021 Warrants -
Batch 2 being subject to receipt of the necessary share issuance
authorities at the Company's 2021 annual general meeting;
(v) Warrants to subscribe for new Ordinary Shares at a price of
0.7p per new Ordinary Share, in relation to the restructuring of
the Company's loan with Spartan, announced on 1 October 2021 (the
"Spartan Warrants"); and
(vi) Warrants to subscribe for new Ordinary Shares at a price of
0.65p per new Ordinary Share issued by the Company on 14 January
2022 (the "January 2022 Warrants - Batch 1") in connection with the
issue of subscription shares by the Company described in the
announcement therein. In addition, the Company also conditionally
agreed to issue a further 78,260,869 warrants to subscribe for new
Ordinary Shares exercisable at 0.65 pence per new Ordinary Share
subject to the receipt of the necessary share issuance authorities
at the Company's 2022 annual general meeting. These warrants are
not included in this update.
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. 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.
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 EUR5.0 million secured
debt
facility put in place at that time, was first announced by the Company on 21 October 2019.
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 GBP1.0 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.
7. Warrants to subscribe for new Ordinary Shares at a price of 0.70p per new Ordinary
Share
issued by the Company in January 2021 (the "January 2021 Warrants - Batch 1"). The grant
of
the January 2021 Warrants - Batch 1 was announced by the Company on 22 December 2020 in
connection
with the issue of subscription shares by the Company described therein with 50% of the
January
2021 Warrants - Batch 1 being subject to the receipt of the necessary share issuance
authorities
at the Company's 2021 annual general meeting.
8. Warrants to subscribe for new Ordinary Shares at a price of 0.75p per new Ordinary
Share
issued by the Company in January 2021 (the "January 2021 Warrants - Batch 2"). The grant
of
the January 2021 Warrants - Batch 2 was announced by the Company on 22 December 2020 in
connection
with the issue of subscription shares by the Company described therein with 50% of the
January
2021 Warrants - Batch 2 being subject to receipt of the necessary share issuance
authorities
at the Company's 2021 annual general meeting.
9. Warrants to subscribe for new Ordinary Shares at a price of 0.7p per new Ordinary
Share,
in relation to the restructuring of the Company's loan with Spartan, announced on 1
October
2021 (the "Spartan Warrants").
10. Warrants to subscribe for new Ordinary Shares at a price of 0.65p per new Ordinary
Share
issued by the Company on 14 January 2022 (the "January 2022 Warrants - Batch 1") in
connection
with the issue of subscription shares by the Company described in the announcement
therein.
In addition, the Company also conditionally agreed to issue a further 78,260,869 warrants
to subscribe for new Ordinary Shares exercisable at 0.65 pence per new Ordinary Share
subject
to the receipt of the necessary share issuance authorities at the Company's 2022 annual
general
meeting. These warrants are not included in this update.
--------------------------------------------------------------------------------------------
Period of return: From: 11 October 2021 To: 11 April 2022
------------------ ---------------------------------- ----------- -----------------------
1: 61,538,461
2: 3,033,628
3: 0
4: 3,571,428
5: 13,300,000
6: 5,700,000
Number of unallotted 7: 0
securities not issued 8: 0
under the scheme(s) at 9: 0
the start of the 10: 0
period: Total: 87,143,517
----------------------------- -------------------------------------------------------------
1: 0
2: 0
3: 0
Plus: The amount by 4: 0
which the block 5: 0
scheme(s) has been 6: 0
increased since the 7: 81,299,020
date of the last 8: 81,299,020
return (if any 9: 3,096,429
increase has been 10: 65,217,391
applied for): Total: 230,911,860
----------------------------- -------------------------------------------------------------
Less: Number of 1: 61,538,461 warrants expired on 9 March 2022
securities 2: 3,033,628 warrants expired on 9 March 2022
issued/allotted under 3: 0
scheme(s) during 4: 3,571,428 warrants expired on 9 March 2022
period: 5: 0
6: 0
7: 0
8: 0
9: 0
10: 0
Total: 68,143,517
----------------------------- -------------------------------------------------------------
1: 0
2: 0
3: 0
4: 0
5: 13,300,000
6: 5,700,000
7: 81,299,020
8: 81,299,020
9: 3,096,429
Equals: Balance under
scheme(s) not yet 10: 65,217,391
issued/allotted at end
of period: Total: 249,911,860
----------------------------- -------------------------------------------------------------
Number and class of 1: 64,538,461 - 2 March 2018
securities originally 2: 3,033,628 -20 March 2020
admitted and the date 3: 74,200,000 - 20 March 2020 (admission now withdrawn due to
of admission: cancellation of warrants on 30
4: March 2021)
3,571,428 - 20 March 2020
5:
13,300,000 - 21 September 2020
6:
5,700,000 - 21 September 2020
7:
81,299,020 - 19 April 2022 (admission pending)
8:
81,299,020 - 19 April 2022 (admission pending)
9:
3,096,429 - 19 April 2022 (admission pending)
10:
65,217,391 - 19 April 2022 (admission pending)
----------------------------- -------------------------------------------------------------
Name of contact: AMBA Secretaries Limited, Company Secretary
--------------------------------------------------------------------------------------------
Telephone number of +44 (0)20 7190 9930
contact:
--------------------------------------------------------------------------------------------
For further information please contact:
Echo Energy
Martin Hull, Chief Executive Officer via Vigo Communications
Cenkos Securities (Nominated Adviser)
Ben Jeynes
Katy Birkin +44 (0)20 7397 8900
Shore Capital (Corporate Broker)
Anita Ghanekar +44 (0)20 7408 4090
Vigo Communications (PR Adviser)
Patrick d'Ancona
Finlay Thomson +44 (0)20 7390 0230
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END
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April 11, 2022 12:34 ET (16:34 GMT)
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