Echo Energy PLC Debt Restructuring Completion & Issue of Equity (3533I)
02 Diciembre 2022 - 1:00AM
UK Regulatory
TIDMECHO
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 EUR15.0 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 via Vigo Consulting
Martin Hull, Chief Executive Officer
Vigo Consulting (IR/PR Advisor)
Patrick d'Ancona
Finlay Thomson
Kendall Hill +44 (0) 20 7390 0230
Cenkos Securities (Nominated Adviser)
Ben Jeynes
Katy Birkin +44 (0) 20 7397 8900
Arden Partners plc (Corporate Broker)
Simon Johnson (Corporate Broking)
John Llewellyn-Lloyd (Corporate Finance) +44 (0) 20 7614 5900
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END
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December 02, 2022 02:00 ET (07:00 GMT)
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