Echo Energy PLC Issue of Equity, Award of Options & TVR (7579X)
22 Diciembre 2023 - 1:05AM
UK Regulatory
TIDMECHO
RNS Number : 7579X
Echo Energy PLC
22 December 2023
22 December 2023
Echo Energy plc
("Echo" or the "Company")
Issue of Equity, Award of Options and Total Voting Rights
Echo Energy plc, announces that it will issue shares to certain
suppliers in lieu of cash payment in a bid to continue to preserve
cash resources as the Company seeks to deliver its growth strategy.
The Company has also made an award of options to the Chief
Executive Officer as part of his remuneration package.
323,809,524 new Ordinary shares of 0.0001 pence each will be
issued in lieu of cash for services provided at a price of 0.0105
pence per new Ordinary share, being the closing price of the
Company's stock on 21 December 2023.
Application has been made to the London Stock Exchange for the
New Ordinary Shares to be admitted to trading on AIM ('Admission')
and it is expected that such Admission is expected to take place on
or around 8.00 a.m. on 29 December 2023.
The Company also announces that a total of 238,468,698 options
have been awarded to Stephen Birrell over new Ordinary shares in
the Company (the 'Options'). The Options have been granted, at the
determination of the Remuneration Committee, as part of the
Company's strategy to retain and incentivise through the award of
equity incentives . The Options have an exercise price of 0.0105
pence per new Ordinary share, being the price equal to the closing
price per Ordinary Share on 21 December 2023, and will vest on the
third anniversary of the date of grant and will be exercisable
anytime thereafter until expiry on the fifth anniversary of the
date on which the Options were granted.
In accordance with the provision of the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority, the Company
confirms that, following the issue of the new Ordinary Shares, its
issued ordinary share capital will comprise 6,285,526,975 Ordinary
shares. All of the Ordinary shares have equal voting rights and
none of the ordinary shares are held in Treasury. The total number
of voting rights in the Company will therefore be 6,285,526,975.
The above figure may be used by shareholders as the denominator for
the calculations to determine if they are required to notify their
interests in, or change to their interest in, the Company.
The notifications below, provided in accordance with the
requirements of the UK Market Abuse Regulation, provide further
details.
Details of the person discharging managerial responsibilities / person closely associated
1.
a. Name Stephen Birrell
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2. Reason for the notification
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a. Position/status Chief Executive Officer
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b. Initial notification/Amendment Initial Notification
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3. Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------------------------------------------
a. Name Echo Energy PLC
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b. LEI 2138006SNII7SKIGG445
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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
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a. Description of the Financial instrument, type Ordinary shares of GBPGBP0.000001 per share par value
of instrument
Identification code
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b. Nature of the transaction Grant of Options to acquire Ordinary shares
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c. Price(s) and volume(s) Price(s) Volume(s)
0.0105 pence 238,468,698
-------------- ------------
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d. Aggregated information
* Aggregated volume N/A - Single Transaction
* Price
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e. Date of the transaction 21 December 2023
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f. Place of the transaction AIMX
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For further information please contact:
Echo Energy info@echoenergyplc.com
Stephen Birrell, Chief Executive Officer
Cavendish Securities plc (Nominated Tel: 44 (0)20 7220
Adviser) 0500
Adrian Hadden
Ben Jeynes
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END
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December 22, 2023 02:05 ET (07:05 GMT)
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