Echo Energy PLC - Latin American-focused upstream oil & gas company - Agrees restructuring of GBP1.0 million loan from 2017 and now held by Spartan Class O, a sub-fund of Spartan Fund Ltd. Amendment terms are maturity date extended to March 2024 following four quarterly cash repayments of GBP25,000 starting March 2023, interest reduction to 8% per annum from 12% on non-compounding basis, and GBP127,500 of loan converted into 10.2 million Echo shares at 1.25 pence each. Shares are more than double priced above closing price on Thursday and locked in for six months from admission. Prior to amendment, full loan was due March 2022 with GBP50,000 quarterly cash repayments.
Current stock price: 0.59 pence
Year-to-date change: up 7.3%
By Josie O'Brien; josieobrien@alliancenews.com
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Echo Energy (ECHO)