What a dawg this is now.4 Dec 2020 23:32
Was looking at this today. Been in and out a few times and somehow done OK since the stonking 2017 launch. I remember getting just 1.5 per cent of the excess application. 75 times over subbed but a load of the fixed because I was a fan of JP at that time and had missed Sound.
James Parsons, Chairman, commented (2017):
"We are delighted to confirm the last of an initial phase of institutional investment in Echo which now positions the Company for its planned near term acquisitions in Central and South America. This investment is a further endorsement of our recently announced strategy, with our new investors seeing as we do the very real opportunities in the current asset market to add material value rapidly to the business. We are excited about the potential transactions we are pursuing in our effort to become a mid-cap Latin American exploration company and look forward to updating the market on our progress in due course."
barnetpeter22 May '17 - 20:51 - 0
Only got the placing shares left in this stock.....sold the ones I initially bought for a great profit. The placing stock was up nearly 11 fold today. Going to keep them for 5 years and sell half at 100 fold and the rest at 1000 fold profit. No risk of course ....wish all small cap management were as honest and smart as these guys!
With hindsight what bllx. I didn't hold of course. The price smashed through 25p and I sold most for an obscene amount.
Could not believe the mkt cap of below 3 million today. Where has all the money gone? Such utter destruction. How much ,
money did they raise? Who let these directors anywhere near buying oil assets?? Just two raises below.
Reading Afn in April 2017, many saw this at a mkt cap of between 250 m and a billion by now. Me included. The BOD had unlimited cash and firepower at that time. Could have bought anything and raised as much as they wanted. PI's were desperate to buy in. Sad really with hindsight.
Anyway onwards and upwards and had a small punt. Oil looks strong. Something must be left here? Target of 0.75p minimum. Wince at the thought of how much some must have lost in Echo and Sound.
Echo is set to bring in £23mln of new institutional funds – in addition to the £3mln injection announced in March - ahead of its first asset deal.
Echo Energy plc (AIM: ECHO), the South and Central American focused upstream gas company, today announces a successful conditional placing and subscription (the "Placing") to raise £8.5 million, before expenses, through the issue of 71,185,447 new ordinary shares in the Company ("Ordinary Shares") at a placing price of 12.0 pence
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