Member Info for Grill79

and how often that would happen I don't know, depends if the interest due dates are quarterly, six monthly or annually - anyone know this?

Woodrow,

How many shares they would get appears to depend on their value which is calculated each time there is an interest payment due (that they are electing to take as shares). So as the share price fluctuates then the number of shares they would get would also fluctuate.The interest is at a given rate so if the share price rocketed there would need to be fewer shares issued to satisfy the interest value.

Somm, unless I'm wrong the debt restructuring agreement includes the part below, so although we absolutely don't have to pay any cash until maturity it looks like we at least have to be able to have the shares available to issue IF the noteholders elect to do so (and at least 50% of them). I'm trying to find a plus side to this and at a reach I suppose if the shares were to increase in value then we won't need to issue many to 'pay' the interest to the noteholders as the value is based on the recent average each time one of these elections takes place.

***If approved by the requisite majority of Noteholders any and all interest on the Notes accruing from 31 December 2019 shall be paid in cash on the Maturity Date save that Noteholders will be provided with the ability, from 30 September 2021, to elect to receive Note interest payments in respect of the immediately preceding quarter in new ordinary Shares in the Company ("Elections"), subject inter alia to the Company having the required share issuance authorities in place from time to time to satisfy Elections and to Noteholders holding at least 50 per cent. of the Notes having made Elections in respect of the relevant quarter. Any new ordinary shares issued as a result of Elections will be issued at an effective issue price equal to the volume weighted average price of an Echo ordinary share for the 10 Business Days before the relevant interest conversion date.***

may have answered my own query here:

From the RNS re debt restructure earlier in the year:
If approved by the requisite majority of Noteholders any and all interest on the Notes accruing from 31 December 2019 shall be paid in cash on the Maturity Date save that Noteholders will be provided with the ability, from 30 September 2021, to elect to receive Note interest payments in respect of the immediately preceding quarter in new ordinary Shares in the Company ("Elections"), subject inter alia to the Company having the required share issuance authorities in place from time to time to satisfy Elections and to Noteholders holding at least 50 per cent. of the Notes having made Elections in respect of the relevant quarter. Any new ordinary shares issued as a result of Elections will be issued at an effective issue price equal to the volume weighted average price of an Echo ordinary share for the 10 Business Days before the relevant interest conversion date.

*** save that Noteholders will be provided with the ability, from 30 September 2021, to elect to receive Note interest payments in respect of the immediately preceding quarter in new ordinary Shares in the Company ("Elections") ***

Thats the key part - so now the board are asking us to allow them to be able to provide those shares that the company has already agreed to make available these new ordinary shares if the noteholders elect to take them. i.e. if we don't provide them with the ability to issue those shares then the company will be in breach of the debt restructuring agreement. We don;t have much of a choice.

The difference with this 'share request' from the earlier AGM one was that the earlier one gave them free reign to issue shares as the board sees fit, this is specific and targeted. I'm not thrilled about this either but this is how it seems to be unless someone wants to correct me?

· Maturity of the Notes will be extended by three years to 15 May 2025 (the "Maturity Date"); and
· All cash interest payments on the Notes rolled to the Maturity Date.

Not much else we need to consider regarding this is there? Nothing to pay on these notes until 15 May 2025. If these previously stated facts are no longer the case then surely MH and the company need to disclose that.

and my 2.5m

Sorry should have confirmed - if in a stocks & shares ISA any profits/dividends are 100% tax-free. Although if you make losses you can't use them against other taxable income or gains.

Yep, same here and in that case any profits/dividends are 100% tax-free

Jiddy's not wrong, our fate lies with oil being in the ground or not. The optics/timing of him leaving aren't necessarily great but you could read any number of theories into that and we'd all be guessing.

£20 from me too, thanks for the hard work - fingers crossed for us all!

From the original HOA with Lincs; 'Further, the parties have entered into a Funding agreement whereby Linc shall provide funding up to a maximum AUD 400,000 for the costs associated with the WHE subsidiaries holding the WHE UCG tenements for up to four months prior to completion of the sale transaction' So it probably costs a minimum of AUD100k per month to keep the UCG leases. So, even if the company raises the full AUD1.4m from the rights issue then considering that there are other costs of keeping the company running to be factored in the cash isn't there to keep them running for very long.