Last checked at 14 Sep 2018 16:15
14 September 2018
Echo Energy plc
("Echo" or the "Company")
Block Admission and Block Admission Interim Review
Echo Energy plc, the Latin American focused upstream oil and gas company, announces that it has today made application for an additional 18,347,089 ordinary shares in the Company ("Additional Block Admission Shares") to be admitted to trading on AIM by way of a block admission (the "Block Admission Update").
The Block Admission Update, which will enable the Company to continue to handle future smaller warrant exercises in an efficient manner, is in addition to the balance of 77,240,749 ordinary shares in the Company ("Ordinary Shares") currently admitted to trading on AIM pursuant to prior block admissions on 2 March 2018 in connection with warrants to subscribe for new Ordinary Shares in the Company (together with the Block Admission Update the "Block Admissions").
Application has been made for the Additional Block Admission Shares, which will, when issued, rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM ("Admission") at 8.00 a.m. on 19 September 2018.
Following admission, the Company will continue to have 477,939,144 Ordinary Shares in issue, which remains unchanged from previous notifications.
The Block Admission Update has been made in respect of the issue of 18,347,089 new Ordinary Shares which may be issued pursuant to the exercise of Warrants to subscribe for new Ordinary Shares at a price of 15.1875p per new Ordinary Shares issued by the Company in 2017 (the "May 2017 Warrants - Batch 1"). The grant of the May 2017 Warrants - Batch 1 was announced on 15 May 2017 in connection with the issue by the Company of secured loan notes described therein.
As a result of the Block Admission Update and the lapsing of 160,000 historically issued warrants since 28 February 2018, the Company will have the following new Ordinary Shares admitted to trading on AIM under the Block Admissions on Admission.
Block Admissions
November 2015 Warrants (i) | 240,000 |
March 2017 Warrants (ii) | 61,538,461 |
May 2017 - Batch 1 Warrants (iii) | 26,571,096 |
May 2017 - Batch 2 Warrants (iv) | 7,238,271 |
Total | 95,587,828 |
(i) Warrants to subscribe for new Ordinary Shares at a price of 18p per new Ordinary Share issued by the Company in 2015 (the "November 2015 Warrants"). The grant of the November 2015 Warrants was announced by the Company on 16 November 2015 and were granted as part of the placing announced therein, representing 5% of the total placing;
(ii) Warrants to subscribe for new Ordinary Shares at a price of 3p per new Ordinary Share issued by the Company in 2016 (the "March 2017 Warrants"). The grant of the March 2017 Warrants was announced by the Company on 6 March 2017 and were granted as part of the institutional investment and Board changes described therein;
(iii) Warrants to subscribe for new Ordinary Shares at a price of 15.1875p per new Ordinary Shares issued by the Company in 2017 (the "May 2017 Warrants - Batch 1"). The grant of the May 2017 Warrants - Batch 1 was announced on 15 May 2017 in connection with the issue by the Company of secured loan notes described therein; and
(iv) Warrants to subscribe for new Ordinary Shares at a price of 15.1875p per new Ordinary Shares issued by the Company in 2017 (the "May 2017 Warrants - Batch 2"). The grant of the May 2017 Warrants - Batch 2 was announced by the Company on 19 May 2017 in connection with a £10m placing.
Block Admission Interim Review
The Company provides the following information in connection with the Block Admissions pursuant to Rule 29 of, and Schedule Six to, the AIM Rules for Companies.
Name of the company: | Echo Energy plc | ||||
Name of scheme: | 1. Warrants to subscribe for new Ordinary Shares at a price of 30p per new Ordinary Share issued by the Company in 2015 (the "May 2015 Warrants"). The grant of the May 2015 Warrants was announced by the Company on 8 May 2015 and formed part of the placing to raise gross proceeds of GBP800k; 2. Warrants to subscribe for new Ordinary Shares at a price of 18p per new Ordinary Share issued by the Company in 2015 (the "November 2015 Warrants"). The grant of the November 2015 Warrants was announced by the Company on 16 November 2015 and were granted as part of the placing announced therein, representing 5% of the total placing; 3.Warrants to subscribe for new Ordinary Shares at a price of 3p per new Ordinary Share issued by the Company in 2016 (the "March 2017 Warrants"). The grant of the March 2017 Warrants was announced by the Company on 6 March 2017 and were granted as part of the institutional investment and Board changes described therein; 4.Warrants to subscribe for new Ordinary Shares at a price of 15.1875p per new Ordinary Shares issued by the Company in 2017 (the "May 2017 Warrants - Batch 1"). The grant of the May 2017 Warrants - Batch 1 was announced on 15 May 2017 in connection with the issue by the Company of secured loan notes described therein; and 5.Warrants to subscribe for new Ordinary Shares at a price of 15.1875p per new Ordinary Shares issued by the Company in 2017 (the "May 2017 Warrants - Batch 2"). The grant of the May 2017 Warrants - Batch 2 was announced by the Company on 19 May 2017 in connection with a £10m placing.
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Period of return: | From: | 1 March 2018 | To: | 13 September 2018 | |
Number of unallotted securities not issued under the scheme(s) at the start of the period: | 1: 2: 3. 4. 5. Total | 160,000 240,000 64,538,461 8,224,007 7,238,271 80,400,739 | |||
Plus: The amount by which the block scheme(s) has been increased since the date of the last return (if any increase has been applied for): | 1: 2: 3: 4: 5: Total | 0 0 0 18,347,089 0 18,347,089 | |||
Less: Number of securities issued/allotted under scheme(s) during period: | 1: 2: 3: 4: 5: Total | 160,000 underlying warrants expired during period 0 3,000,000 0 0 3,000,000 | |||
Equals: Balance under scheme(s) not yet issued/allotted at end of period: | 1: 2: 3: 4: 5: Total | 0 240,000 61,538,461 26,571,096 7,238,271 95,587,828 | |||
Number and class of securities originally admitted and the date of admission: |
1:
2:
3:
4:
5:
Total:
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160,000 Ordinary Shares - 2 March 2018 (admission now withdrawn due to lapse of underlying warrants)
240,000 Ordinary Shares - 2 March 2018
64,538,461 - 2 March 2018
8,224,007 - 2 March 2018 18,347,089 - September 2018 (admission pending)
7,238,271 - 2 March 2018
98,747,828 | |||
Name of contact: | AMBA Secretaries Limited, Company Secretary | ||||
Telephone number of contact: | +44 (0)20 7190 9930 | ||||
For further information please contact:
Echo Energy plc Fiona MacAulay, CEO Martin Hull, CFO
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f.macaulay@echoenergyplc.com m.hull@echoenergyplc.com
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Smith & Williamson (Nominated Adviser) David Jones Ben Jeynes Katy Birkin
| +44 (0)20 7131 4000 |
Hannam & Partners (Joint Corporate Broker) Giles Fitzpatrick Andrew Chubb Ernest Bell
| +44 (0)20 7907 8500
|
Shore Capital (Joint Corporate Broker) Jerry Keen
| +44 (0)20 7408 4090 |
Vigo Communications (PR Adviser) Patrick d'Ancona Chris McMahon Kate Rogucheva
| +44 (0)20 7390 0230 |