Last checked at 22 Dec 2023 07:05
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.
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a. | Name | Stephen Birrell | ||||||
2. | Reason for the notification | |||||||
a. | Position/status | Chief Executive Officer | ||||||
b. | Initial notification/Amendment | Initial Notification | ||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a. | Name | Echo Energy PLC | ||||||
b. | LEI | 2138006SNII7SKIGG445 | ||||||
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 | |||||||
a. | Description of the Financial instrument, type of instrument Identification code | Ordinary shares of GBP£0.000001 per share par value
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b. | Nature of the transaction | Grant of Options to acquire Ordinary shares | ||||||
c.
| Price(s) and volume(s) |
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d.
| Aggregated information · Aggregated volume · Price
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N/A - Single Transaction | ||||||
e. | Date of the transaction | 21 December 2023 | ||||||
f. | Place of the transaction | AIMX | ||||||
For further information please contact:
Echo Energy Stephen Birrell, Chief Executive Officer | info@echoenergyplc.com
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Cavendish Securities plc (Nominated Adviser) Adrian Hadden Ben Jeynes
| Tel: 44 (0)20 7220 0500 |
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