Block Admission Update

RNS Number : 6163D

Echo Energy PLC

20 October 2022

 

20 October 2022

Echo Energy plc

("Echo" or the "Company")

Block Admission Update

Echo Energy plc, the Latin American focused upstream energy company, provides an update in relation to the Company's block admission arrangements (the "Block Admissions") in respect of new ordinary shares of 0.25p in the Company ("Ordinary Shares") which may be issued as a result of future exercises of existing warrants and options.

The Block Admissions enable the Company to handle any future exercises of existing warrants and options in an efficient manner and the Company continues to have 1,956,661,288 Ordinary Shares in issue, which remains unchanged from previous notifications.

Block Admission Interim Review

Pursuant to Rule 29 of, and Schedule Six to, the AIM Rules for Companies, the Company provides the following notification regarding its Block Admissions.

Name of the company:	Echo Energy plc
Name of scheme:	1.  Warrants to subscribe for new Ordinary Shares at a price of 1.0p per new Ordinary Share issued by the Company in July 2020 (the "July 2020 Placing Warrants"). The issue of the July 2020 Placing Warrants, which were issued in connection with a placing of new Ordinary Shares under taken at that time, was announced by the Company on 27 July 2020. 2.  Warrants to subscribe for new Ordinary Shares at a price of 0.8p per new Ordinary Share issued by the Company in July 2020 (the "July 2020 Fee Warrants"). The issue of the July 2020 Fee Warrants, which were issued in respect of fees incurred in connection with a placing of new Ordinary Shares under taken at that time, was announced by the Company on 27 July 2020. 3.  Warrants to subscribe for new Ordinary Shares at a price of 0.70p per new Ordinary Share issued by the Company in January 2021 (the "January 2021 Warrants - Batch 1"). The grant of the January 2021 Warrants - Batch 1 was announced by the Company on 22 December 2020 in connection with the issue of subscription shares by the Company described therein with 50% of the January 2021 Warrants - Batch 1 being subject to the receipt of the necessary share issuance authorities at the Company's 2021 annual general meeting. 4.  Warrants to subscribe for new Ordinary Shares at a price of 0.75p per new Ordinary Share issued by the Company in January 2021 (the "January 2021 Warrants - Batch 2"). The grant of the January 2021 Warrants - Batch 2 was announced by the Company on 22 December 2020 in connection with the issue of subscription shares by the Company described therein with 50% of the January 2021 Warrants - Batch 2 being subject to receipt of the necessary share issuance authorities at the Company's 2021 annual general meeting. 5.  Warrants to subscribe for new Ordinary Shares at a price of 0.7p per new Ordinary Share, in relation to the restructuring of the Company's loan with Spartan, announced on 1 October 2021 (the "Spartan Warrants"). 6.  Warrants to subscribe for new Ordinary Shares at a price of 0.65p per new Ordinary Share issued by the Company on 14 January 2022 (the "January 2022 Warrants - Batch 1") in connection with the issue of subscription shares by the Company described in the announcement therein. In addition, the Company also announced that it had conditionally agreed to issue a further 78,260,869 warrants to subscribe for new Ordinary Shares exercisable at 0.65 pence per new Ordinary Share subject to the receipt of the necessary share issuance authorities at the Company's 2022 annual general meeting. These additional warrants were subsequently issued but are not subject to a block admission.
Period of return:	From:	11 April 2022		To:	19 October 2022
Number of unallotted securities not issued under the scheme(s) at the start of the period:	1: 2: 3: 4: 5: 6: Total:		13,300,000 5,700,000 81,299,020 81,299,020 3,096,429 65,217,391 249,911,860
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: 6: Total:		0 0 0 0 0 0 0
Less:   Number of securities issued/allotted under scheme(s) during period:	1: 2: 3: 4: 5: 6: Total:		0 0 0 0 0 0 0
Equals:   Balance under scheme(s) not yet issued/allotted at end of period:	1: 2: 3: 4: 5: 6: Total:		13,300,000 5,700,000 81,299,020 81,299,020 3,096,429 65,217,391 249,911,860
Number and class of securities originally admitted and the date of admission:	1: 2: 3: 4: 5: 6:		13,300,000 - 21 September 2020 5,700,000 - 21 September 2020 81,299,020 - 19 April 2022 81,299,020 - 19 April 2022 3,096,429 - 19 April 2022 65,217,391 - 19 April 2022
Name of contact:	AMBA Secretaries Limited, Company Secretary
Telephone number of contact:	[phone]

For further information please contact:

Echo Energy plc Martin Hull, Chief Executive Officer	Via Vigo Communications Ltd
Cenkos Securities plc (Nominated Adviser) Ben Jeynes Katy Birkin	Tel: [phone]
Vigo Consulting Ltd (IR/PR Advisor) Patrick d'Ancona Finlay Thomson	Tel: [phone]
Arden Partners plc (Corporate Broker) Simon Johnson (Corporate Broking) John Llewellyn-Lloyd (Corporate Finance)	Tel: [phone]

 

END

 

 

BLRMZMZGKGKGZZM