REG - Echo Energy PLC - Block Admission and Block Admission Interim Review
11/04/2022 17:45
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220411:nRSK0236Ia&default-theme=true
RNS Number : 0236I Echo Energy PLC 11 April 2022
11 April 2022
Echo Energy plc
("Echo" or the "Company")
Block Admission and Block Admission Interim Review
Echo Energy plc, the Latin American focused energy company, announces that it
has today made application for an additional 230,911,860 new ordinary shares
of 0.25p each in the Company ("Additional Block Admission Shares") to be
admitted to trading on AIM by way of a block admission (the "Block Admission
Update").
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 April 2022.
In addition, and reflecting the expiry of 68,143,517 historically issued
warrants since the date of the last block admission update on 11 October 2021,
the Company also provides the following update.
The Block Admission Update, which will enable the Company to continue to
handle future smaller warrant exercises in an efficient manner and does not
result in any change in the number of ordinary shares in issue until such time
as any warrants subject to the Block Admission Update are exercised, is in
addition to the balance of 19,000,000 ordinary shares in the Company
("Ordinary Shares") currently admitted to trading on AIM pursuant to prior
block admissions in connection with warrants to subscribe for new Ordinary
Shares in the Company (together with the Block Admission Update the "Block
Admissions").
Following Admission, the Company will continue to have 1,452,491,345 Ordinary
Shares in issue, which remains unchanged from previous notifications.
The Block Admission Update has been made in respect of the issue of
230,911,860 new Ordinary Shares which may be issued pursuant to the following
issues of warrants (as defined below):
Warrant Issue Number of warrants
January 2021 Warrants - Batch 1 81,299,020
January 2021 Warrants - Batch 2 81,299,020
Spartan Warrants 3,096,429
January 2022 Warrants - Batch 1 65,217,391
Total 230,911,860
On Admission, the Company will therefore have the following new Ordinary
Shares admitted to trading on AIM under the Block Admissions.
Block Admissions
July 2020 Placing Warrants((i)) 13,300,000
( )July 2020 Fee Warrants ((ii)) 5,700,000
January 2021 Warrants - Batch 1((iii)) 81,299,020
January 2021 Warrants - Batch 2((iv)) 81,299,020
Spartan Warrants((v)) 3,096,429
January 2022 Warrants - Batch 1((vi)) 65,217,391
Total 249,911,860
(i) 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.
(ii) 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.
(iii) 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;
(iv) 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;
(v) 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"); and
(vi) 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 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 warrants are
not included in this update.
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 3p
per new Ordinary Share issued by the Company in 2017 (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.
2. Options to subscribe for new Ordinary Shares at a price of 1.625p
per new Ordinary Share granted by the Company to certain of the Company's
employees in March 2017 (the "March 2017 Options"). The grant of the March
2017 Options to certain of the Company's employees was announced by the
Company on 6 March 2017.
3. Warrants to subscribe for new Ordinary Shares at a price of 3.0p
per new Ordinary Share issued by the Company in November 2019 (the "November
2019 Warrants"). The issue of the November 2019 Warrants, which were issued in
connection with the Company's €5.0 million secured debt facility put in
place at that time, was first announced by the Company on 21 October 2019.
4. Warrants to subscribe for new Ordinary Shares at a price of 1.4p
per new Ordinary Share issued by the Company in March 2020 (the "March 2020
Warrants"). The issue of the March 2020 Warrants, which were issued in
connection with the extension of an existing £1.0 million secured debt
facility, was announced by the Company on 6 March 2020.
5. 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.
6. 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.
7. 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.
8. 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.
9. 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").
10. 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 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 warrants are not included in this
update.
Period of return: From: 11 October 2021 To: 11 April 2022
Number of unallotted securities not issued under the scheme(s) at the start of 1: 61,538,461
the period:
2: 3,033,628
3: 0
4: 3,571,428
5: 13,300,000
6: 5,700,000
7: 0
8: 0
9: 0
10: 0
Total: 87,143,517
Plus: The amount by which the block scheme(s) has been increased since the 1: 0
date of the last return (if any increase has been applied for):
2: 0
3: 0
4: 0
5: 0
6: 0
7: 81,299,020
8: 81,299,020
9: 3,096,429
10: 65,217,391
Total: 230,911,860
Less: Number of securities issued/allotted under scheme(s) during period: 1: 61,538,461 warrants expired on 9 March 2022
2: 3,033,628 warrants expired on 9 March 2022
3: 0
4: 3,571,428 warrants expired on 9 March 2022
5: 0
6: 0
7: 0
8: 0
9: 0
10: 0
Total: 68,143,517
Equals: Balance under scheme(s) not yet issued/allotted at end of period:
1: 0
2: 0
3: 0
4: 0
5: 13,300,000
6: 5,700,000
7: 81,299,020
8: 81,299,020
9: 3,096,429
10: 65,217,391
Total: 249,911,860
Number and class of securities originally admitted and the date of admission: 1: 64,538,461 - 2 March 2018
2: 3,033,628 -20 March 2020
3: 74,200,000 - 20 March 2020 (admission now withdrawn due to cancellation of
warrants on 30 March 2021)
3,571,428 - 20 March 2020
4:
13,300,000 - 21 September 2020
5:
5,700,000 - 21 September 2020
6:
81,299,020 - 19 April 2022 (admission pending)
7:
81,299,020 - 19 April 2022 (admission pending)
8:
3,096,429 - 19 April 2022 (admission pending)
9:
65,217,391 - 19 April 2022 (admission pending)
10:
Name of contact: AMBA Secretaries Limited, Company Secretary
Telephone number of contact: +44 (0)20 7190 9930
For further information please contact:
Echo Energy
Martin Hull, Chief Executive Officer via Vigo Communications
Cenkos Securities (Nominated Adviser) +44 (0)20 7397 8900
Ben Jeynes
Katy Birkin
Shore Capital (Corporate Broker) +44 (0)20 7408 4090
Anita Ghanekar
+44 (0)20 7408 4090
Vigo Communications (PR Adviser) +44 (0)20 7390 0230
Patrick d'Ancona
Finlay Thomson
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END MSCQFLFFLZLXBBLRecent news on Echo Energy
See all newsREG - Echo Energy PLC - Strategic Update
AnnouncementREG - AIM - AIM Notice - 10/04/2024
AnnouncementREG - Echo Energy PLC - Issue of Equity and Total Voting RIghts
AnnouncementREG - Echo Energy PLC - Change of Nominated Adviser and Broker
AnnouncementREG - Echo Energy PLC - Results of General Meeting
Announcement