REG - Echo Energy PLC - Issue of Equity, Award of Options & TVR

Echo EnergyAnnouncement

22/12/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231222:nRSV7579Xa&default-theme=true

RNS Number : 7579X  Echo Energy PLC  22 December 2023

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.

 

 

       Details of the person discharging managerial responsibilities / person closely

     associated
 1.
 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  Ordinary shares of GBP£0.000001 per share par value

       of instrument

       Identification code

 b.    Nature of the transaction                      Grant of Options to acquire Ordinary shares
 c.    Price(s) and volume(s)

 Price(s)      Volume(s)
                                                       0.0105 pence  238,468,698

 
 d.    Aggregated information

       ·      Aggregated volume                       N/A - Single Transaction

       ·      Price

 e.    Date of the transaction                        21 December 2023
 f.    Place of the transaction                       AIMX

 

d.

 

Aggregated information

·      Aggregated volume

·      Price

 

 

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                                   info@echoenergyplc.com

 Stephen Birrell, Chief Executive Officer
 Cavendish Securities plc (Nominated Adviser)  Tel: 44 (0)20 7220 0500

 Adrian Hadden

 Ben Jeynes

 

 

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  IOEFIFIDFLLFFIV