REG - Echo Energy PLC - Successful Debt Restructuring

Echo EnergyAnnouncement

19/12/2023 08:30

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RNS Number : 2935X  Echo Energy PLC  19 December 2023

19 December 2023

Echo Energy plc

("Echo" or the "Company")

Successful Debt Restructuring

Echo Energy PLC (Company) is pleased to announce it has successfully
restructured it's £1.0 million loan originally provided to the Company in
March 2017.  The purpose to the restructuring was to extend the term whilst
also reducing the overall level of debt and preserving cash balances by
avoiding further interest payments.

 

The Loan has been extended to 30 November 2025 with the current principal and
accrued interest to date has been reduced by 10%, such that the total amount
outstanding as at 30 November 2023 stands at £898,028.14; a new lower
interest rate of 2% pa has also been agreed, which will be rolled up and paid
at maturity. The Company has agreed to pay a £15,000 fee to the lender.

 

Stephen Birrell, the Company's CEO commented:

 

"I am delighted with the support shown by our lender, the Spartan Fund Limited
SAC.  Echo is full steam ahead originating and negotiating multiple business
development opportunities and we look forward to updating investors in due
course."

 

This announcement contains inside information.

- Ends -

 

For further information please contact:

 Echo Energy                                            via Vigo Communications

 Stephen Birrell, Chief Executive Officer
 Cavendish Capital Markets Limited (Nominated Adviser)  Tel: 44 (0)20 7220 0500

 Adrian Hadden

 Ben Jeynes

 

 

 

 

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