Echo Energy PLC Block Admissions, Issue of Options & PDMR Holding (1577G)
February 28 2018 - 1:01AM
UK Regulatory
TIDMECHO
RNS Number : 1577G
Echo Energy PLC
28 February 2018
28 February 2018
Echo Energy plc
("Echo" or the "Company")
Block Admissions, Issue of Options and Director/PDMR
Shareholding
Echo Energy plc, the South and Central American focused upstream
gas company, announces that following its re-admission to trading
on AIM on 4 January 2018, it has today made application to restate
the block admissions that were in place prior to the Company's
re-admission (the "Block Admissions") of up to a total of
80,400,739 ordinary shares of 0.25 pence each in the Company
("Ordinary Shares") to be admitted to trading on AIM.
Application has been made for the Block Admission Ordinary
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 2 March 2018.
Following admission, the Company will continue to have
402,003,697 Ordinary Shares in issue, which remains unchanged from
previous notifications.
The Block Admissions, which enable the Company to handle future
smaller warrant exercises in an efficient manner, replace all prior
Echo Energy block admissions in place prior to the Company's
re-admission to AIM on 4 January 2018 and have been made in respect
of the issue of new Ordinary Shares which may be issued pursuant to
the exercise of certain existing warrants to subscribe for new
Ordinary Shares in the amounts shown below.
(i) Warrants to subscribe for new Ordinary Shares at a price of
30p per new Ordinary Share issued by the Company in 2015 (the "May
2015 Warrants"). The grant of the May 2015 Warrants was announced
by the Company on 8 May 2015 and formed part of the placing to
raise gross proceeds of GBP800k;
(ii) Warrants to subscribe for new Ordinary Shares at a price of
18p per new Ordinary Share issued by the Company in 2015 (the
"November 2015 Warrants"). The grant of the November 2015 Warrants
was announced by the Company on 16 November 2015 and were granted
as part of the placing announced therein, representing 5% of the
total placing;
(iii) Warrants to subscribe for new Ordinary Shares at a price
of 3p per new Ordinary Share issued by the Company in 2016 (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;
(iv) Warrants to subscribe for new Ordinary Shares at a price of
15.1875p per new Ordinary Shares issued by the Company in 2017 (the
"May 2017 Warrants - Batch 1"). The grant of the May 2017 Warrants
- Batch 1 was announced on 15 May 2017 in connection with the issue
by the Company of secured loan notes described therein; and
(v) Warrants to subscribe for new Ordinary Shares at a price of
15.1875p per new Ordinary Shares issued by the Company in 2017 (the
"May 2017 Warrants - Batch 2"). The grant of the May 2017 Warrants
- Batch 2 was announced by the Company on 19 May 2017 in connection
with a GBP10m placing.
together the "Warrants".
Block Admissions
May 2015 Warrants 160,000
------------------------ -----------
November 2015 Warrants 240,000
------------------------ -----------
March 2017 Warrants 64,538,461
------------------------ -----------
May 2017 - Batch 1
Warrants 8,224,007
------------------------ -----------
May 2017 - Batch 2
Warrants 7,238,271
------------------------ -----------
Total 80,400,739
------------------------ -----------
Issue of Options and Director/PDMR Shareholding
The Company also announces that it has today issued a total of
6,122,802 options to subscribe for new ordinary shares in the
Company to certain of the Company's employees. The options have
been granted under the Company's EMI scheme, with an exercise price
of 13.25p; vesting on 28 February 2021, with the latest exercise
date being 28 February 2023. Of these options granted, two million
options to subscribe for new ordinary shares in the Company at a
price of 13.25 pence per ordinary share have been granted to Fiona
MacAulay, the Company's Chief Executive Officer.
The notification below, made in accordance with the Market Abuse
Regulation, provides further details in relation to the issue of
options to Fiona MacAulay.
1 Details of the person discharging managerial
responsibilities / person closely associated
---- -------------------------------------------------------------------
a) Name Fiona Margaret Barkham (Fiona
MacAulay)
---- ------------------------------ -----------------------------------
2 Reason for the notification
---- -------------------------------------------------------------------
a) Position/status PDMR (Director)
---- ------------------------------ -----------------------------------
b) Initial notification Initial notification
/Amendment
---- ------------------------------ -----------------------------------
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 Options to subscribe for
the financial ordinary shares of 0.25p
instrument, type each
of instrument
----
Identification GB00BF0YPG76
code
b) Nature of the Grant of options
transaction
---- ------------------------------ -----------------------------------
c) Price(s) and volume(s)
---- --------------- ---------------
Price(s) Volume(s)
---- --------------- ---------------
13.25p 2,000,000
--------------- ---------------
d) Aggregated information n/a - single transaction
----
- Aggregated volume
- Price
e) Date of the transaction 26 February 2018
---- ------------------------------ -----------------------------------
f) Place of the transaction Outside a trading venue
---- ------------------------------ -----------------------------------
For further information please contact:
Echo Energy plc
Fiona MacAulay, CEO f.macaulay@echoenergyplc.com
Will Holland, CFO w.holland@echoenergyplc.com
Smith & Williamson (Nominated
Adviser)
Azhic Basirov
David Jones
Ben Jeynes +44 (0)20 7131 4000
Hannam & Partners (Corporate
Broker)
Giles Fitzpatrick
Andrew Chubb
Ernest Bell +44 (0)20 7907 8500
Vigo Communications (PR Adviser)
Patrick d'Ancona
Chris McMahon
Kate Rogucheva +44 (0)20 7830 9700
This information is provided by RNS
The company news service from the London Stock Exchange
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