Echo Energy PLC Issue of Options and Director/PDMR Shareholding (1316N)
January 28 2021 - 1:00AM
UK Regulatory
TIDMECHO
RNS Number : 1316N
Echo Energy PLC
28 January 2021
28 January 2021
Echo Energy plc
("Echo" or "the Company")
Issue of Options and Director/PDMR Shareholding
Echo Energy, the Latin American-focused energy company,
announces that it has granted a total of 35,750,000 options (the
"Options") over new ordinary shares in the Company ("Ordinary
Shares") to employees of the Company. The Options have been
granted, at the determination of the Echo Remuneration Committee,
as part of the Company's strategy to retain and incentivise
employees through the award of equity incentives. 24,000,000 of the
Options have been awarded to Martin Hull, the Company's Chief
Executive Officer (the "Director Options").
All of the Options have an exercise price of 0.66 pence per
Ordinary Share, being a price equal to the mid-market closing price
per Ordinary Share on 27 January 2021, and those Options which are
not Director Options 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.
The Director Options, issued alongside a performance
focussed-rebalancing of the Chief Executive Officer's remuneration
including a reduction in the fixed element of remuneration, will
vest in three equal tranches on the first, second and third
anniversaries of grant, conditional upon the Echo Remuneration
Committee being satisfied that vesting of each tranche is warranted
based on positive assessment of the Chief Executive Officer's
performance and/or share price growth over the year prior to
vesting, and will be exercisable anytime thereafter until expiry on
the fifth anniversary of the date on which the Options were
granted.
With the Director Options granted outside of the Company's
existing CSOP and/or EMI share option schemes, the award of the
Director Options constitute a related party transaction under the
AIM Rules for Companies. The independent directors of the Company
consider, having consulted with the Company's nominated adviser,
that the terms of the Director Options are fair and reasonable
insofar as the Company's shareholders are concerned.
The notification below, made in accordance with the requirements
of the UK Market Abuse Regulation, provides further details.
For further information, please contact:
Echo Energy via Vigo Communications
Martin Hull, Chief Executive Officer
Vigo Communications (PR Advisor)
Patrick d'Ancona
Chris McMahon +44 (0) 20 7390 0230
Cenkos Securities (Nominated Adviser)
Ben Jeynes
Katy Birkin +44 (0) 20 7397 8900
Shore Capital (Corporate Broker)
Jerry Keen +44 (0) 20 7408 4090
NOTIFICATIONS AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Martin Hull
-------------------------------------- -------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------
a) Position/status PDMR (Chief Executive)
-------------------------------------- -------------------------------------------
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 the Ordinary shares of 0.25p each
financial instrument,
type of instrument
Identification code GB00BF0YPG76
b) Nature of the transaction Grant of options to acquire ordinary
shares of 0.25p each
-------------------------------------- -------------------------------------------
c) Price(s) and volume(s)
------------------- -------------------
Price(s) Volume(s)
------------------- -------------------
Nil 24,000,000
--------------------------------------------------------------- -------------------
d) Aggregated information n/a - single transaction
- Aggregated volume
- Price
e) Date of the transaction 27 January 2021
-------------------------------------- -------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------- -------------------------------------------
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 or visit 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.
END
DSHDKOBBDBKBCDB
(END) Dow Jones Newswires
January 28, 2021 02:00 ET (07:00 GMT)
Echo Energy (LSE:ECHO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Echo Energy (LSE:ECHO)
Historical Stock Chart
From Apr 2023 to Apr 2024
