Echo Energy PLC Results of Noteholder Meeting (2672S)
March 15 2021 - 6:03AM
UK Regulatory
TIDMECHO
RNS Number : 2672S
Echo Energy PLC
15 March 2021
15 March 2021
Echo Energy plc
("Echo" or "the Company")
Noteholder Meeting Results - 84% vote in favour
Adjourned Noteholder Meeting
Echo Energy, the Latin American focused upstream oil and gas
company, announces the results of the meeting of the holders of the
Company's Luxembourg listed EUR 20.0m 8.0% secured notes (the
"Notes") held earlier today (the "Noteholder Meeting") to consider
the Company's proposals for the restructuring of the Notes (the
"Proposals").
Voting instructions representing EUR 12.5m of the Notes were
lodged by holders of the Notes ("Noteholders") with 84 per cent. of
votes cast in favour of the Proposals.
With votes representing 62.5 per cent. of the aggregate
principal amount of the outstanding Notes cast, the Noteholder
Meeting was therefore adjourned for want of the necessary quorum
and an adjourned Noteholder Meeting, to consider the Proposals in
unchanged form, will now be held at 10.00 a.m. on 30 March 2021
(the "Adjourned Noteholder Meeting").
The Adjourned Noteholder Meeting will require a reduced quorum
of 25 per cent. of the aggregate principal amount of the
outstanding Notes, being considerably lower than the 75 per cent.
of the aggregate principal amount of the outstanding Notes that had
been required for the Noteholder Meeting.
Voting instructions already lodged by Noteholders remain valid
for the Adjourned Noteholder Meeting and the relevant Noteholders
need take no further action to be represented at the Adjourned
Noteholder Meeting.
In the event that current votes remain unchanged at the
Adjourned Noteholder Meeting, the restructuring of the Notes would
be approved as proposed by the Company.
A circular providing Noteholders with notice of the Adjourned
Noteholder Meeting will be sent to Noteholders later today and will
be available from the Company's website at www.echoenergyplc.co.uk
shortly thereafter.
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
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END
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