Issue of Equity

By

Regulatory News | 29 Aug, 2024

Updated : 15:51

RNS Number : 2061C
Echo Energy PLC
29 August 2024
 

29 August 2024

Echo Energy PLC

("Echo" or the "Company")

Deferred Remuneration Awards and Issue of Equity

Echo (LON:ECHO), the Latin America focused natural resources company, announces that it has elected to issue a total of 1,579,370,607 shares to certain current and former Directors and consultants in respect of deferred payment of salaries and fees ("Deferred Remuneration Shares") as follows:

Name

Number of Shares

Ossian Energy Limited ("Ossian Energy")*

863,930,606

Christian Yates

177,625,152

Stephen Birrell

172,026,667

Martin Hull

216,772,121

James Parsons

149,016,061

 

*Ossian Energy is jointly owned by Stephen Birrell and his wife. These shares are being issued in lieu of fees owed to Ossian Energy by the Company for work undertaken by Stephen Birrell prior to his appointment to the Board of Echo in November 2023.

All the Deferred Remuneration Shares will be issued at 0.0033p per share.

The current and former Directors and consultants have agreed to receive Deferred Remuneration Shares in lieu of salary and fees owed. In aggregate, 1,579,370,607 Deferred Remuneration Shares are due to be issued. The shares issued to the current and former Directors constitute a related party transaction under the AIM Rules. As there are no independent Directors to provide a fair and reasonable statement because all the Directors are receiving Deferred Remuneration Shares, Zeus (in its capacity as nominated adviser for the purposes of the AIM Rules) considers that the award of the Deferred Remuneration Shares is fair and reasonable insofar as the Shareholders are concerned.

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for the Deferred Remuneration Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission will take place at 8.00 a.m. on or around 30 August 2024.

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 Unconditional Placing Shares, its issued ordinary share capital will comprise 41,347,746,014 Ordinary Shares. All 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 41,347,746,014. 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 a change to their interest in, the Company.

For further information please contact:

Echo

Stephen Birrell, Chief Executive Officer

Via Vigo Consulting

echo@vigoconsulting.com

 

Zeus Capital Limited (Nominated Adviser and Joint Broker)

James Joyce

James Bavister

Isaac Hooper

Tel: +44 (0)20 3829 5000

Peterhouse Capital limited (Joint Broker)

Duncan Vasey

Lucy Williams

Tel: +44 (0)20 7469 0930

Vigo Consulting (Investor Relations)

Ben Simons

Peter Jacob

Tel: +44 (0)20 7390 0234

echo@vigoconsulting.com

 

About Echo

Following the partial divestment of its assets in Argentina, Echo entered into a 50:50 joint venture in Peru in July 2024 with an experienced local partner for precious metals (gold/silver) mining and the cleaning of known tailings deposits containing Measured and Indicated resources of gold and silver. Through the JV, known as Boku Resources, Echo has secured an opportunity to scale operations in Peru producing gold and silver through primary mining and tailings cleaning, owning 50% of the production and resources. Initially, Boku intends to establish formalised artisanal and small mining operations on its 100% held Tesoro Gold concession, southern Peru, targeting early cash flow generation by Q4 2024.

Follow us on social media:

LinkedIn: https://www.linkedin.com/company/echo-energy-plc  

X (Twitter): https://x.com/nativoresources

The following notification, made pursuant to Article 19(3) of the Market Abuse Regulation, provides further details.

 

1.  

Details of the person discharging managerial responsibilities / person closely associated

a.  

Name

Christian Yates

2.  

Reason for the notification

a.  

Position/status

Non-Executive Chair

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 of instrument

Identification code

Ordinary shares of GBP0.000001 per share par value

 

GB00BF0YPG76

b.  

Nature of the transaction

Issue of share in respect of deferred remuneration 

c.  

Price(s) and volume(s)

 

Price(s)

Volume(s)

£0.000033

177,625,152

 

d.  

Aggregated information

·    Aggregated volume

·    Price

 

 

 177,625,152 shares

£0.000033 per share

e.  

Date of the transaction

30 August 2024

f.   

Place of the transaction

London Stock Exchange, AIM

 

 

2.  

Details of the person discharging managerial responsibilities / person closely associated

g.  

Name

Stephen Birrell

5.  

Reason for the notification

a.  

Position/status

Chief Executive Officer

b.  

Initial notification/Amendment

Initial Notification

6.  

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a.  

Name

Echo Energy PLC

b.  

LEI

2138006SNII7SKIGG445

7.  

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 of instrument

Identification code

Ordinary shares of GBP0.000001 per share par value

 

GB00BF0YPG76

b.  

Nature of the transaction

Issue of share in respect of deferred remuneration 

c.  

Price(s) and volume(s)

Ossian Energy

Price(s)

Volume(s)

£0.000033

863,930,606

 

Stephen Birrell

Price(s)

Volume(s)

£0.000033

172,026,667

d.  

Aggregated information

·    Aggregated volume

·    Price

 

 

 1,035,957,273 shares

£0.000033 per share

e.  

Date of the transaction

30 August 2024

f.   

Place of the transaction

London Stock Exchange, AIM

 

3.  

Details of the person discharging managerial responsibilities / person closely associated

g.  

Name

Martin Hull

8.  

Reason for the notification

a.  

Position/status

Non-Executive Director

b.  

Initial notification/Amendment

Initial Notification

9.  

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a.  

Name

Echo Energy PLC

b.  

LEI

2138006SNII7SKIGG445

10.

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 of instrument

Identification code

Ordinary shares of GBP0.000001 per share par value

 

GB00BF0YPG76

b.  

Nature of the transaction

Issue of share in respect of deferred remuneration 

c.  

Price(s) and volume(s)

 

Price(s)

Volume(s)

£0.000033

216,772,121

 

d.  

Aggregated information

·    Aggregated volume

·    Price

 

 

 216,772,121 shares

£0.000033 per share

e.  

Date of the transaction

30 August 2024

f.   

Place of the transaction

London Stock Exchange, AIM

 

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
 
 
IOEPLMITMTITBAI

Last news