AIM Sch 1 - Echo Energy Plc (5683Z)
18 December 2017 - 7:00PM
UK Regulatory
TIDMECHO
RNS Number : 5683Z
AIM
18 December 2017
ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT
PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2
OF THE AIM RULES FOR COMPANIES ("AIM RULES")
--------------------------------------------------------------
COMPANY NAME:
--------------------------------------------------------------
Echo Energy plc ("Echo" or the "Company")
--------------------------------------------------------------
COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT,
COMPANY TRADING ADDRESS (INCLUDING POSTCODES)
:
--------------------------------------------------------------
40 George Street
London
W1U 7DW
--------------------------------------------------------------
COUNTRY OF INCORPORATION:
--------------------------------------------------------------
England & Wales
--------------------------------------------------------------
COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION
REQUIRED BY AIM RULE 26:
--------------------------------------------------------------
https://www.echoenergyplc.com/
--------------------------------------------------------------
COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF
OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY,
DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION
IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER
UNDER RULE 14, THIS SHOULD BE STATED:
--------------------------------------------------------------
From the launch of Echo in March 2017, the Company
has raised a total of GBP24 million in equity
and debt funding which the Directors intend
to deploy in the evaluation, drilling and development
of any assets acquired in line with the Company's
South and Central American strategy.
On 1 November 2017, the Board of Echo Energy
announced that the Company had entered into
a farm-in agreement (the "Farm-In") with Compañía
General de Combustibles S.A. ("CGC"), a privately-owned
affiliate of the Argentinian conglomerate Corporación
América International, for the acquisition
by Echo of a 50 per cent. working interest in
each of the Fracción C, Fracción D,
Laguna De Los Capones Concessions and the Tapi
Aike Exploration Permit, onshore Argentina (the
"Licences").
The Licences all sit in the Austral basin (also
known as the Magallanes basin) in the Santa
Cruz province of Argentina, in the southern
part of the country, and cover a total of 11,153km(2)
. The acquisition of the Licences is expected
to provide the Company with a compelling blend
of multi trillion standard cubic feet gas exploration
potential, appraisal and production of both
oil and gas.
In view of the size of the Farm-In relative
to the Company, in aggregation with the changes
to the business since March 2017, the acquisition
constitutes a reverse takeover of Echo under
Rule 14 of the AIM Rules for Companies.
The Company will continue its evaluation of
the onshore Huayco and Rio Salado blocks in
Bolivia, but the acquisition of any interest
by the Company in the Huayco and/or Rio Salado
blocks remains contingent on final commercial
terms being agreed.
--------------------------------------------------------------
DETAILS OF SECURITIES TO BE ADMITTED INCLUDING
ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES
(i.e. where known, number and type of shares,
nominal value and issue price to which it seeks
admission and the number and type to be held
as treasury shares):
--------------------------------------------------------------
Number of Ordinary Shares to be admitted:
Existing Ordinary Shares - 364,539,733
Placing Shares - 36,391,412
Total - 400,931,145
Nominal value of Ordinary Shares to be admitted:
0.25 pence
Placing Price of Ordinary Shares to be admitted:
17.5 pence
All of Echo Energy plc's AIM securities will
be freely transferable
No ordinary shares will be held as treasury
shares on Admission to AIM
The Company intends to undertake an open offer
of up to 11,428,572 Open Offer Shares to raise
gross proceeds of up to GBP2 million in January
2018, further details of which will be included
in a separate circular to Shareholders
--------------------------------------------------------------
CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE)
AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:
--------------------------------------------------------------
Capital to be raised on admission: GBP6.37 million
Anticipated market capitalisation on admission:
GBP70.2 million
--------------------------------------------------------------
PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS
AT ADMISSION:
--------------------------------------------------------------
10.04%
--------------------------------------------------------------
DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM
TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED
TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS
AIM SECURITIES) ADMITTED OR TRADED:
--------------------------------------------------------------
Echo has in issue secured 8 per cent. loan notes
with an aggregate principal amount of EUR20
million maturing on 15 May 2022 (the "Loan Notes").
The Loan Notes are admitted to the Official
List of the Luxembourg Stock Exchange and trading
on the Luxembourg Stock Exchange Euro MTF Market.
--------------------------------------------------------------
FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED
DIRECTORS (underlining the first name by which
each is known or including any other name by
which each is known):
--------------------------------------------------------------
James Parsons, Non-executive Chairman
Fiona Margaret Barkham (former names: MacAulay,
Oxley), Chief Executive Officer
Marco Fumagalli, Non-Executive Director
Stephen James Whyte, Non-Executive Director
--------------------------------------------------------------
FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS
EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE
CAPITAL, BEFORE AND AFTER ADMISSION (underlining
the first name by which each is known or including
any other name by which each is known):
--------------------------------------------------------------
Name Pre-Admission Post-Admission
--------------------- -------------- ---------------
Greenberry plc 11.01% 10.01%
--------------------- -------------- ---------------
Pegasus Alternative
Fund Ltd 7.34% 6.67%
--------------------- -------------- ---------------
--------------------------------------------------------------
NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE
WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:
--------------------------------------------------------------
N/A
--------------------------------------------------------------
(i) ANTICIPATED ACCOUNTING REFERENCE DATE
(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION
IN THE ADMISSION DOCUMENT HAS BEEN PREPARED
(this may be represented by unaudited interim
financial information)
(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST
THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:
--------------------------------------------------------------
(i) 31 December
(ii) 30 June 2017
(iii) 30 June 2018, 30 September 2018, 30 June
2019
--------------------------------------------------------------
EXPECTED ADMISSION DATE:
--------------------------------------------------------------
4 January 2018
--------------------------------------------------------------
NAME AND ADDRESS OF NOMINATED ADVISER:
--------------------------------------------------------------
Smith & Williamson Corporate Finance Limited
25 Moorgate
London
EC2R 6AY
--------------------------------------------------------------
NAME AND ADDRESS OF BROKER:
--------------------------------------------------------------
Hannam & Partners (Advisory) LLP
2 Park Street
London W1K 2HX
Shore Capital Stockbrokers Limited
14 Clifford Street
London W1S 4JU
--------------------------------------------------------------
OTHER THAN IN THE CASE OF A QUOTED APPLICANT,
DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS)
THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM,
WITH A STATEMENT THAT THIS WILL CONTAIN FULL
DETAILS ABOUT THE APPLICANT AND THE ADMISSION
OF ITS SECURITIES:
--------------------------------------------------------------
The admission document, which will contain full
details about Echo Energy plc and the admission
of its ordinary shares, will be available from
the Company's website at https://www.echoenergyplc.com/
.
--------------------------------------------------------------
DATE OF NOTIFICATION:
--------------------------------------------------------------
18 December 2017
--------------------------------------------------------------
NEW/ UPDATE:
--------------------------------------------------------------
NEW
--------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
PAABRBDDRDBBGRU
(END) Dow Jones Newswires
December 18, 2017 03:00 ET (08:00 GMT)
Echo Energy (LSE:ECHO)
Historical Stock Chart
From Apr 2024 to May 2024
Echo Energy (LSE:ECHO)
Historical Stock Chart
From May 2023 to May 2024