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
|