logo-loader
viewEcho Energy PLC

Echo Energy PLC - Issue of Options and Director/PDMR Shareholding

RNS Number : 6172X
Echo Energy PLC
20 December 2019
 

20 December 2019

 

Echo Energy plc

("Echo" or "the Company")

 

Issue of Options and Director/PDMR Shareholding

 

Echo Energy, the Latin American-focused upstream oil and gas company, announces that it has granted a total of 45,085,270 options (the "Options") over new ordinary shares in the Company ("Ordinary Shares") to employees of the Company in accordance with the provisions of the Company's Enterprise Management Incentive Plan. 23,000,000 of the Options have been awarded to Martin Hull, the Company's Chief Executive Officer.

 

The Options have been granted as part of the Company's strategy to retain and incentivise employees through the award of equity incentives, as set out in the Company's AIM admission document dated 15 December 2017.

 

All of the Options have an exercise price of 2.6 pence per Ordinary Share, 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 number of Ordinary Shares to be issued to Martin Hull on exercise (in whole or in part) of the Options now granted to him will be calculated based on an overall value cap attributed to his Options. Should the mid-market price per Ordinary Share at the time of exercise (in whole or in part) of the Options issued to Mr. Hull exceed 15.0 pence per Ordinary Share, the number of Ordinary Shares to be issued to Mr. Hull will be adjusted downwards to reflect a maximum price per new Ordinary Share of 15.0 pence (the "Value Cap"). No adjustments will be made in the event that the prevailing mid-market price per Ordinary Share is equal to or below 15.0 pence per Ordinary Share at the time of exercise.

 

The Value Cap applies only to the 23,000,000 Options issued to Martin Hull and does not apply to any of the other Options.

 

The formula used to calculate the number of new Ordinary Shares to be issued to Mr. Hull on exercise of his Options where the Company's share price exceeds 15.0 pence per Ordinary Share at the time of exercise, is as follows:

 

A = (B/C) x D

 

Where:

 

A = number of new Ordinary Shares to be issued

B = 15.0 pence

C = prevailing mid-market price per Ordinary Share, in pence, at the time of exercise of Options

D = number of Options exercised

 

Following the issue of the Options, Martin Hull holds 600,000 Ordinary Shares, representing 0.08% of the Company's issued share capital, and holds options to subscribe for a total of up to 35,000,000 new Ordinary Shares - comprising 23,000,000 Options, which are subject to the Value Cap, and 12,000,000 options to subscribe for new ordinary shares at 6.55 pence per new Ordinary Share.

 

The notification below, made in accordance with the requirements of the Market Abuse Regulation, provides further details.

 

 

For further information, please contact:

 

Echo Energy

Martin Hull, Chief Executive Officer

 

via Vigo Communications

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 /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

Ordinary shares of 0.25p each



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

23,000,000







d)

Aggregated information

n/a - single transaction



- Aggregated volume




- Price




e)

Date of the transaction

19 December 2019

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 [email protected] or visit www.rns.com.
 
END
 
 
MSCCKKDNABDKQBB

Quick facts: Echo Energy PLC

Price: 1.5

Market: AIM
Market Cap: £10.68 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Echo Energy's VP of Exploration 'very encouraged' by recent Argentina drilling

Julian Besser, Echo Energy Plc's (LON:ECHO) VP of Exploration, discusses with Proactive's Andrew Scott their recent exploration campaign in Argentina. ''The first half of this year's been focusing on the east of the Austral basin … we've got acreage in both the west and east … and one of...

on 26/7/18