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Echo Energy PLC - Adjourned Bondholder Meeting

RNS Number : 7098L
Echo Energy PLC
01 May 2020
 

1 May 2020

 

Echo Energy plc

("Echo" or "the Company") 

 

Adjourned Bondholder Meeting

 

Echo Energy, the Latin American focused upstream oil and gas company, announces, further to the Company's announcement of 9 April 2020 in respect of the Company's proposals (the "Proposals) for the restructuring of the Company's Luxembourg listed EUR 20.0m 8.0% secured notes (the "Notes"), that the meeting of the holders of the Notes (the "Noteholders") convened for earlier today to consider the Proposals (the "Noteholder Meeting") was adjourned for want of the necessary quorum.

 

The Company is pleased to confirm that voting instructions representing EUR 2.8m of the Notes were lodged by Noteholders to date which were unanimously in favour of the Proposals. An adjourned Noteholder Meeting, to consider the Proposals in unchanged form, will now be held at 10:00 a.m. on 22 May 2020 (the "Adjourned Noteholder Meeting").

 

The Adjourned Noteholder Meeting will require a 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 the 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.

 

A circular providing Noteholders with notice of the Adjourned Noteholder Meeting will be sent to Noteholders,  and available from the Company's website at www.echoenergyplc.co.uk, shortly.

 

The Company also confirms that, following entry of an amendment to the Company's existing £1.0m secured loan and the publication of the Proposals, constructive negotiations in respect of an amendment to the EUR 5m Loan to defer 2020 interest payments continue and the Company looks forward to updating shareholders on the amendment to the EUR 5m Loan shortly.

 

 

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

 

Note

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

 

 

 


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.
 
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Quick facts: Echo Energy PLC

Price: 0.7749

Market: AIM
Market Cap: £5.52 m
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