RNS
Echo Energy PLC

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

RNS Number : 1316N
Echo Energy PLC
28 January 2021
 

28 January 2021

 

Echo Energy plc

("Echo" or "the Company")

 

Issue of Options and Director/PDMR Shareholding

 

Echo Energy, the Latin American-focused energy company, announces that it has granted a total of 35,750,000 options (the "Options") over new ordinary shares in the Company ("Ordinary Shares") to employees of the Company. The Options have been granted, at the determination of the Echo Remuneration Committee, as part of the Company's strategy to retain and incentivise employees through the award of equity incentives. 24,000,000 of the Options have been awarded to Martin Hull, the Company's Chief Executive Officer (the "Director Options").

 

All of the Options have an exercise price of 0.66 pence per Ordinary Share, being a price equal to the mid-market closing price per Ordinary Share on 27 January 2021, and those Options which are not Director Options 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 Director Options, issued alongside a performance focussed-rebalancing of the Chief Executive Officer's remuneration including a reduction in the fixed element of remuneration, will vest in three equal tranches on the first, second and third anniversaries of grant, conditional upon the Echo Remuneration Committee being satisfied that vesting of each tranche is warranted based on positive assessment of the Chief Executive Officer's performance and/or share price growth over the year prior to vesting, and will be exercisable anytime thereafter until expiry on the fifth anniversary of the date on which the Options were granted.

 

With the Director Options granted outside of the Company's existing CSOP and/or EMI share option schemes, the award of the Director Options constitute a related party transaction under the AIM Rules for Companies. The independent directors of the Company consider, having consulted with the Company's nominated adviser, that the terms of the Director Options are fair and reasonable insofar as the Company's shareholders are concerned.

 

The notification below, made in accordance with the requirements of the UK 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

24,000,000

 

 

 

 

 

 

d)

 

Aggregated information

n/a - single transaction

 

 

- Aggregated volume

 

 

 

- Price

 

 

 

e)

 

Date of the transaction

 

27 January 2021

f)

 

Place of the transaction

 

Outside a trading venue

 

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