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:
Martin Hull, Chief Executive Officer
via Vigo Communications
Vigo Communications (PR Advisor)
+44 (0) 20 7390 0230
Cenkos Securities (Nominated Adviser)
+44 (0) 20 7397 8900
Shore Capital (Corporate Broker)
+44 (0) 20 7408 4090
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.