logo-loader
viewEcho Energy PLC

Echo Energy PLC - Result of Bondholder Meeting

RNS Number : 7774N
Echo Energy PLC
22 May 2020
 

22 May 2020

 

Echo Energy plc

("Echo" or "the Company") 

 

Result of Bondholder Meeting

 

Successful Completion of Debt Restructuring

 

Echo Energy, the Latin American focused upstream oil and gas company is pleased to announce that at the meeting of the holders of the Company's Luxembourg listed EUR 20.0m 8.0% secured notes (the "Notes") held earlier today, the proposals to restructure the Notes as announced on 9 April 2020 were duly passed by the requisite majority - with votes representing EUR 8.1m of the Notes cast by noteholders, unanimously in favour of the proposals.

 

As a result, agreements are now in place for the restructuring of all of the Company's existing debts to defer all cash interest payments until March 2021.

 

Martin Hull, Echo's Chief Executive Officer, commented:

 

"Echo is delighted to confirm receipt of noteholder approval for the restructuring of the Company's EUR 20.0m secured notes which, following similar agreements to amend the Company's other secured debts, successfully draws a line under the recent period of uncertainty for the Company.

 

Combined with uninterrupted production, improved near term gas pricing recently announced, field cost efficiencies achieved at Santa Cruz and Argentinian Government initiatives to support domestic Argentinian producers, the successful completion of the debt restructuring is an important and positive step forward for the Company. Notwithstanding the prevailing macro-economic conditions these developments provide the Board with renewed optimism as we refocus efforts to pursue the growth opportunities within the portfolio.

 

I would like to thank the Company's shareholders, holders of the Company's debt instruments, commercial partners and staff for their ongoing support."

 

 

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.
 
END
 
 
ROMSEAFSEESSEFI

Quick facts: Echo Energy PLC

Price: 0.75

Market: AIM
Market Cap: £5.34 m
Follow

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

Morning Report: FTSE 100 falls as Rolls-Royce confirms 9000 job cuts

Headlines from Proactive UK newsroom. The FTSE100 made a nervy start on doubts that Moderna’s Covid-19 vaccine will pass muster. The blue-chip index dipped 30 points to 5,971. Rolls-Royce has confirmed it will shed 9,000 jobs from its global workforce of 52,000. The cuts are part of a...

on 20/5/20