Echo Energy #ECHO – Noteholder Meeting Results – 84% vote in favour

Echo Energy, the Latin American focused upstream oil and gas company, announces the results of the meeting of the holders of the Company’s Luxembourg listed EUR 20.0m 8.0% secured notes (the “Notes”) held earlier today (the “Noteholder Meeting”) to consider the Company’s proposals for the restructuring of the Notes (the “Proposals”).

Voting instructions representing EUR 12.5m of the Notes were lodged by holders of the Notes (“Noteholders”) with 84 per cent. of votes cast in favour of the Proposals.

With votes representing 62.5 per cent. of the aggregate principal amount of the outstanding Notes  cast, the Noteholder Meeting was therefore adjourned for want of the necessary quorum and an adjourned Noteholder Meeting, to consider the Proposals in unchanged form, will now be held at 10.00 a.m. on 30 March 2021 (the “Adjourned Noteholder Meeting”).

The Adjourned Noteholder Meeting will require a reduced 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 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.

In the event that current votes remain unchanged at the Adjourned Noteholder Meeting, the restructuring of the Notes would be approved as proposed by the Company.

A circular providing Noteholders with notice of the Adjourned Noteholder Meeting will be sent to Noteholders later today and will be available from the Company’s website at www.echoenergyplc.com shortly thereafter.

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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.