Business
Result of Bondholder Meeting & Directorate Change
Result of Bondholder Meeting & Directorate Change.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n \n \n \n \n \n \n 13 October 2022\n \n \n \n \n \n \n \n \n \n Echo Energy plc\n \n \n \n (\"Echo\" or the \"Company\")\n \n \n \n \n \n \n \n \n Result of Bondholder Meeting and Directorate Change\n \n \n \n Echo Energy plc, the Latin American focused energy 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 \"Noteholder Meeting\"), the proposals to restructure the Notes as announced on 5 September 2022 (the \"Proposals\") were duly passed by the requisite majority with voting instructions representing EUR 10.5m of the Notes lodged by holders of the Notes, with 66.67 per cent. of votes cast in favour.\n \n \n The Proposals remain conditional upon the approval by the Company's shareholders at a General Meeting to be held at 2:00 p.m. on 24 October 2022 at the offices of Fieldfisher LLP, 2 Swan Lane, London, EC4R 3TT (the \"GM\") and should approval be given, €15.0 million of existing debt principal, together with accrued interest thereon, will be converted into new ordinary shares in the Company (\"Ordinary Shares\") at a 76.4 per cent. premium to the closing mid-market price per Ordinary Share on 12 October 2022:\n \n \n ·\n 50% of the outstanding principal amount of the Notes (an amount of €10.0 million), together with accrued interest thereon, will be converted into new Ordinary Shares at a price of 0.45 pence per Ordinary Share;\n \n \n ·\n Interest on remaining Notes reduced to 2% per annum on any interest accruing from 30 September 2022;\n \n \n ·\n Note maturity will be extended to 15 May 2032; and\n \n \n ·\n €5.0 million 8.0% secured convertible debt facility and remaining accrued interest will be converted in full into new Ordinary Shares at a price of 0.45 pence per Ordinary Share on the terms announced by the Company on 12 August 2022.\n \n \n \n Directorate Change\n \n \n \n Following the successful outcome at today's Noteholder Meeting, Marco Fumagalli, Non-Executive Director, has informed the Company of his intention to step down from the Board on 13 January 2023.\n \n \n \n Martin Hull, Echo's Chief Executive Officer, commented:\n \n \n \"This is a very significant moment for Echo Energy. It marks the successful culmination of efforts over recent years to restructure t...