TIDMCGO
RNS Number : 2731G
Contango Holdings PLC
28 February 2018
Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural
Resources
28 February 2018
Contango Holdings Plc
("Contango" or "the Company")
Unaudited Interim Results
Contango Holdings Plc, a London listed natural resources
company, is pleased to present its unaudited interim results for
the six-month period ended 30 November 2017.
Highlights:
-- Listed on the standard list of the London Stock Exchange on 1 November 2017 ("IPO")
-- The Company raised a total of GBP1 million prior and during
the IPO, for the purposes of identifying a and acquiring a natural
resources business or project
Post Balance Sheet Event
-- Entered into a Memorandum of Understanding ("MOU") on 22
December 2017 to acquire an interest in a near term producing asset
in Zimbabwe from Consolidated Growth Holdings
-- The Company is currently undertaking due diligence on the asset
Statement from the Board
We have pleasure in presenting the condensed unaudited
consolidated financial statements for Contango Holdings Plc for the
six-month period to 30 November 2017.
Operating Review
The period to 30 November 2017 was dominated by the preparations
for Contango's listing on the Standard List of the main market of
the London Stock Exchange and the subsequent search for an
acquisition that fitted with our investment strategy which was
focused on identifying assets in the natural resources sector.
We were delighted with the completion of our IPO in November
2017 and by the strong level of support we received from investors.
The Company successfully raised a total of GBP1 million before and
during the IPO for the purposes of identifying and investing in
natural resources opportunities. The support from our core investor
base demonstrates both the appetite for natural resources and the
quality of our management team. The Board has a deep level of
experience across the natural resources sector.
Following our successful IPO, we have been dedicated to the
search for projects for acquisition and investment. To that end we
have entered into an exclusivity period with regards to the
possible acquisition of Consolidated Growth Holdings interest in a
near term producing asset in Zimbabwe. The Company is now
undertaking due diligence on the asset during this period of
exclusivity and will keep its shareholders updated at the
appropriate time.
We believe that we have now seen the turning point in the
natural resources industry and in particular for mining assets in
Zimbabwe given the changing political environment in the country.
We look forward to updating shareholders following our recent
MOU.
Financial Review
For the half year to 30 November 2017, the Company reports a net
loss of GBP29,449.
During the six-month period to 30 November 2017, the Company
successfully completed its Standard Listing IPO onto the London
Stock Exchange, raising GBP1m before costs.
Directors
The following directors have held office during the period:
Neal Griffith
Oliver Stansfield
Brian McMaster
Philip Richards
Corporate Governance
The UK Corporate Governance Code (September 2014) ("the Code"),
as appended to the Listing Rules, sets out the Principles of Good
Corporate Governance and Code Provisions which are applicable to
listed companies incorporated in the United Kingdom. As a Standard
Listed company, the Company is not subject to the UK Corporate
Governance Code but the Board recognises the value of applying the
principles of the code where appropriate and proportionate and has
endeavoured to do so where practicable.
Responsibility Statement
The directors are responsible for preparing the Unaudited
Interim Condensed Consolidated Financial Statements in accordance
with the Disclosure and Transparency Rules of the United Kingdom's
Financial Conduct Authority ("DTR") and with International
Accounting Standard 34 on Interim Reporting ("IAS 34"). The
directors confirm that, to the best of their knowledge, this
condensed consolidated interim report has been prepared in
accordance with IAS 34 as adopted by the European Union. The
interim management report includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8, namely:
-- An indication of important events that have occurred during
the six months ended 30 November 2017 and their impact on the
condensed consolidated financial statements for the period, and a
description of the principal risks and uncertainties for the
remaining six months of the financial year; and
-- Related party transactions that have taken place in the six
months ended 30 November 2017 and that have materially affected the
financial positon of the performance of the business during that
period.
Outlook
We are currently advancing our due diligence on the asset and
will update shareholders at the appropriate time. We are currently
engaged with our advisers with the aim of completing a reverse
takeover pending completion of the due diligence. At this stage we
would estimate that newly enlarged entity will be admitted to
trading on the standard list of the main market during Q2 2018.
On behalf of the board
Brian McMaster
Director
28 February 2018
For further information, please visit
www.contango-holdings-plc.co.uk or contact:
Contango Holdings plc E: info@contango-holdings-plc.co.uk
Brandon Hill Capital Limited T: +44 (0)20 3463 5000
Financial Adviser & Broker
Jonathan Evans
St Brides Partners Ltd T: +44 (0)20 7236 1177
Financial PR & Investor
Relations
Susie Geliher / Charlotte
Page
Unaudited Interim Statement of Comprehensive Income For the six
months ended 30 November 2017
Six months to
Notes 30 Nov 2017
(unaudited)
GBP
Revenue
Administrative expenses (29,449)
Loss before taxation (29,449)
Income tax expense 3 -
Loss for the year (29,449)
Other comprehensive
income / (loss)
Total comprehensive
loss for the year attributable
to equity holders (29,449)
Loss per share attributable
to equity holders (pence) 4 (0.07)p
The income statement has been prepared on the basis that all
operations are continuing operations.
Unaudited Interim Statement of Financial
Position as at 30 November 2017
30 Nov
2017
(unaudited)
Notes GBP
Current assets
Debtors 75,000
Cash at bank and in hand 696,289
-----------
771,289
Current liabilities
Trade and other payables 21,598
-----------
21,598
Net current assets 749,691
-----------
Net assets 749,691
===========
Equity
Share capital 3 429,500
Share premium 3 349,640
Retained losses (29,449)
-----------
Equity attributable to
the owners of the parent 749,691
===========
Statements of changes in equity
For the six months ended 30 November 2017
Share
Share Retained
Premium TOTAL
Capital Loss
Account
GBP GBP GBP GBP
Balance 1 June 2017 - - - -
Total comprehensive
loss for the
period - - (29,449) (29,449)
Shares issued during
the period 429,500 634,000 - 1,063,500
Costs related to
share issues - (284,360) - (284,360)
Balance at 30 November
2017 429,500 349,640 (29,449) 749,691
Statement of cash
flow
For the six months ended
30 November 2017
Period ended
30
November
2017
GBP
Cash flows from operating
activities
Loss for the period (29,449)
Increase in Debtors 75,000
Increase in trade
and other payables 21,598
Net cash flow from
operating activities (82,851)
Cash flows from financing
activities
Net proceeds on issue
of shares 779,140
Net cash flow from
financing activities 696,289
Net increase in cash and
cash equivalents 696,289
Cash and cash equivalents
at beginning of the period -
Cash and cash equivalents
at end of the period 696,289
Notes to the financial statements
For the six months ended 30 November 2017
1 General information
Contango Holdings Plc (the "Company") looks to identify
potential companies, businesses or asset(s) that have operations in
the natural resources exploration, development and production
sector.
The Company is domiciled in the United Kingdom and incorporated
and registered in England and Wales, with registration number
10186111.
The Company's registered office is 5(th) Floor, 1 Tudor Street,
London EC4Y 0AH.
2 Accounting policies
The principal accounting policies applied in preparation of
these consolidated financial statements are set out below. These
policies have been consistently applied unless otherwise
stated.
Basis of preparation
The interim unaudited financial statements for the period ended
30 November 2017 have been prepared in accordance with IAS 34
Interim Financial Reporting. This interim financial information is
not the Company's statutory financial statements and should be read
in conjunction with the annual financial statements for the period
ended 31 May 2017, which show that the Company was dormant up until
that time and these accounts have been delivered to the Registrars
of Companies.
The interim financial information for the six months ended 30
November 2017 is unaudited. In the opinion of the directors, the
interim consolidated financial information presents fairly the
financial position, and results from operations and cash flows for
the period.
The directors have made an assessment of the Company's ability
to continue as a going concern and are satisfied that the Company
has adequate resources to continue in operational existence for the
foreseeable future. The Company, therefore, continues to adopt the
going concern basis in preparing its consolidated financial
statements.
The financial information of the Company is presented in British
Pounds Sterling (GBP).
Critical accounting estimates and judgements
The preparation of interim financial information requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities and the reported amounts of
income and expenses during the reporting period. Although these
estimates are based on management's best knowledge of current
events and actions, the resulting accounting estimates will, by
definition, seldom equal related actual results.
In preparing the interim financial information, the significant
judgements made by management in applying the Company's accounting
policies and the key sources of estimation uncertainty.
Income tax expense
No tax is applicable to the Company for the six months ended 30
November 2017. No deferred income tax asset has been recognised in
respect of the losses carried forward, due to the uncertainty as to
whether the Company will generate sufficient future profits in the
foreseeable future to prudently justify this.
Loss per share
Basic loss per ordinary share is calculated by dividing the loss
attributable to equity holders of the Company by the number of
ordinary shares in issue at the period end.
There are currently no dilutive potential ordinary shares.
Number of
Shares Per-share
Earnings In issue amount
GBP unit pence
Loss per share attributed
to ordinary shareholders (29,449) 42,949,987 (0.07)
3 Share capital
Number
of shares Share Share
in issue Capital premium Total
GBP GBP GBP
Ordinary shares of
GBP0.01 each issued
at par on 3 June
2015 5,000,000 50,000 - 50,000
Ordinary shares of
GBP0.01 each issued
at GBP0.02 on 16
October 2015 12,500,000 125,000 125,000 250,000
Ordinary shares of
GBP0.01 each issued
at GBP0.03 25,449,987 254,500 509,000 763,500
Cost of issue of
shares - - (286,360) (286,360)
Balance at 30 November
2017 42,949,987 429,500 349,640 779,140
The Company has one class of ordinary share which carries no
right to fixed income.
4 Related party disclosures
Remuneration of directors and key management personnel
The remuneration of the directors during the six-month period to
30 November 2017 amounted to GBP12,000 (31 May 2017: nil).
Shareholdings in the Company
Shares and warrants held by the directors of the Company.
Shares Warrants
Neal Griffith 3,214,033 3,068,200
Oliver Stansfield 3,214,033 3,068,200
Brian McMaster 3,214,033 3,068,200
Philip Richards 3,214,033 3,068,200
Balance at 30 November 2017 12,856,132 12,272,200
**ENDS**
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZVLFLVLFFBBK
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