Contango Holdings PLC Holdings in Company & PDMR Dealing (1135L)
January 08 2021 - 8:00AM
UK Regulatory
TIDMCGO
RNS Number : 1135L
Contango Holdings PLC
08 January 2021
Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural
Resources
8 January 2021
Contango Holdings Plc
('Contango' or the 'Company')
Holdings in Company & PDMR Dealing
Contango Holdings Plc, the London listed natural resource
development company, advises that it has authorised certain share
transfers by Consolidated Growth Holdings Limited ("CGH") that are
governed by a lock-up agreement to key management and consultants
at CGH.
The CGH team has worked diligently to support the consummation
of the acquisition of the Lubu Coal Project by Contango and to
support the board of Contango since readmission to trading on 18
June 2020. In this context, the board of Contango believes that the
interests of the senior team at CGH should be aligned with those of
the board of Contango (who are heavily incentivised by their
respective interests in the Company). Therefore, Contango and
Brandon Hill Capital have authorised CGH to transfer 11,500,000
ordinary shares ("Transfer Shares") to key management and
consultants at CGH. The Transfer Shares will remain subject to the
lock-up until June 2021.
Following completion of the transfers, CGH will hold 98,349,961
ordinary shares, representing 41.04% of the current issued share
capital. CGH's resultant holding also remains subject to the
lock-up agreement until June 2021. For the avoidance of doubt,
Contango's issued share capital remains at 239,633,278 ordinary
shares and the Transfer Shares does not require any new shares in
the Company to be issued.
DTR 7.3
The agreement to authorise the transfer of Transfer Shares under
the lock-up agreement between Contango and CGH constitutes a
related party transaction per DTR 7.3 The independent director, Roy
Pitchford (Non-Executive Chairman), considers the terms of the
arrangement fair and reasonable insofar as the Company's
shareholders are concerned on the basis that the Transfer Shares
continue to be locked-up.
PDMR Notification
David Hill, an employee of both CGH and Contango, who is the
financial controller of Contango will receive 750,000 ordinary
shares pursuant to the arrangements described above. See Appendix
below.
Carl Esprey, Executive Director of Contango, said: "We are
delighted that CGH's key management and consultants now have a
meaningful connection to and interest in Contango as a result of
these share transfers. We believe that Contango can benefit from
their input, experience and expertise as we look to progress both
of our projects into production during 2021 and in this context,
alignment of interests with those of the board of Contango can only
be a positive."
Andrew Groves, CEO of CGH, commented: "At the time of the
purchase of the Lubu Project by Contango, key staff at CGH did not
get the opportunity to receive any options nor equity linked
incentives. We at CGH feel that now is an appropriate time to
reward the team particularly ahead of developments throughout 2021.
CGH now holds 41.04% and remains the largest shareholder of the
Company."
For further information, please visit
www.contango-holdings-plc.co.uk or contact:
**ENDS**
For further information, please visit
www.contango-holdings-plc.co.uk or contact:
Contango Holdings plc E: info@contango-holdings-plc.co.uk
Chief Executive Officer
Carl Esprey
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 / Cosima Akerman
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR").
PDMR Notification Form
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name David Hill
--------------------------------------- ---------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Financial Controller
--------------------------------------- ---------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------------------- ---------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Contango Holdings PLC
--------------------------------------- ---------------------------------
b) LEI 213800HZ69B3QHCUGX36
--------------------------------------- ---------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------
a) Description of the Ordinary shares
financial instrument,
type of instrument
Identification code GB00BF0F5X78
b) Nature of the transaction Transfer from CGH
--------------------------------------- ---------------------------------
c) Price(s) and volume(s)
-------------- --------------
Price(s) Volume(s)
-------------- --------------
GBPnil 750,000
----------------------------------------------------------- --------------
d) Aggregated information
- Aggregated volume 750,000
- Price nil
e) Date of the transaction 8/1/2021
--------------------------------------- ---------------------------------
f) Place of the transaction London UK
--------------------------------------- ---------------------------------
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END
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