Contango Holdings PLC Issue of Performance Shares Options (9551U)
April 09 2021 - 1:00AM
UK Regulatory
TIDMCGO
RNS Number : 9551U
Contango Holdings PLC
09 April 2021
Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural
Resources
9 April 2021
Contango Holdings Plc
('Contango' or the 'Company')
Issue of Performance Shares Options
Contango Holdings Plc, the London listed natural resource
development company is pleased to announce it has now triggered its
inaugural incentivisation package to remunerate directors and key
senior employees and consultants ("Senior Team").
Since its formation in 2016, the Company has sought to
prioritise cash into developing operations and value accretive
transactions. This fiscal prudence with respect to cash has
extended to board remuneration, which combined has always remained
below GBP100,000 per annum in aggregate. Whilst this is
substantially below market rate in comparison to its peers, the
Company intends to continue this policy thereby maximising the
potential for cash resources to advance assets and generate
shareholder value. This philosophy has been embraced by other
Senior Team members who have also accepted materially lower
salaries on the basis that they would receive an equity
incentive.
Given Contango's evolution since its IPO in June 2020, now with
operations in two countries and targeting first production by the
end of 2021, the Board believes it is the appropriate time to
recognise the efforts and input by members of the Senior Team to
date, whilst offering an incentive to deliver future
milestones.
The Company will issue its Senior Team, with immediate effect,
nil cost options that if exercised in full will total 21,390,000
ordinary shares of the Company ("Performance Shares Options"),
representing approximately 7.3% of the enlarged fully diluted share
capital. Any shares issued as result of the exercise of the
Performance Share Options are subject to a hard lock-up to 9 April
2023, being the two-year anniversary of today's date, by which time
the Company expects to have achieved a number of key milestones and
value creation for its shareholders.
The Board believes the two-year lock up aligns the Senior Team
with current shareholders and provides a focus on both growth and
minimisation of any potential dilution of current share capital
over the coming years.
The Board are due to receive 8,490,000 Performance Share
Options, representing circa 40% of the total Performance Share
Options package and circa 2.9% of the enlarged fully diluted share
capital of the Company. The 8,490,000 Board options are to be
allocated as follows:
Name of Director Position Total number of share
options held under all
schemes
Carl Esprey Executive Director 3,900,000
------------------------ ------------------------
Oliver Stansfield Non-Executive Director 1,800,000
------------------------ ------------------------
Philip Richards Non-Executive Director 1,800,000
------------------------ ------------------------
Roy Pitchford Non-Executive Chairman 990,000
------------------------ ------------------------
Carl Esprey, Chief Executive Officer of Contango Holdings, said:
"Since inception Contango has sought to align the Board with its
shareholders. This has been achieved not only by direct investment
by Board members, but also low remuneration packages. This thinking
has been shared more recently by newly appointed senior employees
and consultants, some of whom have taken material reductions in
salaries to join the Company and work on Contango's recently
acquired assets in Zimbabwe and Mali. Accordingly, the majority of
the options are being issued to those directly involved in the
operational development of the assets, thereby providing a
significant incentive to ensure value creation within the
portfolio. We look forward to providing further updates on our
portfolio of assets in due course."
**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
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 rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEKLBBFZLEBBF
(END) Dow Jones Newswires
April 09, 2021 02:00 ET (06:00 GMT)
Contango (LSE:CGO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Contango (LSE:CGO)
Historical Stock Chart
From Apr 2023 to Apr 2024