Contango Holdings PLC Holdings in Company & PDMR Dealing (1135L)

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: [e-mail] 
  Chief Executive Officer 
  Carl Esprey 
 
 Brandon Hill Capital Limited         T: [phone] 
  Financial Adviser & Broker 
  Jonathan Evans 
 
 St Brides Partners Ltd               T: [phone] 
  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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January 08, 2021 09:00 ET (14:00 GMT)