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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Contango Holdings Plc | LSE:CGO | London | Ordinary Share | GB00BF0F5X78 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.05 | 4.17% | 1.25 | 1.10 | 1.40 | 1.25 | 1.25 | 1.25 | 65,724 | 08:00:08 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Consulting Svcs,nec | 0 | -6.71M | -0.0142 | -0.88 | 5.67M |
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
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(END) Dow Jones Newswires
April 09, 2021 02:00 ET (06:00 GMT)
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