Will we finally get some money back?22 May 2020 09:41
RNS today from Contango Holdings Plc , a company formed to acquire a controlling interest in a company or business in the natural resources sector is pleased to confirm that a prospectus has been approved by the Financial Conduct Authority on 20 May 2020 and is to be published by the Company today, 22 May 2020, on its website www.contango-holdings-plc.co.uk .
The Prospectus relates to the proposed acquisition, which constitutes a reverse takeover, by the Company of the Lubu Coalfield in Zimbabwe from Consolidated Growth Holdings Limited ("CGH") (the "Acquisition"). The Company will satisfy the Acquisition consideration of GBP6,834,829.05 by issuing 128,849,961 ordinary shares of GBP0.01 each (the "Ordinary Shares") at a price of GBP0.05 each to CGH (the "Consideration Shares") and cash of GBP392,331.00 that has been advanced by the Company to CGH in instalments since 2019 to fund the development of the project. In addition, the Prospectus sets out the details of a placing of 28,000,000 Ordinary Shares at a placing price of GBP0.05 to raise gross proceeds of GBP1,400,000 (the "Placing") through Brandon Hill Capital and the issue of 3,333,330 Ordinary Shares in lieu of a completion bonus (the "Completion Bonus").
An application has been made to the London Stock Exchange for the existing share capital of the Company to be readmitted and for the new ordinary shares to be admitted to the official list by way of a standard listing ("Readmission") on 18 June 2020.
A General Meeting of the Company is being will be held at 5th floor, 10 Bressenden Place, London SW1E 5DH on Wednesday 17 June 2020 at 10:00a.m. at which resolutions will be proposed to the members to approve, inter alia, the issue and allotment of the Consideration Shares, the Placing, the Completion Bonus and Readmission. Subject to a listing hearing and the passing of the resolutions at the General Meeting, readmission and commencement of dealings in the Company's enlarged share capital of 203,133,278 Ordinary Shares (the "Enlarged Share Capital") is expected to take place at 8.00 a.m. on 18 June 2020.
The Company's shares will be listed under the ticker "CGO", for dealings to commence at 8.00 a.m. BST on 18 June 2020. The Company's ISIN will remain GB00BF0F5X78 and its SEDOL number BF0F5X7.