RE: Takeover2 Nov 2023 15:44
Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural Resources
26 October 2023
Contango Holdings PLC
("Contango" or the "Company")
Statement re Share Price Movement
Contango Holdings Plc, the producing London listed natural resource development company, notes the share price movement and provides the following update regarding corporate activity and an operational update.
Potential Asset Sale
The Company has received a non-binding proposal for the potential acquisition of its assets which may results in the sale of its assets at the subsidiary level (the "Proposal"). The Proposal is at an early stage with a number of commercial points under discussion, therefore, there is no guarantee that these discussions will lead to a formal offer. The Company is now in discussions with its advisers with regard to the Proposal and the Board will seek to maximise value for all its stakeholders before pursuing the disposal of its principal assets. For the avoidance of doubt, the Company which has made the Proposal is different to the Multi-National undertaking the coking coal trial as noted below and with whom the Company is discussing a long-term offtake arrangement.