REG - Contango HoldingsPLC - Board Changes

Contango HoldingsAnnouncement

01/04/2025 07:15

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RNS Number : 0056D  Contango Holdings PLC  01 April 2025

Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural Resources

 

1 April 2025

 

Contango Holdings PLC

("Contango" or the "Company")

 

Board Changes

 

Contango Holdings Plc, a company focused on unlocking value from the +2
billion tonne Muchesu coal project in Zimbabwe ("Muchesu Project"), announces
certain changes to the Company's Board.

 

•             Appointment of Ms Yan Huo ("Ms Huo") as the
representative of the Company's strategic investor, Huo Investments (Pvt)
Limited

•             Resignation of Roy Pitchford as Chairman

•             Appointment of Gordon Thompson, a current
Non-Executive Director, as the new Chairman

 

Ms Huo, aged 37, is a Chinese national who resides in Zimbabwe. Ms Huo is a
director and 50% shareholder of Huo Investments (Pvt) Limited ("Strategic
Investor"), which is the largest shareholder of the Company, with a holding of
20.42%. Ms Huo is the daughter of Wencai Huo, who owns the balance of 50% of
the Strategic Investor. Therefore, her appointment as Non-Executive Director
may not be considered an independent role.

 

In line with the Company's remuneration policy, which seeks to minimise Board
costs, Ms Huo has agreed to receive a gross annual salary of £18,000,
consistent with the compensation of the Company's other Non-Executive
Directors.

 

There are no further disclosures required for the purposes of UKLR 6.4.6R and
UKLR 6.4.8R.

 

In addition, Roy Pitchford has elected to step down from the Board as Chairman
to pursue other interests. Roy has served as Chairman since the IPO in 2020
and brought his extensive mining, operational and in-country experience to the
Board. His efforts and guidance during this period are greatly appreciated by
the Board.

 

Existing Non-Executive Director Gordon Thompson will now assume the role of
Non-Executive Chairman of the Board with immediate effect.

 

Ms Huo, Non-Executive Director, commented:

 

"I am delighted to join the Board at this pivotal time for the Company. On
behalf of the Strategic Investor, we look forward to assisting the Company and
fellow board members unlock the value at Muchesu for all shareholders. We are
highly focused on developing Muchesu and have already committed considerable
amount of time, capital and resources, which we will continue to do, with the
objective of building a solid mining operation at Muchesu that can then
deliver sustainable value for all the stakeholders."

 

Roy Pitchford, outgoing Chairman, commented:

 

"I am proud of what Contango has achieved in Zimbabwe over the last few years,
particularly given the broader global investment climate. Whilst I appreciate
the project has suffered from setbacks in the past, I believe the Company has
a very bright outlook and that shareholders will be duly rewarded for their
patience, particularly with the support of the new strategic investors. With
the Company now transitioning to a royalty company I believe it is the right
time for me to step down, however, I will follow the Company with great
interest as a supportive shareholder."

 

Carl Esprey, CEO, commented:

 

"On behalf of the Board I would like to thank Roy for his support, input and
advice over the last five years. He has helped the Company navigate what have
been globally challenging times and we wish him well in his future endeavours.

 

"At the same time, I am delighted to welcome Ms Huo to the Board. Her family
investment vehicle has made material investment into Muchesu and Contango,
especially over the last six months. Ms Huo's appointment to the board is the
natural next step, further aligning the interests of the Company and the
Strategic Investor, enabling both to benefit from the Strategic Investor's
expertise in mining, in-country network and financial resources.

 

"As the Company evolves, so too should its Board. Today's changes are the
first steps in positioning the Company for future expansion as a listed plc.
We expect further changes to the Board as we continue to roll out our royalty
strategy and intend to provide a further update in the near term."

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic
Law by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.

 

 

**ENDS**

 

 Contango Holdings plc                   E: contango@stbridespartners.co.uk

 Chief Executive Officer

 Carl Esprey

 Tavira Financial Limited                T: +44 (0)20 7100 5100

 Financial Adviser & Broker

 Jonathan Evans

 St Brides Partners Ltd                  T: +44 (0)20 7236 1177

 Financial PR & Investor Relations

 Susie Geliher

 

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