REG - Contango HoldingsPLC - Strategic Investor Increases Ownership in Muchesu

Contango HoldingsAnnouncement

12/03/2025 07:00

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RNS Number : 3434A  Contango Holdings PLC  12 March 2025

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

 

12 March 2025

 

Contango Holdings PLC

("Contango" or the "Company")

 

Strategic Investor Increases Ownership in Muchesu by Purchasing Minority
Holding

 

Contango Holdings Plc, a company focused on unlocking value from the +2
billion tonne Muchesu coal project in Zimbabwe ("Muchesu Project"), owned by
Monaf Investments (Private) Limited ("Monaf"), has been notified that a
company controlled by a director of Huo Investments (Pvt) Limited (the
"Investor") has purchased 6.502% of shares in Monaf, from a local minority
shareholder. The Company's interest in Monaf is unaffected by this purchase.

 

As shareholders are aware from previous announcements, the Investor has
separately entered into agreements pursuant to which it will acquire a 51%
holding in Monaf from the Company subject to completion of local regulatory
procedures.

 

Carl Esprey, CEO Of Contango, commented:

 

"We note the Investor's purchase of additional shares in Monaf from another
minority shareholder and the Investor's continued investment into the Muchesu
Project. This should provide shareholders with further confidence of the
Investor's focus on the development of the Muchesu Project and reinforce its
inherent value.

 

"The Investor has already made a material investment "into the ground" at
Muchesu, acquired a 20.42% holding and become Contango's largest
shareholder.  In addition to this, royalty payments to Contango have
commenced. This further increased ownership interest in Monaf and the Muchesu
Project bodes well for the Investor's commitment towards fully developing
Muchesu.

 

"I look forward to updating shareholders on further progress and the
completion outstanding documentation with respect to the Definitive
Agreements."

 

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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