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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 £100,000 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.
Contango Holdings Plc, the London listed natural resource development company, advises that it has authorised certain share transfers by Consolidated Growth Holdings Limited ( CGH ) that are governed by a lock-up agreement to key management and consultants at CGH.
The CGH team has worked diligently to support the consummation of the acquisition of the Lubu Coal Project by Contango and to support the board of Contango since readmission to trading on 18 June 2020. In this context, the board of Contango believes that the interests of the senior team at CGH should be aligned with those of the board of Contango (who are heavily incentivised by their respective interests in the Company). Therefore, Contango and Brandon Hill Capital have authorised CGH to transfer 11,500,000 ordinary shares ( Transfer Shares ) to key management and consultants at CGH. The Transfer Shares will remain subject to the lock-up until June 2021.
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