Business
Issue of Performance Shares Options
Issue of Performance Shares Options.
About this update from Contango Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9551U\n Contango Holdings PLC\n 09 April 2021\n \n \n \n Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural Resources\n \n 9 April 2021\n Contango Holdings Plc\n ('Contango' or the 'Company')\n \n Issue of Performance Shares Options\n \n 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\").\n \n 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.\n \n Given Contango's evolution since its IPO in June 2020, now with operations in two countries and targeting first production by the end of 2021, the Board believes it is the appropriate time to recognise the efforts and input by members of the Senior Team to date, whilst offering an incentive to deliver future milestones.\n \n The Company will issue its Senior Team, with immediate effect, nil cost options that if exercised in full will total 21,390,000 ordinary shares of the Company (\"Performance Shares Options\"), representing approximately 7.3% of the enlarged fully diluted share capital. Any shares issued as result of the exercise of the Performance Share Options are subject to a hard lock-up to 9 April 2023, being the two-year anniversary of today's date, by which time the Company expects to have achieved a number of key milestones and value creation for its shareholders.\n \n The Board believes the two-year lock up aligns the Senior Team with current shareholders and provides a focus on both growth and minimisation of any potential dilution of current share capital over the coming years.\n  ...