Result of General Meeting
Contango Holdings PLC announced that all resolutions were passed at its General Meeting, including the Rule 9 Waiver and approval for a £5 million subscription by Strategic Investors, Huo Investments and Pacific Goal Investments Limited. The subscription involves issuing 450,450,451 ordinary shares at 1.11 pence per share, raising gross proceeds of £5 million. Following this, the Strategic Investors will collectively hold 50.1% of the company's enlarged share capital. The company expects to close the subscription in August 2026 and apply for the new shares to trade on the London Stock Exchange.
Select text to share a quote on X · sign in to keep highlights & notes in your CGO notes
The Company announces that all Resolutions were duly passed at the General Meeting of the Company held earlier today. Resolution 1, the Rule 9 Waiver Resolution, was passed as an ordinary resolution with the votes of the Independent Shareholders only.
Results of Voting
| ORDINARY RESOLUTIONS | For (number and %) | Against (number and %) | Total Votes Cast | % of ISC Voted | Vote Withheld |
|---|---|---|---|---|---|
| 1. THAT the Rule 9 waiver granted by the Panel for the Strategic Investors to make a general offer to shareholders as a result of the Subscription to repay the Loan Repayment Shareholders, be and is hereby approved. | 73,823,371 97.3% | 2,078,916 2.7% | 75,902,287 | 10.01% | 91,663,109 |
| 2. THAT the Directors be authorised in accordance with section 551 of Act to allot shares or grant rights to subscribe for, or to convert any security, into shares. | 165,232,436 98.8% | 2,078,916 1.2% | 167,311,352 | 22.07% | 8,855,972 |
| SPECIAL RESOLUTION | For (number and %) | Against (number and %) | Total Votes Cast | % of ISC Voted | Vote Withheld |
| 3. THAT subject to Resolution 2, the Directors be authorised to allot equity securities for cash as if section 561(1) of the Act did not apply. | 165,232,436 98.8% | 2,078,916 1.2% | 167,311,352 | 22.07% | 8,846,312 |
Notes:
- A "Vote withheld" is not counted in the calculation of the percentage of shares voted "In favour" or "Against".
- As at 27 July 2026, being the voting deadline date in respect of the General Meeting, the total number of Ordinary Shares of £0.01 each in issue and the total number of voting rights was 757,979,240.
The Subscription
The Company will now finalise the Subscription by Huo Investments Limited ("Huo Investments"), an existing Shareholder holding 154,750,000 Ordinary Shares in the Company, and Pacific Goal Investments Limited ("PGI HK"), who does not currently hold any shares in the capital of the Company (together the "Strategic Investors"). The Strategic Investors intend to subscribe in aggregate for 450,450,451 Ordinary Shares at 1.11 pence per share ("Issue Price") for gross proceeds of £5 million.
| Concert Party Member | Existing Ordinary Shares | Percentage of Existing Ordinary Shares | Subscription Shares | Ordinary Shares following the Subscription | Percentage following the Subscription |
|---|---|---|---|---|---|
| Huo Investments | 154,750,000 | 20.4% | 91,769,657 | 246,519,657 | 20.4% |
| PGI HK | Nil | 0.0% | 358,680,794 | 358,680,794 | 29.7% |
| Total | 154,750,000 | 20.4% | 450,450,451 | 605,200,451 | 50.1% |
Accordingly, following the passing of the Resolutions at the General Meeting, the Rule 9 Waiver is approved and the Company has raised gross proceeds of approximately £5 million via the Subscription with the Strategic Investors, details of which were announced on 8 July 2026.
The Company will issue the Subscription Shares following the receipt of £5 million. Following recent communication, the Company expects to close the Subscription in August 2026 and duly apply for the Subscription Shares to begin trading on the London Stock Exchange. The Company will make a further announcement with regards to the Subscription at the appropriate time.
Following the GM the Strategic Investors commented:
'We are delighted to have received confirmation that shareholders have approved all the resolutions. We will shortly move to 50.1% ownership of the Company, complementing our existing operatorship of the Muchesu mine.
We look forward to closing the £5,000,000 next month following receipt of currency exchange approvals, with the application process already underway."
* Words and expressions shall have the same definitions as set out in the circular dated 8 July 2026 unless otherwise stated.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.