Contango : Final Results 2020

Registered number: 10186111

Contango Holdings Plc

Annual Report and Financial Statements

For the year ended 31 May 2020

Company Information

Directors

Neal Griffith (resigned on 18 June 2020) Brian McMaster (resigned on 18 June 2020) Oliver Stansfield

Philip Richards

Carl Esprey (appointed 18 June 2020) Roy Pitchford (appointed 18 June 2020)

Company Secretary

Graham May

Registered Office

4th Floor, 36 Spital Square

London

E1 6DY

Company Registered No. 10186111 (England and Wales)

Auditors

Crowe U.K. LLP

55 Ludgate Hill

London

EC4M 7JW

Broker

Brandon Hill Capital Ltd

5th Floor, 1 Tudor Street

London

EC4Y 0AH

Registrars

Avenir Registrars

5 St John's Lane

London

EC1M 4BH

Contango Holdings PLC
Table of Contents
For the year ended 31 May 2020
Chairman's Report ..................................................................................................................................	1
Strategic Report ......................................................................................................................................	4
Directors' Report ...................................................................................................................................	14
Directors' Remuneration Report ...........................................................................................................	19
Independent auditor's report to the members………………………………………………………………..22
Statements of Comprehensive Income .................................................................................................	25
Statements of Financial Position...........................................................................................................	26
Statements of Changes in Equity..........................................................................................................	27
Statements of Cash Flows…………………………………………………………………………………….28
Notes to the Financial Statements ........................................................................................................	29

Contango Holdings plc

Board of Directors

For the year ended 31 May 2020

The only employees in the Company are the Directors, who are all considered to be key management personnel.

Brian McMaster (resigned on 18 June 2020)

Brian qualified as a chartered accountant in Australia in 1994 and is a registered and official liquidator with over 20 years' experience in the areas of corporate reconstruction, turnaround and performance improvement. He worked in New York and Jakarta before returning to Australia to become a partner at Ernst & Young. From 2004, he was a partner at Korda Mentha, a leading investment and restructuring services firm in Australia. In 2010 he joined Garrison Capital to advise on the identification and development of natural resources projects globally. In this capacity, he has been a director of a number of companies across the sector.

Philip Richards

Philip was educated at King's College Taunton before attending Oxford University (Corpus Christi College), where he received a BA (Hons) in Philosophy, Politics and Economics. From 1981-1985 he served in the British Army, finishing as Captain. From 1985 Philip held senior positions in research and sales at James Capel and Smith New Court, before his appointment as Managing Director of Investment Banking at Merrill Lynch from 1995-1998. In 1999 Philip co-founded RAB Capital, where he acted as CEO and latterly president, as well as principal fund manager of the RAB Europe Fund and RAB Special Situations Fund. At its peak, RAB managed circa US$8bn, of which $2bn was in the Special Situations Fund. Over time Philip and his team were responsible for managing several hundred investments in the natural resources sector and in 2006 Philip was voted AIM entrepreneur of the year.

Neal Griffith (resigned on 18 June 2020)

Neal is an executive director at Brandon Hill Capital and its parent company Optima Worldwide Group plc. He commenced his career in finance at SG Warburg before moving to Gow & Co, a commodities trading firm. He subsequently moved into a business career as both owner/manager and investor in the telecoms, property, farming and corporate restructuring services sectors. Neal is the CEO of Optima Worldwide Group plc (the parent company of Brandon Hill Capital) as a provider of capital to growth companies. Since the acquisition of Brandon Hill Capital in 2014 he has focused on assisting the Brandon Hill Capital team raise capital for its clients through his global network of professional investors. OWG has a number of investments in the natural resource sector and was recently listed on the Nasdaq Nord market in August 2016.

Oliver Stansfield

Oliver is the Chief Executive Officer of Brandon Hill Capital ("BHC"). He joined Fox-Davies Capital in 2004 (acquired by Optima Worldwide Group plc in June 2014 and renamed to BHC in January 2015) where he held the role of Director Equity Sales. As CEO of Brandon Hill, Oliver continues to oversee and lead the equity sales team, having developed relationships with a broad range of investors including Natural Resources and Emerging Market Funds, Family Offices and High Net Worths (HNWs). Over the last 10 years he has raised in excess of $1bn for junior resource companies in a variety of jurisdictions and across a multitude of commodities. Notable recent transactions include raising capital for San Leon Energy plc (£172m in equity) to acquire producing oil & gas assets in Nigeria and for Atalaya Mining (£65m in equity) to begin copper production in Spain.

Carl Esprey (appointed on 18 June 2020)

Carl, who qualified as a Chartered Accountant and Chartered Financial Analyst, has built a career in the natural resource investment and development sector. After beginning his career at Deloitte in Johannesburg in 2001, Carl joined BHP Billiton in 2004 as an analyst focussed on mergers and acquisitions. After four years at BHP Billiton, Carl used his expertise in the resources industry to move into equity investment and joined GLG Partners in London in 2008, where he focussed on natural resources investments. In 2014 Carl joined the board of Atlas Development & Support Services Limited and guided the company through its dual listing on the Growth Enterprise Market Segment of the Nairobi Securities Exchange, whilst also managing operations across Kenya, Ethiopia and Tanzania. Most recently, Carl has separately founded Elatio Tech Limited, a southern-African revenue generating gaming business and Waraba Gold Limited, a west-African gold exploration company.