BDB Pitmans advises Contango Holdings PLC on a £6.8 million acquisition by way of reverse takeover, gross placing of £1.4 million and simultaneous readmission to the main market of the London Stock Exchange
The BDB Pitmans corporate team was instructed by Contango Holdings PLC (Contango) on the £6.8 million acquisition, by way of reverse takeover, of a 70% interest in Monaf Investments (Private) Limited (Monaf), which holds a mining asset in Zimbabwe. The team also advised Contango in relation to a placing which raised gross proceeds of £1.4 million and on Thursday 18 June 2020, Contango announced the successful completion of the acquisition and readmission to trading on the Standard Segment of the Main Market.
Contango was formed to acquire a controlling interest in a company or business in the natural resources sector and was admitted to the Standard Segment on 1 November 2017. On 22 December 2017, Contango announced it had signed a Memorandum of Understanding with Consolidated Growth Holdings Limited (CGH) with regard to the potential acquisition of CGH’s entire interest in Monaf and was subsequently suspended from trading. The objective of the company and funds raised will now be used to prepare the site for mining operations and production.
The BDB Pitmans team was led by corporate partner Nick McCarthy.