LONDON - Contango Holdings Plc, the company behind the Muchesu coal project in Zimbabwe, announced that its annual financial and audit report for the fiscal year ending May 31, 2024, has been officially submitted to the National Storage Mechanism (NSM). Following this submission, Contango has requested that the Financial Conduct Authority (FCA) lift the suspension on trading of its shares, with the aim of resuming normal trading activities as soon as possible.
The report, which details the company's financial performance and audited results, is now available for public inspection through the NSM website. Additionally, a copy of the full report can also be found on Contango's website. This follows the company's prior announcement on November 22, 2024, regarding the publication of its annual report.
Contango's CEO, Carl Esprey, has expressed the company's intention to return to regular share trading on the market and has assured that further updates will be provided in due course. The Muchesu coal project, which Contango is developing, is recognized for its substantial coal reserves, estimated to exceed 2 billion tonnes.
The submission of the financial documents marks a significant step for Contango as it seeks to demonstrate transparency and compliance with regulatory requirements. The lifting of the trading suspension would enable shareholders and potential investors to trade Contango's shares once again.
This move comes at a time when the energy sector, particularly coal, faces various global challenges, including market volatility and a push towards renewable energy sources. However, coal remains an important energy source in many regions, including Zimbabwe.
Investors and interested parties can access more information on the company's financial health and future prospects by reviewing the report on the NSM and Contango's website. The information is based on a press release statement by Contango Holdings Plc.
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