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RNS Number : 2749Z Reabold Resources PLC 10 January 2024
10 January 2024
Reabold Resources plc
("Reabold" or the "Company")
Result of Requisitioned General Meeting
Reabold Resources plc, the oil & gas investing company with a diversified
portfolio of exploration, appraisal and development projects, announces that,
further to its announcement on 13 December 2023, all the proposed resolutions
put to shareholders at the General Meeting by the Requisitioning Shareholders,
including removing the entire Board of directors and replacing it with four
new directors, were not passed.
Jeremy Edelman, Non-Executive Chairman of Reabold, said:
"Today's requisitioned General Meeting result represents the resounding
support for the existing Board of Directors by its shareholders. The results
represent an even greater margin of votes against the Requisitioning
Shareholders' resolutions than was the case at the last requisitioned general
meeting in November 2022. The Requisitioning Shareholders, who own
approximately 7.91% of the Company's currently issued share capital, received
average support for the proposed resolutions from shareholders representing
approximately a further 5.77% of the Company's issued share capital. I would
like to thank our shareholders for their support of the Board.
"This process has, once again, been a serious and costly distraction for
Reabold, significantly delaying the management team's ability to execute the
Company's strategy. The Board believes the Company is well positioned with its
portfolio of strategic gas assets and strong cash position. The Company's
efforts can now be entirely directed towards unlocking this value for all
shareholders."
Details of the votes cast for each of the proposed resolutions at the General
Meeting were as follows:
Resolution Votes For % Votes Against % Total votes cast (excluding withheld) % of Issued Share Capital Voted* Votes Withheld**
Resolution 1: To appoint Kamran Sattar as a Director of the Company 1,331,928,672 20.11 5,291,517,950 79.89 6,623,446,622 64.92 1,972,027
Resolution 2: To appoint Andrea Cattaneo as a Director of the Company 1,405,335,322 21.22 5,218,131,300 78.78 6,623,466,622 64.92 1,952,027
Resolution 3: To appoint Francesca Yardley as a Director of the Company 1,335,420,066 20.16 5,288,026,556 79.84 6,623,446,622 64.92 1,972,027
Resolution 4: To appoint Dr José Ramón López-Portillo Romano as a Director 1,408,948,928 21.27 5,214,997,694 78.73 6,623,946,622 64.92 1,472,027
of the Company
Resolution 5: To remove Sachin Sharad Oza as a Director of the Company 1,417,172,011 21.40 5,204,894,611 78.60 6,622,066,622 64.90 3,352,027
Resolution 6: To remove Jeremy Samuel Edelman as a Director of the Company 1,406,775,737 21.25 5,214,290,885 78.75 6,621,066,622 64.89 4,352,027
Resolution 7: To remove Michael Craig Felton as a Director of the Company 1,406,175,737 21.24 5,214,890,885 78.76 6,621,066,622 64.89 4,352,027
Resolution 8: To remove Marcos Estanislao Mozetic as a Director of the Company 1,410,672,071 21.31 5,210,394,551 78.69 6,621,066,622 64.89 4,352,027
Resolution 9: To remove Anthony John Samaha as a Director of the Company 1,410,167,071 21.30 5,210,899,551 78.70 6,621,066,622 64.89 4,352,027
Resolution 10: To remove Stephen Anthony Williams as a Director of the Company 1,408,180,737 21.27 5,212,885,885 78.73 6,621,066,622 64.89 3,352,027
Resolution 11: To remove any further Directors appointed since the date of the 1,411,172,071 21.31 5,209,394,551 78.69 6,620,566,622 64.89 3,852,027
requisition of the Requisitioned General Meeting
* Total voting rights of the Ordinary Shares in issue, excluding the
271,761,925 Ordinary Shares held in Treasury, was 10,202,923,282. Every
shareholder has one vote for every Ordinary Share held.
** Please note a 'vote withheld' is not a vote under English law and is
not counted in the calculation of votes 'for' or 'against' a resolution.
Capitalised terms used herein but not otherwise defined shall have the same
meaning given to them in the Company's circular dated 13 December 2023.
A copy of the requisitioned General Meeting results will also be available on
the Company's website at www.reabold.com (https://reabold.com/) .
For further information, contact:
Reabold Resources plc c/o Camarco
Sachin Oza +44 (0) 20 3757 4980
Stephen Williams
Strand Hanson Limited - Nominated & Financial Adviser +44 (0) 20 7409 3494
James Spinney
James Dance
Rob Patrick
Stifel Nicolaus Europe Limited - Joint Broker +44 (0) 20 7710 7600
Callum Stewart
Simon Mensley
Ashton Clanfield
Cavendish - Joint Broker +44 (0) 20 7220 0500
Barney Hayward
Camarco +44 (0) 20 3757 4980
Billy Clegg
Rebecca Waterworth
Sam Morris
Notes to Editors
Reabold Resources plc has a diversified portfolio of exploration, appraisal
and development oil & gas projects. Reabold's strategy is to invest in
low-risk, near-term projects which it considers to have significant valuation
uplift potential, with a clear monetisation plan, where receipt of such
proceeds will be returned to shareholders and re-invested into further growth
projects. This strategy is illustrated by the recent sale of the undeveloped
Victory gas field to Shell, the proceeds of which are being returned to
shareholders and re-invested.
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