RCS - Reabold Resources - Response to Presentation from Requisitioners

Reabold ResourcesAnnouncement

04/11/2022 18:30

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RNS Number : 4450F  Reabold Resources PLC  04 November 2022

4 November 2022

 

Reabold Resources plc

 

("Reabold" or the "Company")

Response to Presentation from Requisitioning Shareholders

Reabold Resources, the AIM quoted investing company with a portfolio of
upstream oil and gas projects, which received the Requisition letter from the
Requisitioning Shareholders on 17 October 2022 (as announced on 20 October
2022), notes the presentation published on 1 November 2022 by the
Requisitioning Shareholders.

 

The Company notes a number of inaccuracies in the presentation and has
therefore formally responded in the following document on the Company's
website: https://reabold.com/requisition-of-general-meeting/
(https://reabold.com/requisition-of-general-meeting/)

 

The Requisitioning Shareholders own approximately 6.93% of the Company's
issued share capital. The requisitioned General Meeting has been convened to
consider resolutions to remove the entire Board of Directors and to replace
them with four new Proposed Directors of their own choosing.

 

The General Meeting will be held at 8th Floor, The Broadgate Tower, 20
Primrose Street, London EC2A 2EW at 10.00 a.m. on 17 November 2022.

 

The Board believes that the Requisitioning Shareholders are seeking to gain
control of Reabold without paying a control premium. The Board also believes
that the Proposed Directors are not appropriate for the Company and include
individuals with a track record of value destruction as public company board
directors in some instances, or no public board experience that we are aware
of. Further details as to the Company's concerns are set out in the circular
published and sent to Shareholders on 31 October 2022 (the "Circular").

 

The Board unanimously recommends that Shareholders VOTE AGAINST ALL the
Resolutions.

 

Capitalised terms used in this announcement carry the same meaning as ascribed
to them in the Circular.

 

 

 

Ends

 

 

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

 Rory Murphy

 James Dance

 Stifel Nicolaus Europe Limited - Joint Broker              +44 (0) 20 7710 7600

 Callum Stewart

 Simon Mensley

 Ashton Clanfield

 Panmure Gordon - Joint Broker                              +44 (0) 207 886 2733

 Hugh Rich

 Camarco                                                    +44 (0) 20 3757 4980

 Billy Clegg

 Rebecca Waterworth

 Fergus Young

 

 

 

Notes to Editors

 

Reabold Resources plc is an investing company investing in the exploration and
production ("E&P") sector and has a diversified portfolio of assets in
upstream oil & gas projects. Reabold aims to create value from each
project by investing in undervalued, low-risk, near-term projects and by
identifying a clear exit plan prior to investment. The Company's investing
policy is to acquire direct and indirect interests in exploration and
producing projects and assets in the natural resources sector, and
consideration is currently given to investment opportunities anywhere in the
world.

 

Reabold's long term strategy is to re-invest capital made through its
investments into larger projects in order to grow the Company. Reabold aims to
gain exposure to assets with limited downside and high potential upside,
capitalising on the value created between the entry stage and exit point of
its projects. The Company invests in projects that have limited correlation to
the oil price.

 

Reabold has a highly-experienced management team, who possess the necessary
background, knowledge and contacts to carry out the Company's strategy.

 

 

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