REG - Reabold Resources - Continuation of Share Buyback Programme

Reabold ResourcesAnnouncement

29/06/2023 13:00

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RNS Number : 4173E  Reabold Resources PLC  29 June 2023

29 June 2023

Reabold Resources plc

("Reabold" or the "Company")

Continuation of Share Buyback Programme

Reabold Resources plc, the oil & gas investing company with a diversified
portfolio of exploration, appraisal and development projects, is pleased to
announce the continuation of its share buyback programme (the "Programme")
under renewed authorities granted by shareholders at the Company's Annual
General Meeting ("AGM") on 29 June 2023.

The initial size of the Programme was £750,000, as announced on 28 April
2023. The aggregate value of the Company's ordinary shares of 0.1 pence each
("Ordinary Shares") repurchased under the Programme to date is £120,836,
therefore the maximum amount of cash allocated to the Programme from today's
date is £629,164.

The Board will keep the Programme under review to ensure that it continues as
an efficient and effective means of generating value for Reabold shareholders.
While the Company is continuing the Programme, there is no certainty on the
volume of shares that may be acquired, nor any certainty on the pace and
quantum of acquisitions.

The Company has entered into a buyback agreement with Stifel Nicolaus Europe
Limited ("Stifel"), which will conduct the Programme and repurchase Ordinary
Shares on Reabold's behalf, for a maximum amount of £629,164 worth of
Ordinary Shares. During any closed periods of the Company, the buyback
agreement will grant Stifel the authority to enact purchases of Ordinary
Shares and make trading decisions concerning the timing of the purchases under
the Programme independently of the Company. The purpose of the Programme is to
reduce the issued ordinary share capital of Reabold.

The Programme will be conducted within certain pre-set parameters in
accordance with the Company's general authority granted to the Company at its
AGM on 29 June 2023. In line with the authority, the Programme will not
exceed acquisitions of more than 2,294,346,977 Ordinary Shares.  Share
purchases will be carried out on the London Stock Exchange.  The average
daily volume figure acquired under the Programme will be no more than 25% of
the average daily volume traded in the 20 trading days preceding the date of
purchase, and no more than 6 million Ordinary Shares in any one day.

Any Ordinary Shares acquired under the Programme shall be at a maximum price
(excluding expenses) of the higher of: (i) 10% above the average of the middle
market quotations for an Ordinary Share as derived from the AIM Section of the
Daily Official List of the London Stock Exchange for the five business days
before the date on which the contract for the purchase is made; and (ii) an
amount equal to the higher of the price of the last independent trade and
current independent bid as derived from the London Stock Exchange trading
system.

The Ordinary Shares repurchased will be held in Treasury, to meet the
obligations from employee share option programmes or other allocations of
shares to employees of the Company, or to re-issue such Ordinary Shares held
in Treasury outside of a pre-emptive offer.

It is intended that the Programme will be conducted within the parameters
prescribed by the Market Abuse Regulation 596/2014 (as in force in the UK by
virtue of the European Union (Withdrawal) Act 2018 and as amended by the
Market Abuse (Amendment) (EU Exit) Regulations 2019) (the "Regulation"), the
Commission Delegated Regulation (EU) 2016/1052 (as in force in the UK by
virtue of the European Union (Withdrawal) Act 2018 and as amended by
the FCA's Technical Standards (Market Abuse Regulation) (EU Exit) Instrument
2019) (the "Delegated Regulation").

The Programme is expected to continue until 29 September 2023.

Any market repurchase of Ordinary Shares will be announced no later than 7:30
a.m. on the business day following the calendar day on which the repurchase
occurred.

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

 finnCap Ltd - Joint Broker                                 +44 (0) 20 7220 0500

 Christopher Raggett

 Barney Hayward

 Camarco                                                    +44 (0) 20 3757 4980

 Billy Clegg

 Rebecca Waterworth

 

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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