REG - Reabold Resources - Posting of Circular and Notice of General Meeting

Reabold ResourcesAnnouncement

10/02/2023 07:00

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RNS Number : 5047P  Reabold Resources PLC  10 February 2023

10 February 2023

 

Reabold Resources plc

 

("Reabold" or the "Company")

 

 

Posting of Circular and Notice of General Meeting

 

Proposed Authority to Buyback Ordinary Shares, Capital Reduction

and Adoption of New Articles of Association

 

 

Reabold Resources plc, the oil & gas investing company with a diversified
portfolio of exploration, appraisal and development projects, is today posting
a circular to Shareholders (the "Circular") to provide information about,
background to, and reasons for the proposed General Meeting which will be held
at 12 p.m. on 28 February 2023, at the offices of Hill Dickinson LLP, The
Broadgate Tower, 20 Primrose Street, London EC2A 2EW (the "General Meeting").
The Circular can also be found on the Company's website: www.reabold.com.

 

Reabold has now received its share of the initial gross consideration of £10
million (c. £3.2 million net to Reabold) from the sale of Corallian Energy
Limited to Shell U.K. Limited, as announced on 1 November 2022. The balance of
the total consideration, £22 million (c. £9.5 million net to Reabold), is
expected to be paid during 2023. On 31 October 2022, the Company stated its
intention to distribute some of the net proceeds of the sale to Shareholders
upon receipt of the second tranche of funds from Shell. The Board has been
actively considering the legal mechanisms available to the Company for the
intended distribution. The Board has also been considering its ability to make
an earlier partial distribution having regard to the Company's existing cash
balance and its available distributable reserves.

The General Meeting has been proposed to approve the (i) Buyback Authority,
(ii) Capital Reduction and (iii) adoption of the New Articles of the Company,
further details of which can be found in the Circular (the "Resolutions").
Passing the Resolutions will, subject, inter alia, to Court approval, enhance
the Company's ability to return surplus capital, undertake share buybacks and
pay dividends to Shareholders in the future.

 

 

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

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

 Hugh Rich

 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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