REG - Reabold Resources - Purported Requisition of General Meeting

Reabold ResourcesAnnouncement

17/10/2022 13:00

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RNS Number : 1346D  Reabold Resources PLC  17 October 2022

17 October 2022

 

Reabold Resources plc

 

("Reabold" or the "Company")

Purported Requisition of General Meeting

"Opportunistic attempt to gain control without paying a control premium"

 

Reabold announces that it has received a letter from Pershing Nominees Limited
("Pershing"), which owns approximately 6.93% of the Company's issued share
capital, purporting to requisition a general meeting under section 303 of the
Companies Act 2006 ("Act") to consider resolutions to remove the entire Board
of directors and to replace them with four new directors of their own
choosing.

 

The Board of Reabold believes the motive of the requisitioning party is to
opportunistically gain control of your company and its significant cash and
assets, without paying a control premium. The Board notes that a number of the
proposed new directors have a track record of exceptional value destruction in
quoted oil and gas and resource companies.

Whilst the Company does not wish to deny any member the right to convene a
general meeting under the Act, this has to be balanced against due and proper
process and the prudent use of shareholder resources.  Having taken legal
advice, the Board has ascertained that the documentation as received contains
several deficiencies and is therefore not a valid requisition notice under
section 303 of the Act.  The Company has written to Pershing as to the
actions it needs to take to validly call a general meeting and has invited
Pershing to procure that a valid request under section 303 is submitted. If
and when the Company receives a valid requisition notice from Pershing, the
Board will respond to it in accordance with the Act and will share its views
on the proposals with shareholders.

Further announcements will be made as appropriate.  In the meantime,
shareholders are advised to take no action at this stage.

 

 

 

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

 

 

 

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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