REG - Reabold Resources - Recommencement of Share Buyback Programme

Reabold ResourcesAnnouncement

13/12/2023 07:15

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RNS Number : 5551W  Reabold Resources PLC  13 December 2023

13 December 2023

 

Reabold Resources plc

 

("Reabold" or the "Company")

 

Recommencement of Share Buyback Programme

Total Voting Rights

 

Reabold Resources plc, the oil & gas investing company with a diversified
portfolio of exploration, appraisal and development projects, is pleased to
announce the restart of its share buyback programme, under new terms (the
"Programme").

On 31 October 2022, Reabold announced its intention to commence a share
buyback programme with the intention to return £4 million of excess cash to
shareholders upon receipt of £9.5 million of deferred net proceeds to Reabold
from Shell, relating to the sale of the Victory asset. The Company accelerated
this return with an initial £750,000 buyback programme that commenced in
April 2023 and has returned £156,154 to shareholders to date.

Reabold has now received £5.2 million of the deferred consideration from
Shell in respect of the sale of the Victory asset, and is recommencing the
Programme with up to a further £593,846 to be returned to shareholders.

Reabold's Board evaluates many investment opportunities consistent with its
investing policy and believes that the current market value of the Company's
Ordinary Shares makes the buyback an appropriate use of capital. The maximum
quantum of the Programme has been set by the Board after having considered the
current capital position and future capital needs of the Company, such that it
retains financial flexibility whilst maintaining an efficient balance sheet.

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 has launched 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.

Stifel Nicolaus Europe Limited ("Stifel"), will continue to conduct the
Programme and repurchase Ordinary Shares on Reabold's behalf, for a maximum
amount of £593,846 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
General Meeting on 29 June 2023 and will not exceed acquisitions of more than
2,263,532,572 Ordinary Shares. The average daily volume figure acquired under
the Programme will be no more than 25% of the average daily volume traded in
the calendar month preceding this announcement, thus the maximum daily volume
limit will be 16,414,069 Ordinary Shares.

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.

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 the Company's General Meeting to
be held on 10 January 2024, at which point the Programme will be reviewed.

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.

Total voting rights

Following the admission to trading on AIM of the 486,486,487 new Ordinary
Shares issued to LNEnergy pursuant to the exercise of the second option as
announced on 11 December 2023, the total issued share capital of the Company
consists of 10,474,685,207 Ordinary Shares. The Company holds 111,572,837
Ordinary Shares in treasury. Accordingly, the total number of voting rights in
the Company is 10,363,112,370 and this is the figure that may be used by
shareholders as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change in
their interest in, the share capital of the Company under the FCA's Disclosure
Guidance and Transparency Rules.

 

 

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

 James Dance

 Rob Patrick

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

 Callum Stewart

 Simon Mensley

 Ashton Clanfield

                                                             +44 (0) 20 7220 0500

 Cavendish - Joint Broker

 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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