REG - Reabold Resources - Result of General Meeting

Reabold ResourcesAnnouncement

28/02/2023 15:45

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RNS Number : 3876R  Reabold Resources PLC  28 February 2023

 

28 February 2023

Reabold Resources Plc

("Reabold" or the "Company")

Result of General Meeting

Reabold Resources plc, the oil & gas investing company with a diversified
portfolio of exploration, appraisal and development projects, is pleased to
announce that the resolutions put to shareholders at its General Meeting held
earlier today, in connection with the proposed authority to buyback ordinary
shares, Capital Reduction and adoption of new articles of association, were
duly passed.

Accordingly, the Company's adoption of the New Articles has now become
effective, and the Company has now been granted Buyback Authority. This gives
the Board flexibility in determining the mechanism it wishes to use to make a
distribution to shareholders, with such distribution intended to be
implemented following receipt of the second tranche of funds from the
Corallian Sale. The Capital Reduction remains subject to Court approval and it
remains the Company's expectation that registration of the Court Order and
effective date of the Capital Reduction will be 28 March 2023.

Further announcement(s) will be made in due course.

Details of the votes cast for each of the proposed resolutions were as
follows:

 Resolution                                                                  Votes For      %       Votes Against  %      Total votes cast (excluding withheld)  % of Issued Share Capital Voted  Votes Withheld
 Resolution 1: Special resolution: To authorise the Company to make market   2,898,933,791  99.45%  15,907,279     0.55%  2,914,841,070                          31.76%                           200,122,626
 purchases of its ordinary shares
 Resolution 2: Special Resolution: To approve cancellation of the Company's  3,096,891,899  99.55%  13,996,068     0.45%  3,110,887,967                          33.90%                           4,805,127
 Share Premium Account
 Resolution 3: To adopt new Articles of Association of the Company           3,088,332,637  99.23%  23,846,903     0.77%  3,112,179,540                          33.91%                           3,513,554

As at the date of the General Meeting, the number of issued ordinary shares in
the capital of the Company was 9,177,387,909, which was the total number of
shares entitling the holders to attend and vote for or against all
resolutions. In accordance with the Company's Articles of Association, on a
poll, every member has one vote for every share held. Votes withheld are not
votes in law and have not been counted in the calculation of the proportion of
vote "for" or "against" a resolution.

Capitalised terms used in this announcement have the same meanings as ascribed
to them in the Company's circular dated 10 February 2023.

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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