REG - Reabold Resources - Result of Requisitioned General Meeting

Reabold ResourcesAnnouncement

17/11/2022 14:15

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RNS Number : 8117G  Reabold Resources PLC  17 November 2022

17 November 2022

 

Reabold Resources plc

 

("Reabold" or the "Company")

Result of Requisitioned General Meeting

Reabold, announces that, further to its announcement on 31 October 2022, all
the proposed resolutions by the Requisitioning Shareholders, who owned
approximately 6.93% of the Company's issued share capital at the time of that
announcement, including removing the entire Board of directors and replacing
them with four new directors proposed by the Requisitioning Shareholders, were
clearly rejected at the requisitioned General Meeting held earlier today.

 

A statement from Jeremy Edelman, Chairman of Reabold:

"I am delighted by the considerable support of our shareholders for the
existing Board and would like to take this opportunity to thank them. Whilst
this process has been a costly distraction from the important work of taking
forward the assets within the portfolio, the Board has gathered much
shareholder feedback over the course of the last few weeks and will use it to
enhance the Company's interaction with its investors in the future.  We look
forward to receiving the second tranche of the Shell proceeds which we intend
to return a portion of the capital back to shareholders, an event which
demonstrates execution of Reabold's business model. Distribution of capital to
shareholders will form a core element of the Company's financial strategy
alongside progressing, de-risking and monetising assets in the portfolio."

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

     Resolution                                                                      Votes For      %       Votes Against  %       Votes Total    Votes Withheld
 1   THAT Kamran Sattar be and is hereby appointed as a director of the Company      1,383,493,886  24.80%  4,194,309,399  75.20%  5,577,803,285  2,916,139
     (with such appointment taking immediate and simultaneous effect).
 2   THAT Cathal Friel be and is hereby appointed as a director of the Company       1,383,628,960  24.81%  4,194,174,325  75.19%  5,577,803,285  2,916,139
     (with such appointment taking immediate and simultaneous effect).
 3   THAT Francesca Yardley be and is hereby appointed as a director of the Company  1,383,588,170  24.81%  4,194,215,115  75.19%  5,577,803,285  2,916,139
     (with such appointment taking immediate and simultaneous effect).
 4   THAT John McGoldrick be and is hereby appointed as a director of the Company    1,383,583,625  24.81%  4,194,219,660  75.19%  5,577,803,285  2,916,139
     (with such appointment taking immediate and simultaneous effect).
 5   THAT Jeremy Samuel Edelman be and is hereby removed as a director of the        1,384,835,124  24.82%  4,194,174,325  75.18%  5,579,009,449  1,709,975
     Company.
 6   THAT Michael Craig Felton be and is hereby removed as a director of the         1,386,964,908  24.86%  4,192,044,541  75.14%  5,579,009,449  1,709,975
     Company.
 7   THAT Marcos Estanislao Mozetic be and is hereby removed as a director of the    1,384,704,595  24.82%  4,194,304,854  75.18%  5,579,009,449  1,709,975
     Company.
 8   THAT Sachin Sharad Oza be and is hereby removed as a director of the Company.   1,386,964,908  24.86%  4,192,044,541  75.14%  5,579,009,449  1,709,975
 9   THAT Anthony John Samaha be and is hereby removed as a director of the          1,384,835,124  24.82%  4,194,174,325  75.18%  5,579,009,449  1,709,975
     Company.
 10  THAT Stephen Anthony Williams be and is hereby removed as a director of the     1,387,104,527  24.86%  4,191,904,922  75.14%  5,579,009,449  1,709,975
     Company.
 11  THAT any person appointed as a director of the Company since the date of the    1,384,748,431  24.82%  4,194,304,854  75.18%  5,579,053,285  2,916,139
     requisition of the Requisitioned General Meeting at which this resolution is
     proposed, and who is not one of the persons referred to in the resolutions
     numbered 1 through 10 (inclusive) above, be and is hereby removed as a
     director of the Company.

 

As at the date of the requisitioned General Meeting, the number of issued
ordinary shares in the capital of the Company was 8,929,612,550, 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.

A copy of the requisitioned General Meeting results will also be available on
the Company's website at www.reabold.com (https://reabold.com/) .

 

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

 

 

 

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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