REG - Reabold Resources - Result of Requisitioned General Meeting

Reabold ResourcesAnnouncement

10/01/2024 12:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240110:nRSJ2749Za&default-theme=true

RNS Number : 2749Z  Reabold Resources PLC  10 January 2024

10 January 2024

 

Reabold Resources plc

 

("Reabold" or the "Company")

 

Result of Requisitioned General Meeting

 

Reabold Resources plc, the oil & gas investing company with a diversified
portfolio of exploration, appraisal and development projects, announces that,
further to its announcement on 13 December 2023, all the proposed resolutions
put to shareholders at the General Meeting by the Requisitioning Shareholders,
including removing the entire Board of directors and replacing it with four
new directors, were not passed.

 

Jeremy Edelman, Non-Executive Chairman of Reabold, said:

 

"Today's requisitioned General Meeting result represents the resounding
support for the existing Board of Directors by its shareholders. The results
represent an even greater margin of votes against the Requisitioning
Shareholders' resolutions than was the case at the last requisitioned general
meeting in November 2022. The Requisitioning Shareholders, who own
approximately 7.91% of the Company's currently issued share capital, received
average support for the proposed resolutions from shareholders representing
approximately a further 5.77% of the Company's issued share capital. I would
like to thank our shareholders for their support of the Board.

 

"This process has, once again, been a serious and costly distraction for
Reabold, significantly delaying the management team's ability to execute the
Company's strategy. The Board believes the Company is well positioned with its
portfolio of strategic gas assets and strong cash position. The Company's
efforts can now be entirely directed towards unlocking this value for all
shareholders."

 

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

 

 Resolution                                                                      Votes For      %      Votes Against  %      Total votes cast (excluding withheld)  % of Issued Share Capital Voted*  Votes Withheld**

 Resolution 1: To appoint Kamran Sattar as a Director of the Company             1,331,928,672  20.11  5,291,517,950  79.89  6,623,446,622                          64.92                             1,972,027
 Resolution 2: To appoint Andrea Cattaneo as a Director of the Company           1,405,335,322  21.22  5,218,131,300  78.78  6,623,466,622                          64.92                             1,952,027
 Resolution 3: To appoint Francesca Yardley as a Director of the Company         1,335,420,066  20.16  5,288,026,556  79.84  6,623,446,622                          64.92                             1,972,027
 Resolution 4: To appoint Dr José Ramón López-Portillo Romano as a Director      1,408,948,928  21.27  5,214,997,694  78.73  6,623,946,622                          64.92                             1,472,027
 of the Company
 Resolution 5: To remove Sachin Sharad Oza as a Director of the Company          1,417,172,011  21.40  5,204,894,611  78.60  6,622,066,622                          64.90                             3,352,027
 Resolution 6: To remove Jeremy Samuel Edelman as a Director of the Company      1,406,775,737  21.25  5,214,290,885  78.75  6,621,066,622                          64.89                             4,352,027
 Resolution 7: To remove Michael Craig Felton as a Director of the Company       1,406,175,737  21.24  5,214,890,885  78.76  6,621,066,622                          64.89                             4,352,027
 Resolution 8: To remove Marcos Estanislao Mozetic as a Director of the Company  1,410,672,071  21.31  5,210,394,551  78.69  6,621,066,622                          64.89                             4,352,027
 Resolution 9: To remove Anthony John Samaha as a Director of the Company        1,410,167,071  21.30  5,210,899,551  78.70  6,621,066,622                          64.89                             4,352,027
 Resolution 10: To remove Stephen Anthony Williams as a Director of the Company  1,408,180,737  21.27  5,212,885,885  78.73  6,621,066,622                          64.89                             3,352,027
 Resolution 11: To remove any further Directors appointed since the date of the  1,411,172,071  21.31  5,209,394,551  78.69  6,620,566,622                          64.89                             3,852,027
 requisition of the Requisitioned General Meeting

 

 

*     Total voting rights of the Ordinary Shares in issue, excluding the
271,761,925 Ordinary Shares held in Treasury, was 10,202,923,282. Every
shareholder has one vote for every Ordinary Share held.

 

**   Please note a 'vote withheld' is not a vote under English law and is
not counted in the calculation of votes 'for' or 'against' a resolution.

 

Capitalised terms used herein but not otherwise defined shall have the same
meaning given to them in the Company's circular dated 13 December 2023.

 

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

 Cavendish - Joint Broker                                     +44 (0) 20 7220 0500

 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.

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ROMBBGDBUSBDGSG