REG - Reabold Resources - Update re Requisitioned General Meeting

Reabold ResourcesAnnouncement

28/12/2023 07:00

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RNS Number : 9844X  Reabold Resources PLC  28 December 2023

28 December 2023

 

Reabold Resources plc

 

("Reabold" or the "Company")

 

Update re Requisitioned General Meeting

 

 

Reabold Resources plc, the oil & gas investing company with a diversified
portfolio of exploration, appraisal and development projects, announces an
update with respect to the forthcoming general meeting (the "General Meeting")
which was requisitioned by Pershing Nominees Limited on behalf of several
beneficial shareholders, further details and notice of which are set out in
the Company's circular sent to shareholders on 13 December 2023 (the
"Circular"), which included the proposed appointment of certain new directors
to the board (the "Proposed Directors").

 

The Company has been advised by its Nominated Adviser, Strand Hanson Limited
("Strand Hanson"), that its independent due diligence process, on the Proposed
Directors, as required by applicable regulations, remains ongoing. However, as
stated in the Circular, in the event that the resolutions in respect of the
appointments of the Proposed Directors are passed and Strand Hanson has not
completed the required due diligence to its satisfaction, Strand Hanson has
informed Reabold that it expects that it would be required to resign from its
role as the Company's Nominated Adviser with immediate effect. Should this be
required, in accordance with AIM Rule 1, trading in the Company's ordinary
shares on AIM would be suspended following the closing of the General Meeting
on Wednesday 10 January 2024. If a replacement Nominated Adviser is not
appointed within one month, admission of the Company's securities to trading
on AIM will be cancelled.

 

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

 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.

 

 

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