TIDMRBD
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 % of Votes Withheld**
cast (excluding Issued
withheld) Share
Capital
Voted*
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
of the Company 1,408,948,928 21.27 5,214,997,694 78.73 6,623,946,622 64.92 1,472,027
-------------- ------ -------------- ------ ----------------- --------- -----------------
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
requisition
of the
Requisitioned
General Meeting 1,411,172,071 21.31 5,209,394,551 78.69 6,620,566,622 64.89 3,852,027
-------------- ------ -------------- ------ ----------------- --------- -----------------
* 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 .
For further information, contact:
Reabold Resources plc c/o Camarco
Sachin Oza +44 (0) 20 3757
Stephen Williams 4980
Strand Hanson Limited - Nominated +44 (0) 20 7409
& Financial Adviser 3494
James Spinney
James Dance
Rob Patrick
Stifel Nicolaus Europe Limited +44 (0) 20 7710
- Joint Broker 7600
Callum Stewart
Simon Mensley
Ashton Clanfield
Cavendish - Joint Broker +44 (0) 20 7220
Barney Hayward 0500
Camarco
Billy Clegg
Rebecca Waterworth +44 (0) 20 3757
Sam Morris 4980
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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END
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