Reabold Resources Share Discussion Threads

[likeawalrus] 07/12/2023 15:49

rns says Oza's have increased holding to 4.05%

topped up 03.11 when the share price was sub 0.1

[currypasty] 07/12/2023 14:18

any ideas when the EGM will take place ?

[uggy100] 07/12/2023 01:50

Curry I don't think they have the funds to continue the buyback. I reckon the share price languishes as if we have to bail out Rathlin it'll take all the Shell money received plus a bit more to get it across the line. We also have the LNe increased stake to fund with potential eye watering dilution for us.
As usual the chuckle brothers have backed RBD into a corner.
They have to be ousted ASAP.

[currypasty] 06/12/2023 14:57

last share buy back was in July, any ideas why they stopped?


"Following the share buyback, the Company will have 9,876,625,883 Ordinary Shares in issue, and 111,572,837 Ordinary Shares held in Treasury."

(120k's worth of shares... pretty much useless)

[tnt99] 06/12/2023 14:44

Should be up on divi payment alone and west Newton to be drilled taking a punt

[likeawalrus] 06/12/2023 13:15

I thought the Shell money may throw them a lifeline, but considering market reaction to the news yesterday I'm not so sure - hopefully we still have a very good chance of ousting the leeches

[triskelion] 06/12/2023 12:33

I'm having difficulty understanding the timetable for the EGM. The reason I'm trying to get a grip on it is because we are in that time of year when things may disappear or be overlooked among the Christmas/New Year festivities.

The RNS (Number: 3763U) that RBD published on 22 November (not visible on my online retail broker's Share news etc page for RBD) appears to have been in response to a valid (at last!) service of the requisition on that date. The RNS contains this phrase:

"The requisitioned general meeting has been called for the purposes of considering the below ordinary resolutions which if passed in their entirety, will result in the removal of the entire existing board of Reabold."

This wording is unhappy; does it mean the Board has actually convened the EGM (in which case why no Notice of EGM showing in my broker's regulatory news page for RBD) or is it just slovenly language which rather perhaps should read "The general meeting has been requisitioned for the purposes..."?

Either way effective service of the requisition was as stated on 22 November which means so far 14 days have elapsed. Companies Act 2006 section 304 states the board must call a meeting--

"(a)within 21 days from the date on which they become subject to the requirement, and

(b)to be held on a date not more than 28 days after the date of the notice convening the meeting."

(Extracts above etc from the Government legislation website text of the Act and I assume not changed).

As regards the minimum term of notice I see a number of provisions appear to regulate e.g. para. 50 etc of RBD's Articles filed at Companies House 2 March 2023 labelled there "Memorandum and Articles of Association" but in fact comprising only the Articles without the Memorandum; and Companies Act sections 307 and/or 307A which I don't have time to drill down through now but I am assuming may require at least 14 days' clear notice.

So it appears they have to get a Notice of EGM out on or about 13 December and (tentatively) the meeting will thereby be scheduled to be held on ~27 December earliest or latest ~10(?) January 2024.

My online broker has said "...usually meetings tend to be added to the online Broadridge system 3-4 weeks ahead of the meeting. Please keep an eye out for future annoucements from the company for a meeting date, once the meeting date is known and uploaded onto our online system you should be able to submit your voting instruction...." which I assume will broadly reflect the situation at the other retail brokers.

Also it seems "virtual" general meetings may be held.


PS: presumably flagged here already but I note a video posted 19 September 2023 on the Shares Magazine YT channel is entitled "Reabold Resources (RBD) - Sachin Oza, Co Chief Executive & Stephen Williams, Co Chief Executive". My pennypacket holding hasn't inspired me to spend time watching RBD promotional material but I may do a bit now at least to get a feeling for the demeanour of the lead players in the cast.

[wisteria2] 06/12/2023 07:56

Well on that flavour, a further decline in the share price to .085p should clear out the noise. GLAH

[uggy100] 05/12/2023 23:17

Hope not law & if so I hope it's their last one !

[likeawalrus] 05/12/2023 19:48

the money will be spent very quickly on LNenergy & rathlin and maybe Christmas bonuses for slick & slicker

[soulsauce] 05/12/2023 17:27

That's my reading of it 2risky

[2 risky] 05/12/2023 17:19

Market has zero faith in the two muppets,thats why Curry.

Are the two fools to be trusted to use the cash pile wisely and to the benefit of shareholders? Market says no.

[currypasty] 05/12/2023 17:00

mcap just £11m, after the rns we got the cash.. barmy

[squiresquire] 05/12/2023 13:27

Uggy

You were kicked off for making statements that were so bad they worried me about the legal implications because if you got sued then maybe i would be dragged in as moderator.

Advfn allow people to write any bile here, its why i stopped paying them and anyway i needed a better program for trading so got Sharepad instead.

Every now and then we see people get taken to court for stuff they have written on these threads, its nasty even thought they deserve it.

[likeawalrus] 05/12/2023 12:33

less than 7 months to drill WN so I suspect they will announce funding this month, followed by another top-up of LNe - part cash, part issuing shares - plus a further buy-back or small dividend maybe even a Christmas bonus for each other?

[currypasty] 05/12/2023 11:53

will the EGM kick them out before they can spend the cash ?

[thetoonarmy2] 05/12/2023 10:49

There’s a problem on London stock exchange with pricing according to Bloomberg

[monet] 05/12/2023 08:44

Let's wait for the serious big buys to come later today?

[likeawalrus] 05/12/2023 08:36

despite my reservations I thought the share price would react much more positively than it has, early days?

[currypasty] 05/12/2023 08:27

disappointing reaction to cash .. perhaps priced in, it has come a way from 0.08

[uggy100] 05/12/2023 08:14

Really Squiresquire lol. You can't ban me from this thread like you did on Jay for speaking my mind (& being proved right).

[likeawalrus] 05/12/2023 07:56

Net cash of £2.6 million at 30 June 2023.
12.09.23 £250k cash to LNe
17.11.23 £150k cash to LNe
Q3 about £325k spent on buy-backs

including sundry items, maybe £1.6m cash ?


Reabold intends to use the proceeds received to advance the development of assets across its portfolio, including the drilling of the key horizontal well at West Newton and the acceleration of the work programme at the Colle Santo gas project in Italy, as well as distributing excess cash to shareholders, as announced on 1 November 2022.

£1.6m + £5.2m means £6.8m to fund these commitments.

Rathlin needs a £6m top-up for their 4/6, RBD needs £2.25m for their 1/6, plus LNe, plus shareholders...

Perhaps RBD will secure a loan against the £4.4m from Shell? that's the only way the numbers stack up unless Rathlin manages a farm-out

[squiresquire] 05/12/2023 07:39

Brilliant. Now perhaps we can get a little rest from the awful Uggy and cronies.