Reabold Resources Share Discussion Threads

[likeawalrus] 11/12/2023 09:28

sorry uggy, just read the letter from the requisitioners - my understanding from the letter is that the shares were issued to LNe but then transferred from and by LNe to individual Directors. Whilst this does seem odd, I doubt RBD has any say over what happens to the shares unless there is a restrictive covenant as part of the deal, eg shares cannot be sold before X date. (I have previously questioned this). If there is a restriction in place, does a "transfer" equate to a sale? imo yes - all just speculation on my part

[likeawalrus] 11/12/2023 09:02

"...while the remaining £900,000 will be satisfied through the issue of 486,486,487 new ordinary shares of 0.1p each in the capital of the Company ("Ordinary Shares") at a price of 0.185 pence per share to LNEnergy Limited"

uggy why do you believe the shares have been transferred to the directors, have I missed something?

[uggy100] 11/12/2023 08:32

Heid oil posted correspondence purportedly from the requisitioned, if true it looks like a disaster & we've all been conned.
It appears the RBD shares issued have been transferred to the directos rather than held in LEE'S name ! I fail to see how that can be remotely legal.

[likeawalrus] 11/12/2023 07:30

could have been worse, issued at .185 instead of market price - a small blessing

[likeawalrus] 11/12/2023 07:18

RNS this morning - exactly as I predicted on 05/12

"... followed by another top-up of LNe - part cash, part issuing shares"

[greypanther2] 10/12/2023 15:33

Most of the excitement here seems to be about the forthcoming EGM, whenever that's going to happen, so I thought I'd take a look at the Colle Santo CPR (Competent Person's Report) prepared by RPS in September '22. There seems to be a lot of detailed technical information within it, but IMO there is also quite a lot that isn't being said about the asset that S&S are "betting the farm on". For example, why haven't RPS shown any really useful seismic lines? The 2D seismic data used to compile the map is sp*rse and pretty ancient. It's actually mainly old dynamite and other 2D data, all seemingly based on different datum levels. And RPS haven't shown us any useful well logs, well correlation panels, or interpreted petrophysical log. All in all, the CPR seems a bit thin to me. I'm wondering if any one else has had a look too? Thanks, GP

[likeawalrus] 09/12/2023 15:05

excellent, thanks steelwatch

[steelwatch] 09/12/2023 14:44

Revised requisition signed by Pershing Nominees:

[likeawalrus] 09/12/2023 13:32

Europa shareholders have had their GM requisition refused by WH as it has come from shareholders with nominee accounts, that is, they are not on the register, their brokers are. As such, WH has stated it does not comply with the regulation therefore legally he cannot accept it as valid.

Has the RBD requisition come from shareholders who hold their 5% on the share register or have they somehow used their brokers as a proxy? thx.

[likeawalrus] 08/12/2023 08:56

A company’s Articles of Association may permit it to purchase its own shares. Before 1 December 2003 if a company purchased its own shares it was obliged to cancel them. From 1 December 2003 the Companies Act allows a listed company to buy back its own shares and hold them ‘in treasury’ without cancelling them. For this purpose ‘listed’ includes shares dealt in on the Alternative Investment Market (AIM) of the London Stock Exchange. A company that holds its shares in treasury can sell those shares back into the market or cancel them.

Shares held in treasury are still officially issued share capital, the holder being the company. But, because a company cannot have rights against itself, the rights of shares held in treasury are suspended. The company cannot vote in respect of those shares, nor can it receive distributions (including distributions in a winding up) in respect of them.

[wisteria2] 08/12/2023 08:44

Who has the voting rights for the shares from the buy back ?

[wisteria2] 08/12/2023 08:18

LAW...Good to see more skin in the game...Oza's

[currypasty] 07/12/2023 17:46

20m, 29m, and 59m trades just showing

[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