Reabold Resources PLC Result of Requisitioned General Meeting (2749Z)

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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                           [phone] 
  Stephen Williams                     4980 
 Strand Hanson Limited - Nominated    [phone] 
  & Financial Adviser                  3494 
  James Spinney 
  James Dance 
  Rob Patrick 
 
  Stifel Nicolaus Europe Limited       [phone] 
  - Joint Broker                       7600 
  Callum Stewart 
  Simon Mensley 
  Ashton Clanfield 
 
  Cavendish - Joint Broker             [phone] 
  Barney Hayward                       0500 
 Camarco 
  Billy Clegg 
  Rebecca Waterworth                  [phone] 
  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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January 10, 2024 06:47 ET (11:47 GMT)