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  6. Reabold Resources Plc (RBD)

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RBD

Reabold Resources Plc

0.1425
0.00 (0.0%)
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Share Name Share Symbol Market Type Share ISIN Share Description
Reabold Resources Plc LSE:RBD London Ordinary Share GB00B95L0551 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
Upgrade Icon
  0.00 0.0% 0.1425 3,325,892 08:00:00
Bid Price Offer Price High Price Low Price Open Price
0.14 0.145 0.1425 0.1425 0.1425
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Advertising 1.16 -2.68 - - 12.72
Last Trade Time Trade Type Trade Size Trade Price Currency
16:26:14 O 142,975 0.1427 GBX
Related Shares
Bp (BP.), Harbour Energy (HBR), Curzon Energy (CZN), Echo Energy (ECHO)

Reabold Resources (RBD) Latest News (1)

Reabold Resources News

Date Time Source Headline
08/6/202307:45UKREGReabold Resources PLC Investment in LNEnergy Update
07/6/202307:00UKREGReabold Resources PLC Transaction in Own Shares
06/6/202307:00UKREGReabold Resources PLC Transaction in Own Shares
02/6/202315:55UKREGReabold Resources PLC Posting of Annual Report and Notice of AGM
02/6/202307:00UKREGReabold Resources PLC Transaction in Own Shares
01/6/202314:10ALNCNewsIN BRIEF: Reabold Resources extends LNEnergy investment expiry date
01/6/202307:00UKREGReabold Resources PLC Transaction in Own Shares
31/5/202307:00UKREGReabold Resources PLC Transaction in Own Shares
30/5/202312:16ALNCNewsReabold Resources annual loss narrows as costs fall, revenue plummets
30/5/202307:00UKREGReabold Resources PLC Full Year Results for year ended 31 December 2022

Reabold Resources (RBD) Discussions and Chat

Reabold Resources Forums and Chat

Date Time Title Posts
08/6/202312:45REABOLD RESOURCES: Oil & Gas with a Novel Strategy3,487
16/5/202314:54New resources play8,753
20/4/202309:54Reabold Resources idiot free thread1,823
28/10/202209:28 Posts: 179 Price: 0.245 Strong Buy RE: Reabold LTH's - Beware what you wish 4
27/10/202220:15Reabold SH's - Beware what you wish for!!-

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Reabold Resources (RBD) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-06-08 15:26:160.14142,975204.03O
2023-06-08 12:52:290.1450,03472.00O
2023-06-08 12:50:380.141,3892.00O
2023-06-08 11:14:380.1458,12983.65O
2023-06-08 11:11:130.141,721,2212,494.05O

Reabold Resources (RBD) Top Chat Posts

Top Posts
Posted at 16/5/2023 07:42 by currypasty
Date of purchase: 15 May 2023
Aggregate number of Ordinary Shares purchased: 2,191,942
Lowest price paid per Ordinary Share (pence per share): 0.1700 pence
Highest price paid per Ordinary Share (pence per share): 0.1750 pence
Volume weighted average price paid per Ordinary Share (pence per share): 0.1734 pence
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Posted at 05/4/2023 16:39 by squiresquire
Greypanther

I was referring to the sale of Corallion Energy to Shell, so far RBD have had £3.2m with another £9.5m due at some time during 2023. This link made me think of the possibility that Shell had also discussed with RBD some tie into the next WN drill, if this were to be the case, just a guess on my part, then it would make sense for Shell to assist RBD in any way it could, at a price of course. Agree re Deltic.
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Posted at 15/3/2023 11:33 by greypanther2
If Sattar is trying to buy RBD on the cheap, and he puts in a bid at the implied 0.2035p price, then shouldn't the share price rise to somewhere above that price? In that case S&S and their supporters won't need to worry. So bring it on, I say. Then some of us can perhaps get out at a (very) small profit.
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Posted at 14/3/2023 17:32 by thetoonarmy2
It's like buses. Finncap just came out with this below.

.............
Reabold Resources has received a punchy 1.2p share price target from house broker finnCap based on the potential of the first horizontal well at the West Newton gas discovery.

Scheduled for the second quarter of 2023, finnCap estimates this field alone has a risked value of 0.8p per share or more than four times the current share price.

West Newton, on licence PEDL 183, has already had three vertical wells drilled but horizontal drilling will confirm the flow potential of the reservoir, with a target of an initial gas rate of 36mmcf/d (5,900 boepd).

“Given the outlook for gas prices and the drive for domestic security of supply, there is a strong chance this project will proceed if commercial flow rates are delivered,” added finnCap.

In addition, in the UK North Sea, Reabold has built a material acreage position across four core areas that contain a deep inventory of exploration and appraisal opportunities, said the broker.

Drilling on these licences is some way off, but they still provide a project hopper to mature and monetise through farm-out and/or disposal.

Reabold also has interests outside the UK in Romania and California.

Shares eased 4% to 0.19p....
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Posted at 13/3/2023 17:03 by archie222
upside of a cratering share price?

8.9b shares in issue.

£4m buy back is around 2.2b shares (if 0.0018 ask is reached).

Improved share price - probably not.
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Posted at 10/2/2023 09:05 by hopeful holder
The cash back to investors is just a side show / distraction to take the eye away from the share price performance which is "disappointing" at the very least.Get the share price over a penny and then start a payback scheme. The amount of time, effort and cost this scheme must take, well, id sooner the effort be spent restoring the share price to previously seen levels.And how about a huge pay cut and link a 6 month weighted. average share price to pay, with the bonus kicking in at say 0.6p. I'd vote for that...
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Posted at 01/2/2023 12:13 by wisteria2
Soulsauce, thanks for the link. Share price is slowly climbing from recently under .02p ! i wonder what share price are 2 hero's will consider undervalue at to pursue a share buy back. Not forgetting they recently purchased around .027
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Posted at 18/11/2022 09:49 by greypanther2
Regarding the dividend / bribe we might receive towards the end of next year: If you divide the possible £4 million payout that's been mentioned by the 8,929,612,550 RBD shares in issue, this comes to 0.045p per share. That's not a lot, butI suppose it might help compensate for the depressing share price performance. IMO it's rather telling that the share price has fallen further than that since the EGM was announced. Was this because of disappointment that S&S might keep their jobs?
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Posted at 21/10/2022 09:55 by buffinman
Reposted, with law's permission, from the UJO board:

For those who don’t subscribe to toms blog
The full article it looks spot on.

Reabold Resources (RBD) now faces a sack the board resolution spearheaded by Donegal’s finest Cathal Friel. Friel has, in various share issuances, poured vast amounts of Euro into the company. He has skin in the game and he and fellow shareholders owning 6.93% collectively want change. They have had enough of failure being rewarded. As you can see HERE, we have exposed the charlatans who run this company before. And in response to the resolution, the charlatans are playing fast and lose with the truth once more. They say:

This is an ”opportunistic attempt to gain control without paying a control premium”. That is just a lie. All that the requisitioners wish to do is replace a failed board that has destroyed both shareholder value and the share price with a new board, including Cathal, with new ideas to, we hope, deliver better outcomes. Cathal has a track record as a value creator. The current board has a track record as a value destroyer. So it is simple we back Cathal, sack the board.

So how does Cathal see it. He has been in touch and explains what is going on thus:

“I have personally invested a number of times in Reabold through Kamran Sattar of Portillion Capital. Since 2020, Kamran has been very actively involved with the management team of Reabold and in January 2021, he both corner-stoned and underwrote the placing of £7.5 million. This ensured that the placing was completed at a premium to the then market price of 0.55p avoiding shareholder dilution. Subsequently, Kamran has had significant engagement with the company including when Reabold’s share price was tumbling in Q3 2021, Kamran introduced Hannam & Partners to Reabold as he has previously worked with them, and in turn launched a strategic review of the assets with a view to monetising some of the assets. Kamran was also part of the group named as strategic investors in Corallion Energy and the party that facilitated the Day Break transaction. Kamran, myself and a number of other shareholders have become very frustrated by the really poor performance of the Reabold team despite Kamran’s best efforts and therefore, we have decided that most of the Board needs to be replaced including both co-CEOs.

As mentioned, I hold a reasonable investment in Reabold, where I am nursing a substantial loss. I am fully aware that the markets are currently difficult with most stocks down in 2022. Despite this, I have joined this Requisition because I feel quite strongly that Reabold should have been able to perform vastly better than many of its peers in the Oil & Gas sector.

Furthermore, whilst the requisitioning shareholders calling the general meeting account for 6.93% of the voting rights in Reabold, this is simply for the purpose of expediency. A 5% holding is the minimum requirement under company law to requisition a meeting and we brought together a close, small group of initial shareholders for this purpose. Notwithstanding this, please be aware that we have significant support amongst the shareholder base, which we estimate currently accounts for more than 25% of the total voting rights. When it comes to the voting process, the requisitioning shareholders are optimistic in being able to persuade and convince most of the other shareholders to support the Requisition.

Reabold was marketed as an innovative company taking a fresh approach to how AIM listed Oil & Gas companies should operate. As someone with extensive experience managing and investing in AIM listed companies, I was attracted by their purported fresh approach. However, I am really struggling to see how the existing team is implementing this fresh approach when you consider the following:

How can a small cap publicly quoted company such as Reabold justify having a dual CEO function? In 2021, both CEOs received a base salary of £231,000, representing a combined salary for the CEO function of £462,000. This is significantly out of line with the AIM market for a company with such a small market cap;

In addition to their base salary, both CEOs received a bonus of £50,000 and share based payments worth £66,000 during 2021, bringing their total remuneration package, including pension contributions, to £358,000 each despite the share price dropping significantly from 0.64p to 0.17p (a decline of over 70%) in the calendar year of 2021;

Both CEOs, Sachin Oza and Stephen Williams, have significant conflicts of interest, holding board positions in associated companies and drawing an income from these roles in addition to the substantial packages they are currently drawing from Reabold. Both are non-executive directors of Rathlin Energy Limited. Stephen is also a non-executive director at Europa Oil and Gas plc. Sachin Oza is also a non-executive director of Corallian Energy;

Additionally, given the recent sale process, the Corallian directors will be issued significant incentive bonuses. This significantly reduces the size of the cash that will be distributed to the Reabold shareholders. This incentive structure brings about inherent conflicts of interest questions, most notably the potential for the Directors to be more focussed on maximising their bonuses rather than representing the best interests of shareholders.

In my opinion, across several recent deals and transactions involving Reabold, a more experienced, seasoned and hands-on Board would have produced a much better result for shareholders. Clear examples of the inability of the Board to maximise shareholder value include:

The conditional sale of Corallian Energy is significantly lower than expected and guided by the management team. It was previously stated by that Corallian's updated 2C economic valuation of Victory, based on an historical average gas price valuation of 50p/therm, had increased from £146 million to £193 million yet the sale price is just £32 million;

The return for Reabold shareholders, even with the £32 million sale is vastly diluted by what the board are receiving and the payment of their incentive shares;

The lacklustre results of UK onshore licence PEDL 183;

The Board having failed to capitalise on the downtrend trend in oil prices last year to acquire producing assets to secure the future of the business.

The parties supporting this requisition are long term shareholders of Reabold who have invested significant cash resources to cornerstone and support a number of Reabold’s placings. This is in stark contrast to the Board who collectively own just over 3%, and who’s compensation has minimal correlation to Reabold’s overall performance, specifically share price performance.

The parties supporting this Requisition have a clear vision and plan on how to get Reabold performing properly in the UK Oil & Gas sector. Market conditions in 2021 and 2022 should have allowed any UK Oil & Gas focused company such as Reabold to significantly outperform their peers. Whereas the reality is, Reabold has completely underperformed.

I lay the blame for this mismanagement at the foot of the Board. This assessment is clearly reciprocated by the market through the significant decline in the share price. As with any company which has disappointed and whose Board has been in place for 4-5 years, it is my view that a fresh start is necessary. A fresh set of eyes and a more hands-on approach from seasoned veterans such as myself and John McGoldrick is required. We both have considerably more experience operating and turning around struggling public companies than Reabold’s existing Board, and we are relishing the opportunity to implement significant improvements to Reabold. These improvements are under the following areas:

Return cash to shareholders;

Appoint an appropriate and experienced CEO; we are in discussions with two appropriate candidates;

Realise substantially higher value from existing projects; and

Capitalise on several new asset deals, which will involve no dilution of equity for the shareholders.

It is very important to note that although my more recent experience has been focused on life sciences, I have considerable experience in the Oil & Gas space, both operating and investing in publicly listed companies:

I had a ringside seat with Cove Energy plc, from its formation in 2009 when it had an initial market cap of less than £1 million through to its ultimate trade sale 3 years later in 2012 for c. £1.7 billion. I shared a small office in Dublin with the founders and I became quite close to the management team as it evolved very rapidly, providing support to them as they became one of the most successful AIM oil and gas investments in many years;

As a result, the Cove Energy founders helped me establish Fastnet Oil and Gas plc which IPO’d on AIM in 2011. As with all my public company projects, I invested a very large part of my personal net worth to become Fastnet’s single largest investor. While running Fastnet, I was a very hands-on Executive Chairman and for the first two years that I ran it, I took a nominal £10,000 salary per annum. Throughout my three years as Executive Chairman of Fastnet, we completed a huge amount of activity including successfully raising c. $50 million and in turn we brought in key strategic players such as BP, Kosmos Energy and SK Energy to entirely fund our Moroccan offshore well and operations. We also discovered one of the larger onshore gas resources in Morocco and did extensive work in the Celtic Sea basin;

When oil and gas prices collapsed from $120 a barrel to $30 in 2014, I immediately conserved all of the company’s cash, reduced its overheads by 95%, creating a substantial cash shell with c. $15 million and transformed Fastnet into Amryt Pharma plc which today is listed on Nasdaq with a market cap of c. $500 million;

I have been a reasonably substantial investor in several other Oil & Gas companies, some of which have worked out well for me. I was an early investor in Rockrose Energy plc and stayed in until its successful trade sale. Likewise, I was a substantial, early investor in Touchstone Exploration plc, which also resulted in excellent returns on my initial investment.

I have also invested in a range of other oil and gas companies, some of which have performed well and others of which have performed rather badly. As such, I believe I have a clear insight into how a successful AIM listed Oil & Gas management team should operate to deliver successful outcomes for its shareholders.

I see striking similarities in the current situation with Reabold to what I faced when I first met with hVIVO plc’s Board in October 2019. hVIVO at that point in time also had a very expensive dual management team structure. This included a very expensive Executive Chairman and COO, both of whom claimed they were running the company and were extracting significant remuneration packages while the market cap of hVIVO was less than £10 million, the company was perennially loss making and moving towards the point of insolvency.

I promptly replaced these very expensive executives and consolidated their dual role into a single position, on a modest package that was less than what either of the predecessors was on. I am a firm believer that the Board should reflect the values of the business while focusing on delivering sustainable returns for the company’s shareholders. As such, I am confident that the Requisition can be the catalyst to transform Reabold in a similar manner to how we transformed hVIVO, more than doubling revenues to c.£50 million in 3 years while most importantly being on target to make substantial real profits for the first time in hVIVO’s history this year.

A key pillar to this success has been a relentless focus on cost management, particularly minimising inefficient and ineffective C-suite executive packages. This is a principle I believe is crucial for any small cap public company to survive.

Ends.
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Posted at 20/10/2022 21:55 by redroobbo
For those who don't subscribe to toms blogThe full article it looks spot on. Reabold Resources (RBD) now faces a sack the board resolution spearheaded by Donegal's finest Cathal Friel. Friel has, in various share issuances, poured vast amounts of Euro into the company. He has skin in the game and he and fellow shareholders owning 6.93% collectively want change. They have had enough of failure being rewarded. As you can see HERE, we have exposed the charlatans who run this company before. And in response to the resolution, the charlatans are playing fast and lose with the truth once more. They say:This is an "opportunistic attempt to gain control without paying a control premium". That is just a lie. All that the requisitioners wish to do is replace a failed board that has destroyed both shareholder value and the share price with a new board, including Cathal, with new ideas to, we hope, deliver better outcomes. Cathal has a track record as a value creator. The current board has a track record as a value destroyer. So it is simple we back Cathal, sack the board.So how does Cathal see it. He has been in touch and explains what is going on thus:"I have personally invested a number of times in Reabold through Kamran Sattar of Portillion Capital. Since 2020, Kamran has been very actively involved with the management team of Reabold and in January 2021, he both corner-stoned and underwrote the placing of £7.5 million. This ensured that the placing was completed at a premium to the then market price of 0.55p avoiding shareholder dilution. Subsequently, Kamran has had significant engagement with the company including when Reabold's share price was tumbling in Q3 2021, Kamran introduced Hannam & Partners to Reabold as he has previously worked with them, and in turn launched a strategic review of the assets with a view to monetising some of the assets. Kamran was also part of the group named as strategic investors in Corallion Energy and the party that facilitated the Day Break transaction. Kamran, myself and a number of other shareholders have become very frustrated by the really poor performance of the Reabold team despite Kamran's best efforts and therefore, we have decided that most of the Board needs to be replaced including both co-CEOs.As mentioned, I hold a reasonable investment in Reabold, where I am nursing a substantial loss. I am fully aware that the markets are currently difficult with most stocks down in 2022. Despite this, I have joined this Requisition because I feel quite strongly that Reabold should have been able to perform vastly better than many of its peers in the Oil & Gas sector.Furthermore, whilst the requisitioning shareholders calling the general meeting account for 6.93% of the voting rights in Reabold, this is simply for the purpose of expediency. A 5% holding is the minimum requirement under company law to requisition a meeting and we brought together a close, small group of initial shareholders for this purpose. Notwithstanding this, please be aware that we have significant support amongst the shareholder base, which we estimate currently accounts for more than 25% of the total voting rights. When it comes to the voting process, the requisitioning shareholders are optimistic in being able to persuade and convince most of the other shareholders to support the Requisition.Reabold was marketed as an innovative company taking a fresh approach to how AIM listed Oil & Gas companies should operate. As someone with extensive experience managing and investing in AIM listed companies, I was attracted by their purported fresh approach. However, I am really struggling to see how the existing team is implementing this fresh approach when you consider the following:How can a small cap publicly quoted company such as Reabold justify having a dual CEO function? In 2021, both CEOs received a base salary of £231,000, representing a combined salary for the CEO function of £462,000. This is significantly out of line with the AIM market for a company with such a small market cap; In addition to their base salary, both CEOs received a bonus of £50,000 and share based payments worth £66,000 during 2021, bringing their total remuneration package, including pension contributions, to £358,000 each despite the share price dropping significantly from 0.64p to 0.17p (a decline of over 70%) in the calendar year of 2021; Both CEOs, Sachin Oza and Stephen Williams, have significant conflicts of interest, holding board positions in associated companies and drawing an income from these roles in addition to the substantial packages they are currently drawing from Reabold. Both are non-executive directors of Rathlin Energy Limited. Stephen is also a non-executive director at Europa Oil and Gas plc. Sachin Oza is also a non-executive director of Corallian Energy; Additionally, given the recent sale process, the Corallian directors will be issued significant incentive bonuses. This significantly reduces the size of the cash that will be distributed to the Reabold shareholders. This incentive structure brings about inherent conflicts of interest questions, most notably the potential for the Directors to be more focussed on maximising their bonuses rather than representing the best interests of shareholders.In my opinion, across several recent deals and transactions involving Reabold, a more experienced, seasoned and hands-on Board would have produced a much better result for shareholders. Clear examples of the inability of the Board to maximise shareholder value include: The conditional sale of Corallian Energy is significantly lower than expected and guided by the management team. It was previously stated by that Corallian's updated 2C economic valuation of Victory, based on an historical average gas price valuation of 50p/therm, had increased from £146 million to £193 million yet the sale price is just £32 million; The return for Reabold shareholders, even with the £32 million sale is vastly diluted by what the board are receiving and the payment of their incentive shares;The lacklustre results of UK onshore licence PEDL 183; The Board having failed to capitalise on the downtrend trend in oil prices last year to acquire producing assets to secure the future of the business.The parties supporting this requisition are long term shareholders of Reabold who have invested significant cash resources to cornerstone and support a number of Reabold's placings. This is in stark contrast to the Board who collectively own just over 3%, and who's compensation has minimal correlation to Reabold's overall performance, specifically share price performance. The parties supporting this Requisition have a clear vision and plan on how to get Reabold performing properly in the UK Oil & Gas sector. Market conditions in 2021 and 2022 should have allowed any UK Oil & Gas focused company such as Reabold to significantly outperform their peers. Whereas the reality is, Reabold has completely underperformed. I lay the blame for this mismanagement at the foot of the Board. This assessment is clearly reciprocated by the market through the significant decline in the share price. As with any company which has disappointed and whose Board has been in place for 4-5 years, it is my view that a fresh start is necessary. A fresh set of eyes and a more hands-on approach from seasoned veterans such as myself and John McGoldrick is required. We both have considerably more experience operating and turning around struggling public companies than Reabold's existing Board, and we are relishing the opportunity to implement significant improvements to Reabold. These improvements are under the following areas:Return cash to shareholders;Appoint an appropriate and experienced CEO; we are in discussions with two appropriate candidates;Realise substantially higher value from existing projects; andCapitalise on several new asset deals, which will involve no dilution of equity for the shareholders. It is very important to note that although my more recent experience has been focused on life sciences, I have considerable experience in the Oil & Gas space, both operating and investing in publicly listed companies:I had a ringside seat with Cove Energy plc, from its formation in 2009 when it had an initial market cap of less than £1 million through to its ultimate trade sale 3 years later in 2012 for c. £1.7 billion. I shared a small office in Dublin with the founders and I became quite close to the management team as it evolved very rapidly, providing support to them as they became one of the most successful AIM oil and gas investments in many years; As a result, the Cove Energy founders helped me establish Fastnet Oil and Gas plc which IPO'd on AIM in 2011. As with all my public company projects, I invested a very large part of my personal net worth to become Fastnet's single largest investor. While running Fastnet, I was a very hands-on Executive Chairman and for the first two years that I ran it, I took a nominal £10,000 salary per annum. Throughout my three years as Executive Chairman of Fastnet, we completed a huge amount of activity including successfully raising c. $50 million and in turn we brought in key strategic players such as BP, Kosmos Energy and SK Energy to entirely fund our Moroccan offshore well and operations. We also discovered one of the larger onshore gas resources in Morocco and did extensive work in the Celtic Sea basin; When oil and gas prices collapsed from $120 a barrel to $30 in 2014, I immediately conserved all of the company's cash, reduced its overheads by 95%, creating a substantial cash shell with c. $15 million and transformed Fastnet into Amryt Pharma plc which today is listed on Nasdaq with a market cap of c. $500 million;I have been a reasonably substantial investor in several other Oil & Gas companies, some of which have worked out well for me. I was an early investor in Rockrose Energy plc and stayed in until its successful trade sale. Likewise, I was a substantial, early investor in Touchstone Exploration plc, which also resulted in excellent returns on my initial investment. I have also invested in a range of other oil and gas companies, some of which have performed well and others of which have performed rather badly. As such, I believe I have a clear insight into how a successful AIM listed Oil & Gas management team should operate to deliver successful outcomes for its shareholders. I see striking similarities in the current situation with Reabold to what I faced when I first met with hVIVO plc's Board in October 2019. hVIVO at that point in time also had a very expensive dual management team structure. This included a very expensive Executive Chairman and COO, both of whom claimed they were running the company and were extracting significant remuneration packages while the market cap of hVIVO was less than £10 million, the company was perennially loss making and moving towards the point of insolvency. I promptly replaced these very expensive executives and consolidated their dual role into a single position, on a modest package that was less than what either of the predecessors was on. I am a firm believer that the Board should reflect the values of the business while focusing on delivering sustainable returns for the company's shareholders. As such, I am confident that the Requisition can be the catalyst to transform Reabold in a similar manner to how we transformed hVIVO, more than doubling revenues to c.£50 million in 3 years while most importantly being on target to make substantial real profits for the first time in hVIVO's history this year. A key pillar to this success has been a relentless focus on cost management, particularly minimising inefficient and ineffective C-suite executive packages. This is a principle I believe is crucial for any small cap public company to survive. Ends.As I said, back the winner with skin in the game not the proven losers with limited skin in the game, bloated salaries and obvious COIs. Back Cathal, sack the board
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