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Reabold Resources PLC - invests in "low-risk, near-term" oil and gas projects - Resumes GBP750,000 share buyback programme started in April, after receiving payment from Shell PLC for the oil major's purchase of Reabold's Victory asset. Reabold has returned GBP156,154 of the total so far, and now will complete the programme with up to a further GBP593,846 in purchases. Reabold has received from Shell GBP5.2 million out of a total GBP9.5 million in deferred net proceeds from the sale of Victory, a project offshore the UK. Reabold eventually plans to return GBP4 million of this to shareholders. "Reabold's board evaluates many investment opportunities consistent with its investing policy and believes that the current market value of the company's ordinary shares makes the buyback an appropriate use of capital," the company says on Wednesday.
Not all Reabold investors are pleased. The company also sets January 10 as the date for a general meeting requisitioned by 7.8% shareholder Pershing Nominees Ltd. The individuals behind Pershing Nominees want to remove the entire Reabold board and name four new directors. Reabold says the board unanimously recommends that shareholders vote against all the resolutions.
"The requisitioning shareholders are, once again, attempting to gain control of Reabold, its operational asset base and its cash, without paying a control premium," it says. Reabold notes the Pershing shareholder group includes Kamran Sattar, who with associates has a 40% interest in Daybreak Oil & Gas, a company in which Reabold holds a 42% stake. "Given Sattar's significant interest in Daybreak, the board fears that Sattar has a strong motive to take control of Reabold in order to prioritise the company's cash resources towards Daybreak ahead of investments in West Newton and Colle Santo, and making capital returns to shareholders," it argues.
Current stock price: 0.12 pence, up 4.2% in London on Wednesday
12-month change: down 51%
By Tom Waite, Alliance News editor
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