RE: Message to Ilfracombe re West Newton26 Dec 2023 11:13
Conclusion
Reabold has two primary qualities: West Newton and its cash balance (which is rapidly being depleted by misguided investments).
If the current course is allowed to continue, there will be nothing left, and the Board will certainly be unable to raise capital to finance activities at West Newton, having lost the confidence of many key shareholders and the wider market, as suggested by the current share price.
In view of the consistent history of failed investments at Reabold, we do not believe the present Board of Directors has the skillset, specifically technical, to successfully oversee the successful development of West Newton on budget and on time.
If you vote for the requisition team, we guarantee that we shall apply all of the Company’s focus and resources to drilling West Newton, whilst seeking to salvage what can be saved from the rest of the portfolio and drastically reducing costs.
Finally, in the unlikely event that this second requisition might be unsuccessful, we can already confirm that we shall be unrelenting in our efforts and, in accordance with our rights as significant shareholders, a third requisition will be called. The levels of support we have received in this second requisition has been very significant and we are certain that, as the
ongoing dissatisfactory management of Reabold becomes increasingly clear to the remaining shareholders who will support the current Board, we shall ultimately prevail.
Sincerely,
Andrea CaIaneo
Kamran SaIar
Sign In
Follow the stocks
