Member Info for JD-Nau

Nothing to say about the fact that the environmental report has not actually been filed and shareholders have been lied to again in an RNS Watts? That's a surprise...

4 days until the 10am closing for voting on Monday 8th January

6 days until the vote is held and S&S finally get kicked off the gravy train

13 days since we were told that the Colle Santo Environmental Application had been filed, yet it still has not shown up on the Italian government website: https://va.mite.gov.it/it-IT/Procedure/ViaElenco/3/2

PD1 I have just looked at the RNS link you posted more closely and the wording used in there is very interesting, It says:

"LNEnergy reported that on 20 December 2023 it filed the Environmental Impact Study ("EIS") for the new small-scale liquefied natural gas (LNG) development plan at the Colle Santo gas field with the Ministry of Environment and Energy Security. This is a further step towards achieving the granting of a production concession at Colle Santo."

Note that they do not say that "it has been filed". They say that "LNEnergy reported" that it has been filed. LNEnergy being a private company have no obligation to get any of their releases checked for veracity by a nomad and, of course, RBD have just given LNEnergy £4.3 million of shareholders money...

It doesn't take much of a stretch of the imagination to see how this could work. "Hey guys, give us a letter saying you have filed the EIA and we'll announce that you've said you have filed it. We're telling the truth, and you can't get in any trouble for lying".

I cannot say for certain that this is definitely what has happened but it would certainly be a sneaky way of using a private company to do a public company's dirty work for them wouldn't it?

The one thing we do no for sure, as it is a matter of public record, is that the EIA was NOT filed on the 20th December as RBD announced.

P1D - I doubt it. It seems certain that this Environmental Impact Assessment was not filed despite what we were told in the RNS.

I have just had another look at the Italian Ministry of the Environment and Energy Security website just now and the Colle Santo filing is still not up there. However there is now a filing that somebody else made dated 2/1/2024. It can all be seen here: https://va.mite.gov.it/it-IT/Procedure/ViaElenco/3/2

If it was just that somebody ordered another coffee then there would be no reason to refuse to release the minutes. Have some common sense.

. I agree, it is very suspicious that they will not release the minutes of the meeting at the request of one of the attendees. It clearly indicates that there is something to hide within those very minutes.

But does that surprise anybody? There seem to be a lot of hidden elements and a lot of lies told at RBD.

On a different note, get your votes in soon if you have not done it already everybody. The clock is ticking and it's time for a change.

Amazing how offensive this board defenders come when they are unable to muster any actual arguments.

5 days until the 10am closing for voting on Monday 8th January

7 days until the vote is held and S&S finally get kicked off the gravy train

12 days since we were told that the Colle Santo Environmental Application had been filed, yet it still has not shown up on the Italian government website: https://va.mite.gov.it/it-IT/Procedure/ViaElenco/3/2

Simon, you do come out with some absolute nonsense on so many levels. Not only is what you have stated about Daybreak completely untrue, but even if it was true it just provides a further example of why S&S are completely incapable of running Reabold.

Who on earth has ever heard of a deal being put in place for a company to sell an asset that they have spent £9.3 million on in exchange for a vague promise that some wells would be drilled but nothing put in writing. All of these sort of deals are always contracted off with penalty clauses and clawbacks put in for failure to deliver.

It’s a good thing for S&S that Simon is just making things up as if he were telling the truth it would prove that S&S were totally incompetent, instead of just merely awful.

When your defence makes the people you are defending look even worse than the original charges did it shows how desperate you have become.

I blame RBD for Daybreak's failures because it was RBD's fault. Why on earth did they do the deal in the first place. The deal valued the assets at least $3 million less than they had paid for them and since it was completed they have let them become virtually worthless.

It is a staggering portfolio mismanagement, but it is par for the course with S&S. The same thing happened with Danube.

They may want us just to forget about the £14.3 million investment that they have just written off into these "non-core" assets, but I haven't. If we don't get rid of them it will just happen again. It already looks like it is, this time with Colle Santo.

Simon, you keep accusing Kamran Sattar of being personally responsible for the failure of Daybreak to drill wells in the USA. However, he is merely an investor in Daybreak and not on the board. This is like accusing him, or you or I, of being personally responsible for Reabold’s consistent failures to drill West Newton simply because we are shareholders in the company it makes no sense.

The directors of Daybreak can be seen here on their website: https://daybreakoilandgas.com/officers-and-directors/

Kamran Sattar is not there, but a man called Darren William is. He is according to the Daybreak website: “the nominee selected by Gaelic to be nominated to the Daybreak Board of Directors pursuant to the terms of the Voting Agreement. “

It seems to me that the failure to drill any wells is, once again, the fault of Rebold and not Kamran.

Watts, it’s laughable that you keep accusing me of being Kamran Sattar. I am not Sattar and if you have any questions for him I suggest you direct them to Heid, who appears to have a personal relationship with the man.

I make no bones about it though, I certainly support Kamran Sattar and the requisitioners. I have voted to support their proposals after I read the business plan and the other documentation that they have put up.

If you had read that same documentation then you would also be aware that the requisitioners have made it clear that one of their first commitments after being appointed is to the board will be to put the funding in place for West Newton.

As you are no doubt aware, Portillion capital have a long and successful track record of raising money and as recently as last month were instrumental in Bushveld Minerals raising £14.6 million on December 5th 2023.

Portillion have also cornerstoned previous raises for Reabold and have invested at least £500k into the company on at least one other occasion. Kamran explains all of this in the videos on the requisition website: https://www.reaboldrequisition.com/announcements/

In case you have also forgotten, Portillion also provided $2.5 million to Daybreak to facilitate their takeover of the Reabold California assets back in 2022 as can be seen in the company RNS here: https://daybreakoilandgas.com/wp-content/uploads/2022/08/DBRM-Financing-Press-Release-5.11.22.pdf

Now the same question back to you. How do the existing board plan to fund the drilling of West Newton? Potillion clearly have no trouble raising capital but since S&S have lost the trust of all the institutions that previously backed them and they have wasted a huge amount of cash on Colle Santo, which should have been spent on West Newton. It seems as if it will be a very difficult, if not impossible task. They promised to drill West Newton last year but failed, in large part, due to lack of funds. What makes you think that it would be different in 2024?

Let’s look at the business plan shall we, or the “scribbles” as Watts and his team of board supporters currently describe it. It can be seen here: Reabold-Busness-Plan-V6-18-12-23.pdf (reaboldrequisition.com)

Page 2 of the business plan says:

We have concerns over:

• The level of executive pay

• Matters of corporate governance

• Mismanagement of the company asset portfolio

• Failure to carry out sufficient due diligence in the recent acquisition of new assets

• Loss of trust in the company from financial institutions

• Misrepresentation of market sensitive information between the board and shareholders

• The failure to deliver progress in the West Newton project

We believe that our concerns are shared by the wider market and this is the reason for the collapse in the company market value from approximately £60 million in 2019 down to under £9 million when we began the requisition process.

Ouch. Pretty damning there, and that is just the first page…

The thing is though Watts you and the rest of your crew are wrong. You simply exist in your own echo chamber and think that because you believe something that it is true simply because you wish it to be. You are just a group of old men railing against change, but that change is going to come regardless of your protests.

The idea that you can defend the status quo by refusing to acknowledge genuine grievances and simply attacking the posters and not the issues is markedly similar to how the board themselves are handling this requisition. The abuse that is hurled at those who disagree with you is simply indicative of the fact that you have no arguments left to make. It does not make you look clever, it simply makes you look desperate, and the results of the recent poll show that you are very much in the minority.

So continue hurling your abuse. Continue trying to drown out sensible debate. Continue to believe that you are right. The vote is coming up soon whether you like it or not and then we will all see where the cards really lie. I have every confidence that all genuine shareholders will vote for change, because change is necessary and it has to come for the company to have a successful future.

Facts will triumph over fiction.

S&S have paid themselves £4 million over five years and this is an outrageous amount of money. You may not mind, but I do.

You may not mind that the company have wasted £14.3 million on failed projects, but I do.

You may not mind that they've lied about the Colle Santo 24 month production and that they have lied again about the submission of the environmental report., but I do.

You may not mind that they have spent money that should have been funding West Newton on Colle Santo, but I do.

You may not care that they have given away over 10% of the company's equity, which is 10% of the shareholding in West Newton for a potentially worthless project in order to try and win the requisition, but I do.

This is our chance to vote out the parasites that have delivered a continuous stream of failure at Reabold. You might not care if we take it, but I do, and there are many others who agree with me.

So Watt's you're still unable to address any facts and think that you have pulled a masterstroke by claiming that I am KS? Is that all you've got?

Once more abuse in the face of facts Watts. I notice that you have not answered any of the questions still.

Look in the mirror. The troll is the one who posts abuse and that is you. Please address the facts if you are able.

The fact that they have wasted £14.3 million on assets that they previously told us were great but they now want us to forget about and describe as “non-core”.

The fact that they promised that they would deliver the 24 production license for Colle Santo in 2023 when they should have known that there was no chance of this happening.

The fact that they have taken out more than £4 million in remuneration between them between 2017 and 2022 when the company only generated a revenue of £4.4 million over that same time period. They requisitioners have promised to reduce these expenses. The incumbents have made no such commitments.

The fact that they said in an RNS that LNEnergy had filed the Environmental Report on December 22nd but it still has not turned up on the Italian government website.

The fact that the Reabold California accounts were apparently destroyed but shareholders were never informed of this issue and we had to find out about it from the CEO of Daybreak after they acquired it.

The fact that the majority of the Shell money has now been received but there has been no mention of the promised £4 million to be returned to shareholders.

Why did they not drill West Newton in 2023 like they promised they would? Why did they waste £4.3 million on Colle Santo instead of putting this money to use in West Newton? Was Colle Santo only acquired to help them win the requisition? The list goes on.

I hold a significant amount of shared in RBD and I have already registered my vote to get rid of S&S. I am sick of being lied to, and I am sick of all the pro-board supporters posting abuse at anyone who does not agree with their point of view as well. I say again, I notice that none of them ever answer the questions I have raised either. Presumably because they can't. Simon also amuses me greatly as he consistently claims that I am blocked but then responds to my posts - though obviously not the question ones. He goes back to pretending that I am on block for those ones.

Watts with his name calling of rent boys and Simon with his constant reference to catamites. It's hardly the most intellectual of defences.

Personally I'd say it was less patriotic duty and more common sense since the leopard does not change it's spots. However there are always some Turkeys that vote for Christmas...