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Result of Requisitioned General Meeting

10 Jan 2024 11:47

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 cast (excluding withheld)

% of Issued Share Capital Voted*

Votes Withheld**

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

Sachin Oza

Stephen Williams

c/o Camarco

+44 (0) 20 3757 4980

Strand Hanson Limited - Nominated & Financial Adviser

James Spinney

James Dance

Rob Patrick

Stifel Nicolaus Europe Limited - Joint Broker

Callum Stewart

Simon Mensley

Ashton Clanfield

Cavendish - Joint Broker

Barney Hayward

+44 (0) 20 7409 3494

+44 (0) 20 7710 7600

+44 (0) 20 7220 0500

Camarco

Billy Clegg

Rebecca Waterworth

Sam Morris

+44 (0) 20 3757 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
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28th Jun 201311:41 amRNSFinal Results

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