Reabold Resources (AIM:RBD) Purported Requisition of General Meeting

“Opportunistic attempt to gain control without paying a control premium”

Reabold announces that it has received a letter from Pershing Nominees Limited (“Pershing”), which owns approximately 6.93% of the Company’s issued share capital, purporting to requisition a general meeting under section 303 of the Companies Act 2006 (“Act”) to consider resolutions to remove the entire Board of directors and to replace them with four new directors of their own choosing.

The Board of Reabold believes the motive of the requisitioning party is to opportunistically gain control of your company and its significant cash and assets, without paying a control premium. The Board notes that a number of the proposed new directors have a track record of exceptional value destruction in quoted oil and gas and resource companies.

Whilst the Company does not wish to deny any member the right to convene a general meeting under the Act, this has to be balanced against due and proper process and the prudent use of shareholder resources. Having taken legal advice, the Board has ascertained that the documentation as received contains several deficiencies and is therefore not a valid requisition notice under section 303 of the Act.

The Company has written to Pershing as to the actions it needs to take to validly call a general meeting and has invited Pershing to procure that a valid request under section 303 is submitted. If and when the Company receives a valid requisition notice from Pershing, the Board will respond to it in accordance with the Act and will share its views on the proposals with shareholders.

Further announcements will be made as appropriate. In the meantime, shareholders are advised to take no action at this stage.


For further information, contact:

Reabold Resources plc

Sachin Oza

Stephen Williams

c/o Camarco

+44 (0) 20 3757 4980

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