Reabold Resources (AIM:RBD) Statement regarding recent speculation “Possible Offeror”

The Company notes the speculation in a recent website report and confirms that it has received an unsolicited approach from Kamran Sattar on behalf of Portillion SPV O&G (which, whilst no such company of that name is incorporated in the United Kingdom, the Company believes is an affiliate of Portillion Capital Limited) (the “Possible Offeror”), which may or may not lead to an offer being made for the entire issued and to be issued ordinary share capital of the Company.

This highly preliminary approach was made yesterday at 4.46 p.m. (London time) via a succinct email, with no details included, save for it referring to a possible offer price at a 10% premium to yesterday’s closing price, implying a value of 0.2035 pence per ordinary share of 0.1 pence each (“Ordinary Share”), based on the middle market closing price of an Ordinary Share (the “Possible Offer Price”).

Even in the absence of further information, the Board believes that the Possible Offer Price significantly undervalues Reabold’s investment portfolio, the Company as a whole, and its future prospects. Shareholders are advised to take no action in respect of the possible offer at this stage.

In accordance with Rule 2.6(a) of the Code, the Possible Offeror is now required, by not later than 5.00 p.m. (London time) on 12 April 2023, being the 28th day following the date of this announcement, either to announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.

As a consequence of this announcement, an ‘Offer Period’ has now commenced in respect of the Company in accordance with the rules of the Code. The attention of the Company’s shareholders is drawn to the disclosure requirements of Rule 8 of the Code, which are summarised below.

A further announcement will be made in due course, as and when appropriate.

This announcement has not been made with the consent of the Possible Offeror.

For further information, contact :

Reabold Resources plc

Sachin Oza

Stephen Williams

c/o Camarco

+44 (0) 20 3757 4980

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