Union Jack Oil PLC (AIM: UJO) has postponed its Annual General Meeting while discussions continue over a possible takeover approach from Reabold Resources.
Executive Chairman David Bramhill said the AGM, originally scheduled for today, has been adjourned to allow shareholders more time to consider the potential implications of Reabold’s non-binding indicative all-share proposal, which was announced on 15 June.
The company believes the possible offer could influence how shareholders vote on several AGM resolutions, particularly those relating to the board and management. Bramhill said changes to the company’s leadership at this stage could complicate Reabold’s ongoing acquisition discussions.
No formal offer has yet been made, and negotiations between the two companies remain ongoing.
Union Jack Oil said shareholders will be informed of the new AGM date, together with revised voting arrangements, once these have been finalised.
