REABOLD RESOURCES PLC — AGM Information 2024

Jan 10, 2024

National Storage Mechanism | Additional information

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.

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