10th Jan 2024 12:51
(Alliance News) - Reabold Resources PLC on Wednesday said that shareholders had rejected all proposals to remove its existing board at a requisitioned general meeting.
Reabold is an oil and gas investing company with interest in the UK, Romania, US and Italy. Shares in the company were up 7.0% at 0.086 pence each in London at midday on Wednesday.
In December, shareholders in possession of around 8% of Reabold shares proposed removing the company's entire board and replacing it with four new directors.
The dissenting group included Kamran Sattar, who with others held a 40% interest in Daybreak Oil & Gas Inc, a Texas-based crude oil and natural gas company. Reabold warned that Sattar had "a strong motive to take control of Reabold in order to prioritise the company's cash resources towards Daybreak".
The company also warned that Strand Hanson Ltd, Reabold's nominated adviser, would resign were the resolutions to be passed. This would result in Reabold's shares being suspended from trading on AIM.
In the requisitioned general meeting held on Wednesday, all 11 resolutions were rejected.
Back in November 2022, Reabold had said shareholders rejected a similar move to oust and replace the board.
Non-Executive Director Jeremy Edelman said on Wednesday: "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.
"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."
By Hugh Cameron, Alliance News reporter
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