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On 4 January 2024, Reabold Resources plc announced that its Nominated Adviser, Strand Hanson Limited, has not received sufficient information or explanations regarding the suitability of proposed directors, despite due diligence efforts commencing 29 November 2023. Consequently, Strand Hanson expects to resign with immediate effect if the proposed director appointment resolutions are passed at the General Meeting on 10 January 2024. Should Strand Hanson resign, trading in Reabold's ordinary shares on AIM would be suspended following the General Meeting, and admission to AIM would be cancelled if a replacement Nominated Adviser is not appointed within one month.
| Date | 4 Jan 2024 |
| Time | 15:40:09 |
| Category | Miscellaneous |
| ID | 7051Y |
4 January 2024
Reabold Resources plc
("Reabold" or the "Company")
Update re Requisitioned General Meeting
Further to the Company's announcement of 28 December 2023, Reabold has been informed by its Nominated Adviser, Strand Hanson Limited ("Strand Hanson"), that despite its best endeavours (which commenced on 29 November 2023) Strand Hanson has not received sufficient information to satisfy itself as to the suitability of the proposed directors to be directors of the Company. It has also not received sufficient, detailed explanations which address matters of concern which, in the case of certain of the proposed directors, arose from the due diligence that was able to be undertaken and interaction with the individuals concerned.
Accordingly, as set out in the Company's announcement of 28 December 2023 and in the circular sent to shareholders on 13 December 2023, in the event that the resolutions in respect of the appointments of the proposed directors are passed, Strand Hanson has informed Reabold that it expects that it would be required to resign from its role as the Company's Nominated Adviser with immediate effect. Should this be required, in accordance with AIM Rule 1, trading in the Company's ordinary shares on AIM would be suspended following the closing of the General Meeting on Wednesday, 10 January 2024. If a replacement Nominated Adviser is not appointed within one month, admission of the Company's securities to trading on AIM would be cancelled.
Ends
For further information, contact:
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Reabold Resources plc Sachin Oza Stephen Williams
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c/o Camarco +44 (0) 20 3757 4980
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Strand Hanson Limited - Nominated and 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
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+44 (0) 20 7409 3494
+44 (0) 20 7710 7600
+44 (0) 20 7220 0500 |
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Camarco Billy Clegg Rebecca Waterworth Sam Morris
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+44 (0) 20 3757 4980
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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.