Reabold Resources plc said it had received further shareholder acceptances, now reaching 5.7%, as at 26 August 2026 in support of its £6.14 million offer for Union Jack Oil plc.
The total represents 8,352,272 Union Jack shares, which at the end of July had 146,565,896 shares in issue.
Reabold’s offer remains open until the unconditional date of 25 September, which may be brought forward or extended.
As at 4 August, opponents to the offer held an aggregate 26,578,279 shares, equal to 18.13% of Union Jack’s total issued share capital.
Publication of the recent acceptance figure comes four days after shareholders ousted Union Jack directors David Bramhill, Joseph O’Farrell, and Zac Phillips and replaced them with Craig Howie and John Americanos, as executive chairman and executive director, respectively.
Independent non-executive directors are expected to be appointed “as soon as practicable”.
Mr Howie received 90.85% and John Americanos 90.82% votes in favour of their appointment, while just over 90.89% approved the removal of the former board.
Following the vote on 24 August, Mr Howie said that the company’s immediate priority “must be an urgent right-sizing of its central cost base, particularly with regard to directors’ remuneration”.
“This should be accompanied by significantly improved investor communication and corporate governance.
“Supported by a fresh commercial and technical approach, the incoming board also needs to make considerably more effective capital allocation decisions at the asset and corporate levels, to preserve and grow value going forward.”