Reabold Resources plc’s conditional takeover offer for Union Jack Oil plc lapsed after failing to gain more than 75% of Union Jack’s voting rights.
By 1pm on 2 October, Reabold had counted 19,085,529 Union Jack shares, representing approximately 13.02% of its existing issued share capital.
The figure includes valid acceptances from former executive chairman David Bramhill and executive director Joseph O’Farrell with 470,575 and 2,166,812 Union Jack shares, respectively.
Shareholders who rejected the offer, including Union Jack’s new board, total 24.39% of the shares.
Reabold said it reserved the right to make a further offer if Union Jack’s new board recommended such an offer, or a third party announced it intended to make an offer.