Reabold Resources plc has progressed its takeover of Union Jack Oil plc by receiving initial shareholder acceptances of its £6.14 million offer.
As at 19 August 2026 the investment company had counted acceptances for 3,437,504 Union Jack shares, representing approximately 2.35% of its issued share capital.
These comprise 305,650 shares (0.2%) and a further 3,132,144 shares from irrevocable undertakings, representing approximately 2.14%, which remain outstanding due to a clerical delay.
Reabold said that the percentages of Union Jack shares are based on 146,565,896
Union Jack shares in issue as at 28 July 2026.
Opponents to the offer hold, as at 4 August, an aggregate 26,578,279 shares, equal to 18.13% of Union Jack’s total issued share capital.
Shareholders are due to vote on the offer at a deferred requisitioned meeting at 11am on 24 August 2026, and on replacing the board members with former directors Craig Howie and John Americanos.
Union Jack previously stated it risked losing assets unless shareholders accept the offer, which remains open for acceptances until 1pm on 25 September 2026 but can be brought forward or extended in accordance with the Takeover Code.
The company has oil and gas licence interests onshore UK and Oklahoma, USA, while Reabold also holds oil and gas interests onshore UK as well as Romania, California in the USA and Italy.