Union Jack Oil plc has adjourned its annual general meeting, including shareholders’ vote on re-election of its directors, in the light of Reabold Resources plc’s offer for the company.
IMPACT
Executive chairman David Bramhill said that discussions with Reabold continued on the detailed terms of the possible offer.
“I believe that the making of an offer by Reabold may have a bearing on the nature of some of the resolutions proposed in the notice of AGM,” he added.
“For example, any change of the company’s management at this stage might impede Reabold from continuing to pursue an acquisition of the company.
“I also believe that the emergence of an offer from Reabold might have an impact on a reasonable shareholder’s decision as to how to vote on the business proposed to be conducted at the AGM.
“Accordingly I have therefore decided to adjourn today’s AGM in accordance with the company’s Articles of Association in order to allow shareholders a proper opportunity to consider the implications of any possible offer from Reabold and the bearing any such offer might have on their decision as to how to vote on the business proposed to be conducted at the AGM.”
The meeting was adjourned until further notice.
Union Jack holds onshore oil and gas interests in England and Oklahoma, USA.