Union Jack Oil plc has accused a proposed director of the company of “opportunistically trying to gain control of the company” and to remove serving directors.
‘CAMPAIGN’
Craig Howie, initially appointed in April 2024 as a non-executive director, left on 12 January 2026, by a board resolution.
Mr Howie is reported to have sent a letter to shareholders regarding his views of the company.
Union Jack yesterday published “background” to the request for two ordinary resolutions to be included in the annual general meeting on 26 June 2026.
These cover the already announced proposed re-appointment of Mr Howie to the board, and share capital reorganisation, entailing a sub-division and redesignation of the company’s existing ordinary shares.
The directors, except John Americanos, who joined Union Jack after Mr Howie resigned, recommend that shareholders approve the latter resolution.
Union Jack wrote that Mr Howie had left following “a series of actions (including a demonstrable lack of knowledge as to the vital role of the technical team in a listed company focused on oil and gas exploration and material breaches of confidentiality contrary to his legal and contractual obligations as a director)”.
The other directors considered that Mr Howie’s position had become “untenable”.
The company also accused Mr Howie of trying to take control of Union Jack, its assets and cash, “without paying a control premium”, and of not presenting a future strategy.
Union Jack said that Mr Howie had not proposed any suitably experienced directors to replace any existing director, and added: “The board is of the view that the proposed director is seeking to remove those board members that have experience of running listed companies focused on oil and gas exploration.
“The disappointing and highly unprofessional campaign of negative publicity levelled at the company, in which the proposed director has sought to spread both confidential company information, private personal information on certain directors and contractors, and misinformation with the intent of influencing shareholders’ perspective of the board, along with the proposed director’s previous actions as a director before his requested resignation at the start of this year, raises serious questions as to the suitability of the proposed director to serve as a director of a listed company.”
The company has additionally introduced previously planned cost cuts on discretionary expenditure, including advisory fees, and will prioritise “core revenue-generating activities”, operational efficiencies and a cut in directors’ pay.
Funds will also be spent more on exploration than “corporate overheads”.