Union Jack Oil plc’s proposed £6.14 million sale to investor Reabold Resources plc has received further objections from some of its shareholders.
GENERAL MEETING
The exploration and production company warned that, unless it met its financial obligations, it could lose assets if the transaction fails to complete.
On 3 August, Reabold received a letter of intent from shareholders Simon Flatt, David Williams and Umo Ema, who “confirmed that they will not accept the offer in respect of any of the shares in which they are interested”.
The three shareholders hold a combined 5,928,183 ordinary Union Jack shares, representing 4.05% of its total voting rights of 146,565,896.
The combined shareholder figure against the offer now stands at an aggregate 26,578,279 shares, equal to 18.13% of its total issued share capital as at 4 August 2026.
A deferred requisitioned general meeting is set for 11am on 24 August 2026, to vote on the offer and on replacing the serving directors with former directors Craig Howie and John Americanos.
WEST NEWTON
Union Jack today reiterated that there was no suitable alternative proposal and without Reabold’s offer the company would be unable to meet its licence commitments.
“In particular, the Union Jack board has considered the likelihood of accelerated cash calls for the West Newton project (where Reabold has an economic interest of 69.9%) and payments for loss of office following the recent shareholder requisition received by Union Jack to remove all of its current directors.
“Consequently, in accordance with the licence terms, this may result in the forfeiture of key assets within the Union Jack portfolio.
“The board of Union Jack believes that the offer provides the only financing option to prevent this outcome and is therefore of the view that the offer is in the best interests of shareholders.”
Union Jack and Reabold have agreed to an unconditional completion date for the sale of 25 September 2026.