Union Jack Oil plc’s new board said it now had 24.39% support from shareholders to reject Reabold Resources plc’s £6.14 million takeover offer.
The increase follows letters of intent from shareholders Richard Stabbins and Keith Galer, who are beneficially interested in one million and 302,198 Union Jack shares, respectively, representing approximately 0.68% and 0.21%.
Union Jack added that Dr Stabbins and Mr Galer had confirmed that they would not accept the offer on its present terms and reserved the right to accept a revised offer, or any competing offer, and had no obligation to accept any offer.
As of 21 September, support for Reabold’s bid remained at 5.7%, with not less than 75% needed for the takeover by the unconditional date 2 October 2026.