Reabold Resources plc has received a requisition notice from Pershing Nominees Ltd for a general meeting to replace the oil and gas company’s directors.
CONTROL
The move, on behalf of 13 shareholders representing a total 7.84%, contains ordinary resolutions that Kamran Sattar, Andrea Cattaneo, Francesca Yardley and Chris Connolly be appointed directors of Reabold.
Further resolutions state that Sachin Oza be removed as Reabold’s co-chief executive but remain a director, and that Jeremy Edelman, Michael Felton, Marcos Mozetic, Anthony Samaha and Stephen Williams be removed as directors.
The attempt to take control of Reabold is the third in just over a year.
In October 2022 Reabold’s shareholders rejected Pershing‘s proposals, representing five shareholders, to replace the board directors.
Reabold described the action as “time consuming and costly distractions” and that Mr Sattar was a “supporter of, and driving force” behind the bid to gain control of Reabold “without paying a premium to shareholders”.
In March 2023 Reabold received an unsolicited approach from Mr Sattar on behalf of Portillion SPV O&G in respect of a possible offer for the company.
A month later Portillion announced it did not intend to make a firm offer for Reabold.
Reabold’s statement today read: “The board of Reabold strongly believes that the requisitioning shareholders are seeking to gain control of Reabold, its operational asset base and its cash without paying a control premium.
“Reabold believes that the interests of certain proposed new directors are not aligned with all shareholders.”
The company added it would consider the contents of the requisition notice before responding and advised that shareholders take no action at this stage.
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