Reabold Resources plc said that last week’s notice to requisition a general meeting was invalid because of “material deficiencies” under section 303 of the Companies Act 2006.
ACTIONS
Pershing Nominees Ltd, which owns a total 7.84% representing 13 beneficial owners, called for shareholders to vote on, among other matters, the removal of Reabold’s co-chief executive officer Sachin Oza.
The shareholder also asked for the appointment of the co-CEO and chief financial officer Chris Connolly as directors.
In its response today, the oil and gas company said that no discussions had been held with either the CEO or CFO on becoming directors and that only the board had the right to remove an executive.
Additionally, Reabold said it had received only an electronic copy of the requisition notice but a hard copy had to be delivered to its registered office for it to be valid.
“Accordingly, the company has informed Pershing as to the actions it needs to take to validly call a general meeting and has invited Pershing to procure that a valid request under section 303 of the Act is submitted,” added Reabold in its statement.
“If and when the company receives a valid requisition notice from Pershing, the board will respond to it in accordance with the Act and will share its views on the proposals with shareholders.”