Reabold Resources plc said that proposed resolutions, including the removal of the entire board of directors, have been rejected at a requisitioned general meeting.
TIMELINE
Shareholders today voted against each resolution by slightly more than 75% with just under 25% in favour.
In October 2022, Pershing Nominees Ltd which owns some 6.93% of Reabold’s issued share capital on behalf of five beneficial shareholders, called for the six directors to be replaced with four new people of their choice.
Reabold said at the time that the move was designed to “opportunistically gain control of [the] company and its significant cash and assets, without paying a control premium”.
The company added it planned to maximise value for all shareholders in the future, to distribute £4 million to investors, and replicate the Corallian Energy sale to enable future distributions.
SHELL PROCEEDS
Reabold chairman Jeremy Edelman today said he was delighted by the “considerable support” of shareholders for the existing board.
“Whilst this process has been a costly distraction from the important work of taking forward the assets within the portfolio, the board has gathered much shareholder feedback over the course of the last few weeks and will use it to enhance the company’s interaction with its investors in the future.
“We look forward to receiving the second tranche of the Shell proceeds which we intend to return a portion of the capital back to shareholders, an event which demonstrates execution of Reabold’s business model.
“Distribution of capital to shareholders will form a core element of the company’s financial strategy alongside progressing, de-risking and monetising assets in the portfolio.”