Reabold Resources plc’s shareholders today voted against proposals to remove and replace the company’s board of directors.
DISTRACTION
Pershing Nominees Ltd, on behalf of several beneficial shareholders, requisitioned the general meeting with 11 resolutions.
Each resolution received between 20.11 and 21.40% of votes in favour, and between 78.60 and 79.89% against.
Reabold previously told its shareholders that its nominated advisor had warned it would resign because of insufficient time to conduct due diligence on the proposed new directors.
Non-executive chairman Jeremy Edelman said that today’s result was “resounding support” for the existing board of directors with a greater margin than the requisitioned general meeting in November 2022.
“The requisitioning shareholders, who own approximately 7.91% of the company’s currently issued share capital, received average support for the proposed resolutions from shareholders representing approximately a further 5.77% of the company’s issued share capital.
“I would like to thank our shareholders for their support of the board.
“This process has, once again, been a serious and costly distraction for Reabold, significantly delaying the management team’s ability to execute the company’s strategy.
“The board believes the company is well positioned with its portfolio of strategic gas assets and strong cash position.
“The company’s efforts can now be entirely directed towards unlocking this value for all shareholders.”