Business
Requisition of General Meeting
Requisition of General Meeting.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n\n22 November 2023\n \nReabold Resources plc\n \n(\"Reabold\" or the \"Company\")\nRequisition of General Meeting\n\"Further opportunistic attempt to gain control of Reabold without paying a control premium\"\nReabold announces that, following its announcement on 14 November 2023 noting material deficiencies in the purported requisition notice from Pershing Nominees Limited (\"Pershing\") on behalf of several beneficial shareholders, a new requisition notice (\"Requisition Notice\") from Pershing, which now owns, in aggregate, approximately 8.17% of the Company's issued share capital on behalf of 13 beneficial shareholders (the \"Requisitioning Shareholders\"), has been received by Reabold, requesting the Company's Board (the \"Board\") to convene a general meeting under section 303 of the Companies Act 2006, as amended (\"Act\"). Reabold notes that, notwithstanding the Requisition Notice being dated 15 November 2023, it was only delivered to the Company's registered office by courier on 21 November 2023 after 5pm and by email to the Company on 22 November 2023.\n \nAs a reminder to shareholders, the Board understands that Kamran Sattar was a supporter of, and driving force behind, the unsuccessful attempt to gain control of Reabold without paying a premium to shareholders through a general meeting requisition in October 2022, by a group of five shareholders with beneficial interests held through Pershing. In addition, in March 2023, the Company announced that it received an unsolicited approach from Kamran Sattar on behalf of Portillion SPV O&G in respect of a possible offer for Reabold, and in April 2023, Portillion announced that Portillion SPV O&G did not intend to make a firm offer for Reabold. The unsuccessful requisitioned general meeting and possible offer were time consuming and costly distractions for the Company and ultimately its shareholders.\n \nThe Board 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.\n \nThe requisitioned general meeting has been called for the purposes of considering the below ordinary resolutions which if passed in the...