Business
Recommended All Share Offer
Reabold Resources plc has announced a recommended all-share offer to acquire Union Jack Oil plc, valuing each Union Jack share at approximately 4.19 pence, based on an exchange ratio of 0.051 new Reabold shares for each Union Jack share and Reabold's closing price of 81.0 pence. This offer values Union Jack's entire issued share capital at approximately £6.14 million and represents a premium of 25.0% to Union Jack's closing share price on June 12, 2026. The proposed merger aims to create a larger, more diversified oil and gas investment company with complementary assets, enhanced scale, improved access to capital, and potential operational efficiencies. Union Jack's board unanimously recommends the offer, citing it as the only viable financing option to prevent potential forfeiture of key assets due to an inability to meet licence commitments. Upon completion, Union Jack shareholders are expected to own approximately 34.01% of the enlarged group, which will have a combined market capitalization of approximately £17.80 million. Disclaimer*
About this update from Reabold Resources Plc
FOR IMMEDIATE RELEASE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION. THIS ANNOUNCEMENT IS NOT A PROSPECTUS OR CIRCULAR OR PROSPECTUS EQUIVALENT DOCUMENT AND INVESTORS SHOULD NOT MAKE ANY INVESTMENT DECISION IN RELATION TO REABOLD RESOURCES PLC EXCEPT ON THE BASIS OF THE INFORMATION TO BE PUBLISHED IN THE OFFER DOCUMENT WHICH IS PROPOSED TO BE PUBLISHED IN DUE COURSE. THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) No. 596/2014 AS IT FORMS PART OF ENGLISH LAW BY VIRTUE THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED). UPON PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC DOMAIN. 1 July 2026 Recommended All Share Offer for Union Jack Oil plc ("Union Jack") by Reabold Resources plc ("Reabold") The Board of Reabold, the investing company focused on developing strategic gas projects for European energy security, is pleased to announce that they have reached agreement on the terms of a recommended all share offer by Reabold for Union Jack to be effected by means of a UK Takeover Code (the "Code") offer within the meaning of Part 28 of the CA 2006 (the "Offer"). The boards of Union Jack and Reabold believe that the Offer has a compelling strategic rationale, creating a more substantial and better capitalised oil and gas investment company with complementary assets and aligned objectives. The Offer is expected to deliver benefits to shareholders and other stakeholders of both companies, including enhanced scale, improved access to capital and a broader, more diversified portfolio. The all-share nature of the Offer enables Union Jack Shareholders to participate in the future value creation of the Enlarged Group, while Reabold Shareholders are expected to benefit from increased exposure to producing and development assets and the potential for operational efficiencies and disciplined capital allocation across a combined asset base. In addition, having undertaken an extensive review of Union Jack's strategic and financing options, and having carefully considered the alternatives availab...
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