Reabold Resources PLC on Wednesday said that it has received a signed requisition notice from one of its shareholders, Pershing Nominees Ltd, requesting a general meeting.
Reabold is an oil and gas investing company with a diversified portfolio of exploration, appraisal and development projects, while Pershing Nominees is a Liverpool, England-based private investment firm.
The latter owns 7.8% of Reabold’s issued share capital on behalf of 13 beneficial shareholders. It has requested that the board convenes a general meeting under Section 303 of the Companies Act 2006.
Reabold reminded shareholders on Wednesday that Kamran Sattar of Portillion Capital Ltd was a driving force behind the unsuccessful attempt to gain control of the firm by a group of five shareholders last October.
These shareholders aimed to acquire Reabold without paying a premium to shareholders, using beneficial interests held through Pershing Nominees Ltd.
Further, in March this year, Reabold confirmed that it had received an unsolicited approach from Kamran Sattar on behalf of Portillion SPV O&G in respect of a possible offer for Reabold. In April, Portillion said that Portillion SPV did not intend to make a firm offer for Reabold.
The unsuccessful requisitioned general meeting and possible offer were ‘time consuming and costly distractions’, said Reabold.
On Wednesday, Reabold said it believed that the requisitioning shareholders from Pershing are seeking to gain control of the company, its operational asset base, and its cash without paying a control premium.
It added that it believes the interests ‘of certain proposed new directors are not aligned with all shareholders’.
The board is considering the content of the requisition notice, which it intends to respond to in accordance with the requirements of the act. In the meantime, shareholders are advised to take no action at this stage.
Reabold Resources shares were 2.3% higher at 0.11 pence each in London on Wednesday late afternoon.
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