Reabold Resources shares were sharply higher on Wednesday after the oil and gas company announced that all resolutions at today’s Requisitioned General Meeting failed to pass and the current board of directors will remain in their posts.
Today’s result is the second failed attempt by the requisitioning shareholders to take control of Reabold Resources. The votes against the resolutions to appoint new directors were even greater this time round than the last attempt in 2022.
Reabold Resources shares were 16% higher at the time of writing.
Jeremy Edelman, Non-Executive Chairman of Reabold, commented:
“Today’s requisitioned General Meeting result represents the resounding support for the existing Board of Directors by its shareholders. The results represent an even greater margin of votes against the Requisitioning Shareholders’ resolutions than was the case at the last 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.”
