Union Jack Oil adjourns AGM pending Reabold takeover talks
Union Jack Oil PLC on Friday adjourned its annual general meeting, due to be held on Friday in the wake of a takeover offer by Reabold Resources PLC.
Earlier this month, Reabold confirmed it is in discussions for an all-share acquisition of the UK- and US-focused onshore oil and gas company.
‘Reabold believes that the combination of the two complementary companies would create a group with greater scale, superior access to capital and other compelling operating efficiencies,’ Reabold, an investor in the oil and gas sector, noted.
On Thursday, Union Jack Oil Executive Chair David Bramhill said discussions with Reabold are ongoing.
‘I believe that the making of an offer by Reabold may have a bearing on the nature of some of the resolutions proposed in the notice of AGM. For example, any change of the company’s management at this stage might impede Reabold from continuing to pursue an acquisition of the company. I also believe that the emergence of an offer from Reabold might have an impact on a reasonable shareholder’s decision as to how to vote on the business proposed to be conducted at the AGM,’ Bramhill said.
As a result, Bramhill said he has decided to adjourn the AGM until further notice.
Shares in Union Jack Oil were up 5.3% at 3.95 pence on Friday afternoon in London. Reabold shares were 0.3% higher at 81.27p.
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