Reabold Resources co-CEOs "strongly urge shareholders to vote against all resolutions"
London, UK
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December 21, 2023 08:06 AM Eastern Standard Time
Reabold Resources PLC (AIM:RBD) co-CEOs Sachin Oza and Stephen Williams visit Proactive's London studio to speak with Thomas Warner after a group of Reabold shareholders requisitioned a general meeting to be held on 10 January.
The requisition represents the third attempt to oust Oza and Williams as co-CEOs. They urged shareholders to reject all resolutions at the general meeting, emphasising the company's momentum and potential value delivery in 2024.
Williams attributes the takeover attempts to the company's attractive portfolio and significant cash inflow from the Victory Project sale to Shell. He expresses concerns about the use of these funds and highlights what he considers a pattern of opportunistic requisition attempts following financial gains.
Oza addresses some of the challenges the company has faced, focusing on regulatory delays impacting the execution of the business plan. The co-CEOs warn about the ability of any incoming managers managing the next few pivotal months for the business and highlight what they consider conflicts of interest and lack of capability of the proposed new directors and management.
Additionally, they go on to discuss Reabold's prospects for 2024, including the drilling of the West Newton well in the UK and early production potential in Italy. They emphasise the importance of their leadership for the company's success in the company's projects and urge shareholders to support their continued leadership for the company's crucial year ahead.
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