It was only back in July that Reabold Resources (RBD), made an initial approach to take-over Deltic Energy (DELT). I did not like this proposal at all and concluded Reabold should just sod off, which it would appear it did, at least so far. On Friday Independent Oil &Gas (IOG) confirmed it was considering a take-over approach for Deltic. Once again I find myself questioning the very idea of a takeover.
Reabold Resources (RBD) have fired the next shot in the battle for Deltic Energy (DELT) with its RNS today. In doing so it has confirmed why I have such a negative view on the company. It appears to struggle to understand plain English and indicates what, to me, is spivyness of the highest order.
It would appear Reabold Resources (RBD) is looking to take over Deltic Energy (DELT) with an all share deal that values Deltic at less than the cash on the balance sheet. My response to Reabold as a shareholder of Deltic is simple – sod off at any share conversion valuation.