UK 19:08 Tuesday, 6 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
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Reabold Resources (RBD) may be reluctant to follow takeover panel rules without a kick from me so just in case, a Letter of Intent to reject its offer for Union Jack Oil (UJO), speaking for 4.05% of the equity, has arrived at Winnileaks and is reproduced below, with names redacted. It is dated tomorrow ( a business day) but was sent yesterday.
That means that LoIs we know of are now in speaking for 18.14% of the equity saying they will not accept Reabold's offer.
I hope that a number of Bulletin Board savants who are not in direct contact with Craig Howie will be cutting and pasting the letter below and whizzing it over by email to Reabold chairman Jeremy Edelman Jeremy.Edelman@reabold.com
Meanwhile Howie is working steadily on the owners of another 10.56% of the Union Jack equity who have already pledged both to reject the offer but also to vote against the current board of two troughers and a gimp and vote in Howie and John Americanos on 24 August. Letters of Intent from those holders will be going in steadily over the next few days.
And that means that Reabold really should be posting a daily update at 7 AM on any day when the LoI total increases so that investors are aware of the situation.
It should also be preparing responses to two events:
1. When the 25% threshold is passed and it is a when not an if, the threat in the offer document to delist Union Jack from AIM falls away. Moreover a key supposed rationale of the deal, saving one set of PLC costs, also falls away. So will Reabold push on with the deal and on what basis?
2. When, and again it is a when not an if, the EGM and AGM of Union Jack votes to oust the two troughers (David Bramhill and Joe O’Farrell) and the gimp Zac Philips and to install Howie and Americanos who will immediately contact all shareholders urging them to reject the offer and explaining why it is dire, Reabold needs to respond and it should make it clear NOW how it will respond. According to David Bramhill such a vote would clean out Union Jack's cash as it paid him, O'Farrell and the gimp off to the tune of £1 million+. I think they can be fired with cause for breaching the Companies Act 2006 at the aborted AGM but if I am wrong can Reabold, already facing its own material uncertainty, afford to plough on with its offer?
To plough on with a doomed offer & potentially with a £1 million timebomb that blows up the balance sheet if the offer succeeds would be financially reckless. What will it do?
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