Industry

Boxer backs board change at West Newton drilling company

A former champion boxer has backed a group seeking to take control of the company that owns more than half of Rathlin Energy’s onshore oil and gas operations.

Amir Khan
Clip from video on Reabold Requisition website

Amir Khan, who held Commonwealth and world titles, has supported one of four investors who want to replace the current directors at Reabold Resources.

In a video on the Reabold Requisition website, the boxer endorsed Kamran Sattar, chief executive of Portillion Capital. He said:

“Hi Reabold shareholders. I just want to say that Kamran is one person who I trust and who I always believe in. I also want to say to you guys to vote for Kamran; he’s one person that we need on our team.”

A meeting next week will decide whether to replace the current board, led by co-chief executives Stephen Williams and Sachin Oza.

In a presentation yesterday, the current chief executives appealed to shareholders to “stick with” them and vote against all the resolutions. They have published a 10-page response to 13 pages of criticism of the company’s current leadership.

The Reabold board has accused Reabold Requisition of trying to gain control of the company without paying a control premium. Reabold Requisition denies this.

Earlier this week, Reabold’s directors reported they had the support of Institutional Shareholder Services, which said Reabold Requisition had failed to make a compelling case for the board changes.

The move to replace the Reabold directors began on 17 October in a letter from Pershing Nominees, which owns just under 7% of the company.

Reabold Requisition said it wanted to “install some new blood with fresh ideas”. As well as Kamran Sattar, it has named Francesca Yardley, John McGoldrick and Cathal Friel as replacement directors.

West Newton

Reabold Resources has a 56% interest in the West Newton operation in East Yorkshire.

This comprises a direct 16.665% stake in the West Newton licence, PEDL183, and a 59% shareholding in the operator, Rathlin Energy.

Reabold Requisition described the previous drilling attempt at West Newton as “disastrous”, leading to well damage. It said:

“We believe the incumbent directors rushed into the drilling without the required preparation and diligence.

“To date, there has been no accountability relating to this failure.

“Based on the Company’s current conceptual development plan [at West Newton], we believe the Company lacks the required capital and in-house expertise to successfully implement the plan of the incumbent directors.

“Our desire is not to change track for West Newton but to de-risk the incumbent directors’ plan and ensure the Company takes into account all the technical expertise already available with the project partners.”

The shareholder meeting is on 17 November 2022, at 10am, 8th Floor, The Broadgate Tower, 20 Primrose Street, London EC2A 2EW.

2 replies »

  1. Glass Lewis recommended shareholders vote in favor of the new regime change. Reabold Plc have avoided being fair and transparent by not publishing that and only publishing the self serving report to which drillordrop have referred. It can be viewed at reaboldrequisition.com

  2. I believe if the shareholders vote for no change, it will be like turkeys voting for Christmas. Cathal Friel would be a breath of fresh air to the company. However, I fear there are too many turkeys amongst the shareholders.

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