Shareholders in Reabold Resources have voted to maintain the company’s board.
A special meeting rejected all the resolutions by a group of investors, who sought to replace the entire board with four new directors.
Voting on the 11 resolutions was nearly 25% in favour and more than 75% against.
The group, known as Reabold Requisition, owned nearly 7% of the company’s share capital when it made its bid last month.
Reabold Resources has a 65% interest in the West Newton oil and gas operations in East Yorkshire. The requisitioning shareholders had criticised operations and planning at the West Newton sites.
In a statement, Jeremy Edelman, Reabold’s chairman welcomed the decision. He said:
“Whilst this process has been a costly distraction from the important work of taking forward the assets within the portfolio, the Board has gathered much shareholder feedback over the course of the last few weeks and will use it to enhance the Company’s interaction with its investors in the future.”