Union Jack, which has interests at Wressle and West Newton, has recommended shareholders vote against a proposal to remove the board.

The company has called a requistioned general meeting for next month (August).

This follows a resolution by two investors holding more than 14% of voting rights to remove the three current directors: David Bramhill, Joseph O’Farrell and Zac Phillips.

The investors, described by Union Jack as requisitioners, are former board members, Craig Howie and John Americanos. They have also tabled a resolution for their reappointment as directors.

In a statement today, Union Jack said:

“The Company will today post a circular to shareholders convening the Requistioned GM [general meeting] and outlining the unanimous recommendation by the Company’s board to directors to vote against all the resolutions to be proposed at the Requisitioned GM.

The statement added:

“The Board believes that the Requisition is misguided, ill-timed and destined to lead to a destruction in value for the Company’s shareholders.”

The requisition notice was dated 7 July 2026, less than a week after a takeover offer by Reabold Resources.

Union Jack’s statement continued:

“by proposing the Resolutions just six days after the announcement of the all share offer by Reabold Resources plc, the Requisitioners are simply being opportunistic by seeking to replace the Board during the Offer process without providing the Company’s shareholders with the opportunity to realise a control premium.”

Union Jack also announced it had reconvened the previously postponed annual general meeting. This was adjourned on the day it was planned, 26 June 2026, because of the Reabold takeover offer. The AGM will now be held after the requistioned meeting.

The requisitioned meeting will be at 11am on 24 August 2026 at the offices of Keystone Law, 48 Chancery Lane, London WC2A 1JF.

The reconvened AGM will be held on the same date and place, at 12 noon, or as soon as the requisitioned meeting has ended.