New directors of Union Jack Oil have unanimously rejected the takeover offer by Reabold Resources.

In a circular to investors, released on 11 September 2026, the board also recommended Union Jack shareholders reject the offer.

The board, appointed after a requisitioned general meeting last month, said it had carried out a detailed review of Union Jack’s assets, liabilities and its strategic and financial positions.

It said:

“The New Board strongly and unanimously believes that the Offer is opportunistic and significantly undervalues Union Jack’s current project portfolio and the Company as a whole. Accordingly, the New Board unanimously and unequivocally rejects the Offer and recommends that Union Jack Shareholders should also reject the Offer.”

Reabold Resources announced the takeover offer for Union Jack on 15 June 2026. Reabold said it had reached agreement on the offer with the former Union Jack board in July.

The Union Jack circular said Reabold’s market share price had fallen about 27% since the start of the offer period, making the value of the offer now 3.2895 pence per Union Jack share.

It said the new board and another significant Union Jack shareholder, had undertaken not to accept the offer, including any “new, revised, improved or increased offer”

Other individual Union Jack shareholders had provided letters of intent not to accept the offer, the circular added.

It also said the parties refusing to accept the offer represented 23.02% of Union Jack’s existing issued ordinary share capital.

The takeover panel executive has reset day 60 , the latest day by which conditions must be satisfied or waived. This will now be 2 October 2026, the 21^st day after publication of the circular. Day 46, the latest day on which Reabold may publish a revised offer, would also be reset to 18 September 2026.

On 3 September 2026, Reabold had secured support for its offer from 5.7% of Union Jack share capital.