The new board of Union Jack Oil has repeated its recommendation to shareholders to reject the takeover bid by Reabold Resources.
The offer period expires at 1pm on Friday 2 October.
Photo: Craig Howie, LinkedIn
The executive chairman, Craig Howie, appointed at a special meeting last month (August 2026) urged shareholders to take no action and not to return Reabold’s acceptance form.
He said the new board, also comprising John Americanos, “continues to unanimously and unequivocally reject the offer”.
In Union Jack’s interim half-year accounts, published on 29 September 2026, he said:
“The new board believes that the offer does not represent fair value for the company, nor does it represent an adequate premium for ceding control to Reabold.”
Mr Howie said Reabold’s acceptance condition currently requires valid acceptances of not less than 75% of Union Jack shares by the revised unconditional date (2 October 2026).
Last week, Union Jack reported it had received irrevocable undertakings and letters of intent not to accept the offer from approximately 24.39% of the company’s existing issued ordinary share capital.
The most recent takeover statement from Reabold reports that at 1pm on 29 September 2026 the company had received acceptances of the offer from investors holding approximately 6.8% of the Union Jack capital.
Mr Howie also said the company’s priority was now to review Union Jack’s asset portfolio and central cost base, particularly directors’ remuneration.
He said three new non-executive directors were due to be announced next month (October 2026). The company also had a new team of restructuring and technical advisors, Mr Howie said.
Key figures for the six months ending 30 June 2026
Oil and gas revenues (UK and overseas): £1.56m (six months to 30 June 2025: £1.28m)
Cost of sales – operating costs: £0.776m (six months to 30 June 2025: £0.645m)
Gross profit: £0.56m (six months to 30 June 2025: £0.45m)
Operating loss: £0.941m (six months to 30 June 2025: £0.603m)
Net loss before impairment: £0.42m (2025: £489,674)
Loss before taxation: £0.896m (six months to 30 June 2025: £0.489m)
Total assets: £19m (six months to 30 June 2025: £23.543m)
Total liabilities: £3.07m (six months to 30 June 2025: £2.162m)
Net assets: £15.933m (2025: £21.381m)
Closing net cash: £0.52m (accounting for £1m loan from Egdon Resources)
