Disclosure under Rule 2.10(a)
Union Jack Oil plc has announced an additional letter of intent from a shareholder, Paul Anscombe, who holds 698,226 shares (approximately 0.48% of the company's issued ordinary share capital), confirming he will not accept Reabold's all-share offer. This brings the total number of shares with irrevocable undertakings and letters of intent not to accept the offer to 34,442,519, representing approximately 23.50% of the company's issued ordinary share capital. The new board of Union Jack Oil plc previously rejected Reabold's offer.
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Disclosure under Rule 2.10(a) of the Takeover Code re Additional Letter of Intent in respect of the Rejected All-Share Offer for Union Jack by Reabold
On 1 July 2026, the Reabold Board announced a recommended all-share offer for the entire issued and to be issued ordinary share capital of Union Jack, to be effected by means of a contractual offer within the meaning of Part 28 of the CA 2006.
On 29 July 2026, Reabold announced that the Offer Document containing the full terms and conditions of the Offer and the procedures for acceptance of the Offer had been published and was being made available to Union Jack Shareholders and to persons with information rights, together with (for those Union Jack Shareholders who hold their Union Jack Shares in certificated form) the related Form of Acceptance.
On 24 August 2026, Union Jack announced that, at the Requisitioned General Meeting, all of the resolutions set out in the Notice of Requisitioned GM announced on 27 July 2026 had been duly passed. As a result of the passing of the resolutions, David Bramhill, Joseph O’Farrell and Dr Zac Phillips (together, the “Former Board”) were removed from the Union Jack Board with immediate effect and John Americanos and Craig Howie were appointed to the Union Jack Board with immediate effect (the “New Board”).
On 11 September 2026, Union Jack announced that it had published a circular setting out, inter alia, the New Board’s views on the Offer and its reasons for withdrawing the Former Board’s recommendation and instead rejecting the Offer (the “Rejection Circular”).
Additional Letter of Intent
Union Jack is pleased to announce that it has today obtained a further letter of intent from an individual shareholder in Union Jack, Paul Anscombe (the “Letter of Intent”), who is beneficially interested in 698,226 Union Jack Shares, representing approximately 0.48 per cent. of the Company’s existing issued ordinary share capital. For the purposes of the Offer, Mr Anscombe has confirmed that he will NOT accept the Offer in respect of any of the shares in which he is interested.
Accordingly, the parties to the Offer have now received certain irrevocable undertakings and letters of intent NOT to accept the Offer in respect of, in aggregate, 34,442,519 Union Jack Shares representing approximately 23.50 per cent. of the Company’s existing issued ordinary share capital.
The Letter of Intent relates to the Offer on its present terms and Mr Anscombe does not intend to revise it while those terms stand. Mr Anscombe has reserved the right to accept any revised offer and to consider any competing proposal on its merits, and nothing in his Letter of Intent obliges him to accept any offer.
Capitalised terms used but not otherwise defined in this announcement have the same meanings as set out in the Offer Document / Rejection Circular, as applicable.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.