Day 56 Acceptance Level Update
Reabold Resources PLC has provided an update on its all-share offer for Union Jack Oil plc, confirming that as of September 28, 2026, it had received valid acceptances for 8,151,309 Union Jack Shares, including 2,197,812 shares subject to irrevocable undertakings. Including further irrevocable undertakings for 934,332 shares, Reabold counts 9,085,641 Union Jack Shares, representing approximately 6.2% of the issued share capital, towards the acceptance condition. The offer period has been extended to October 2, 2026, and Union Jack Shareholders are encouraged to accept the offer to ensure Union Jack's assets become part of a better-capitalised business.
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In accordance with Rule 17 of the Code, Reabold confirms that, as at 1.00 p.m. (London time) on 28 September 2026, Reabold had received valid acceptances of the Offer in respect of a total of 8,151,309 Union Jack Shares.
So far as Reabold is aware, included within the above are valid acceptances in respect of 2,197,812 Union Jack Shares which were the subject of irrevocable undertakings to accept the Offer. As described in paragraph 8 of Part VII of the Offer Document, a further 934,332 Union Jack Shares are the subject of irrevocable undertakings to accept the Offer (the “Irrevocable Shares”), representing approximately 0.6 per cent. of the issued share capital of Union Jack. Insofar as Reabold is aware, these commitments remain outstanding as at 1.00 p.m. (London time) on 28 September 2026.
Therefore, as at 1.00 p.m. (London time) on 28 September 2026, Reabold counted 9,085,641 Union Jack Shares, representing approximately 6.2 per cent. of the existing issued share capital of Union Jack, towards the satisfaction of the Acceptance Condition to the Offer.
The percentages of Union Jack Shares referred to in this announcement are based on figures of 146,565,896 Union Jack Shares in issue as at close of business in London on 28 July 2026 (being the last Business Day prior to the publication of the Offer Document).
Action to be taken by Union Jack Shareholders
The Offer will therefore now remain open for acceptances until 1.00 p.m. (London time) on 2 October 2026, which is the Unconditional Date. The Unconditional Date may be brought forward or extended in accordance with the Code, as further described in paragraphs 2.2 and 2.4 of Section C of Part III of the Offer Document.
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Hill Dickinson LLP is acting as legal adviser to Reabold.
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