Union Jack Oil (UJO): Offer for the company
This situation live
UJO Union Jack Oil
15 Jun 2026 · approach · −2% until the next step
The Board has evaluated the Proposed Transaction with its advisers and has provided due diligence access to Reabold.
26 Jun 2026 · approach · −3% until the next step
I have therefore decided to adjourn today's AGM in order to allow shareholders a proper opportunity to consider the implications of any possible offer from Reabold.
7 Jul 2026 · offer · −21% until the next step
The Board believes Craig Howie and John Americanos would attempt to frustrate the Offer process if appointed to the Board.
Offer for the company
offer
Next: Panel statement setting revised offer timetable
Every step · 4
- 15 Jun 2026 approach – The Board has evaluated the Proposed Transaction with its advisers and has provided due diligence access to Reabold. ↗
- 26 Jun 2026 approach – I have therefore decided to adjourn today's AGM in order to allow shareholders a proper opportunity to consider the implications of any possible offer from Reabold. ↗
- 7 Jul 2026 offer – The Board believes Craig Howie and John Americanos would attempt to frustrate the Offer process if appointed to the Board. ↗
- 29 Sep 2026 offer – Upon my appointment to the New Board on 24 August 2026, I stated that Union Jack's priority must be an urgent right-sizing of its central cost base,... ↗
What is happening
Union Jack Oil: Offer for the company – offer. ['offer']
- In short
- Reabold's all-share offer was recommended by the former board on 1 July 2026 and the Offer Document was published on 29 July. After the former board was removed on 24 Aug, the new board published a rejection circular on 11 Sep, withdrawing the recommendation and calling the offer opportunistic. Low acceptances (5.70%) and 23.02% of shares committed not to accept make success unlikely.
- Announced
- 15 Jun 2026 · approach
- Latest
- 29 Sep 2026 · approach
- Timetable
- Panel statement on revised offer timetable to follow shortly
- Certainty
- No certainty any offer will be forthcoming or proceed, nor of its terms
- Next milestone
- Offer Document publication; date not stated
- Price
- Not stated in these announcements
- Risk
- Howie and Americanos have said they oppose any Reabold offer; both joined the board on 24 August 2026
- Value now
- 3.2895p at Reabold's 64.50p close on 10 Sep 2026; 7.85% premium to Union Jack's 3.05p
- Irrevocables
- Irrevocables and letters of intent not to accept cover 33,744,293 shares, about 23.02%
- Acceptances
- Valid acceptances 8,352,272 shares, about 5.70%, as at 3 Sep 2026
What comes next
Panel statement setting revised offer timetable.
Briefing Pro
New to Union Jack Oil? Get up to speed in 2 minutes.
What it does, how it got here, what management promised and delivered – written from its own announcements.
Get the UJO briefing →From the company's own announcements. Not investment advice.
Also at Union Jack Oil 3 open
Activist campaignCraig Robert Howie campaign – vote
Project milestonesCrossroads well, Oklahoma – Spudded 5 May; good shows; testing mid-June
Project milestonesReview of UK and US projects – Review promised for January 2026
Capital returnSpecial dividend – paid · closed
Union Jack Oil – company page →