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Union Jack Oil Board Maintains Rejection of Reabold Takeover as Deadline Nears

lite News Desk 2 min read

At a glance

  • The Union Jack Oil board repeated its advice to reject Reabold’s bid.
  • Reabold’s offer period ends at 1:00 p.m. on 2 October 2026.
  • Only 6.8% of shares had accepted the offer as of 29 September 2026.

The board of Union Jack Oil plc has restated its position against the takeover offer from Reabold Resources plc, as the deadline for shareholder responses approaches.

This development comes with the offer period set to close at 1:00 p.m. (London time) on Friday, 2 October 2026, leaving shareholders with limited time to respond to the bid.

Reabold Resources reported that by 1:00 p.m. on 29 September 2026, it had received valid acceptances for approximately 6.8% of Union Jack Oil’s issued share capital. During the same period, Union Jack Oil stated that about 24.39% of its shares were covered by irrevocable undertakings or letters of intent not to accept the offer.

The Union Jack Oil board’s recommendation for shareholders to reject the offer has been reiterated since the appointment of Craig Howie as executive chairman at a special meeting in August 2026. The company’s interim half-year results for the six months ending 30 June 2026 were published on 29 September 2026, providing additional context for shareholders during the ongoing offer period.

What the numbers show

  • Reabold’s offer acceptance reached 6.8% of Union Jack Oil shares by 29 September 2026.
  • 24.39% of Union Jack Oil shares are subject to commitments not to accept the offer.
  • The takeover offer period ends at 1:00 p.m. on 2 October 2026.

Union Jack Oil’s board has maintained its stance throughout the offer period, advising shareholders not to accept the proposal from Reabold Resources. The company has highlighted the proportion of shares committed against the offer as a key consideration for its position.

Reabold Resources has continued to update the market on acceptance levels as the deadline approaches. The company’s latest figures indicate that support for the offer remains below a level that would secure control of Union Jack Oil.

Craig Howie’s appointment as executive chairman in August 2026 followed a special meeting of Union Jack Oil shareholders. This leadership change occurred shortly before the publication of the company’s interim results and the ongoing takeover bid.

Union Jack Oil’s half-year results, released on 29 September 2026, provide shareholders with recent financial information as they consider their response to Reabold’s offer. The timing of these results coincides with the final days of the offer period.

* This article is based on publicly available information at the time of writing.

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