Requisitioning
Shareholders
Our Objective
New Announcements Available
10/11/2022 – 1 new statements has been added to our Announcements page.
This is not an opportunistic takeover as the incumbents have publicly stated but significant shareholders deciding that enough is enough;
- The requisitioning shareholders, all having invested significant cash
into Reabold, decided that it was time to intervene to stop the
destruction of shareholder value and finally put Reabold on the
path to success; - Having received significant further support amongst the
shareholder base beyond the original requisitioning voting rights
of 6.93%, the requisitioning shareholders are hopeful of securing
the required votes (i.e. a simple majority of votes cast) to
implement a fresh approach with Reabold and meet our objective.
Portillion Capital has been a key strategic driver of the business
Since 2020, Kamran and Portillion Capital have pushed the Reabold board to capitalise on a number of attractive opportunities to complete favourable deals;
July 2020, Portillion Capital presented the West Newton opportunity to Reabold which helped Reabold secure and increase its holding in West Newton (RNS 29 July 2020);
January 2021, Portillion Capital corner-stoned and underwrote the January 2021 placing of £7.5m. The existing Board had initially proposed that the raise be completed at a significant discount to market but Portillion Capital stepped in to avoid dilution of all shareholders and ensured it was completed at a premium to the then market price of 0.55p (RNS 28 January 2021);
February/March/April 2021, to avoid the binary risk and reliance on West Newton, Kamran encouraged Reabold to acquire £1m of CLNs in Corallian Energy (RNS dated 22 February 2021), and subsequently led a group of strategic investors who acquired a portion of Reabold’s CLNs in Corallian Energy for £500k (RNS dated 3 March 2021). Subsequently, Kamran encouraged Reabold to increase their stake in Corallian Energy to 49.99% in April 2021. This provided Corallian Energy with enough cash to complete its CPR and progress the Victory asset to a point of sale/FDP (RNS dated 27 April 2021);
Q3 2021, Reabold’s share price was crashing as several fund managers were liquidating their positions. Portillion Capital encouraged the co-CEOs to monetise their existing assets by launching a review of Corallian Energy and extracting value from California. An introduction to Hannam & Partners was made to start the sale process for Victory (RNS 20 October 2021);
Portillion Capital helped fund Daybreak Oil and Gas, Inc.’s transaction in California. Daybreak had significant debt liabilities which Portillion and Reabold agreed to address via an Equity Exchange Agreement. This required Daybreak to raise $2.5m and ensure that all liabilities were settled before the conclusion of the transaction and Portillion’s final investment. Kamran had to personally fund a significant proportion of the transaction to ensure it went ahead, This transaction allowed Reabold to be a partner in a larger US listed and US focused oil & gas producing entity, and with Daybreak’s management team, they were in a better position to increase production, increase revenue and create value for Reabold’s shareholders (RNS 21 October 2021).