Correction - Day 42 Acceptance Level Update

Reabold’s all-share offer for Union Jack is no longer recommended, with low acceptance to date.

What the company is saying

Reabold Resources plc is formally correcting its previous announcement to clarify that its all-share offer for Union Jack Oil plc is no longer recommended, following a rejection circular issued by Union Jack’s New Board on 11 September 2026. The company reiterates the procedural status of the offer, specifying that as of 1.00 p.m. on 14 September 2026, it had received valid acceptances for 8,352,385 Union Jack Shares, equating to 5.70% of Union Jack’s issued share capital. Of these, 3,132,144 shares (2.14%) were subject to irrevocable undertakings. The announcement emphasises the offer’s compliance with the UK Takeover Code and provides detailed instructions for shareholders on how to accept the offer before the new deadline of 2 October 2026. Reabold frames the offer as an opportunity for Union Jack’s assets to join a better-capitalised business, but the tone is procedural and neutral, with no claims of financial or operational synergies. Chris Connolly, Chief Financial Officer, is named as the responsible executive for this disclosure. The company urges shareholders to act promptly but does not present new strategic arguments or financial incentives.

What the data suggests

The disclosed figures show that as of 14 September 2026, only 8,352,385 Union Jack Shares, representing 5.70% of the total 146,565,896 shares in issue, have been tendered in acceptance of Reabold’s offer. Of these, 3,132,144 shares (2.14%) were covered by irrevocable undertakings. The acceptance level is low and far from a controlling stake, especially given the offer is no longer recommended by Union Jack’s board. The deadline for acceptances is 2 October 2026, providing just over two weeks for additional shareholders to respond. The announcement is transparent about share counts, acceptance percentages, and procedural requirements, but does not disclose any financial results, operational metrics, or valuation details for either company. The data is complete for tracking the offer’s progress but does not provide insight into the underlying financial or strategic rationale.

Analysis

The announcement is a factual update and correction regarding the status of Reabold Resources plc's all-share offer for Union Jack Oil plc. It provides precise numerical data on acceptance levels, share counts, and key procedural dates, with no exaggerated or promotional language. The only forward-looking element is the standard encouragement for shareholders to accept the offer, which is routine in takeover communications and not presented as a guarantee of future benefit. There are no claims of operational or financial synergies, no projections of future value, and no discussion of capital outlays or long-term benefits. The tone is procedural and neutral, with all key claims supported by disclosed facts. There is no evidence of narrative inflation or overstatement.

Risk flags

• ●The offer acceptance level is currently only 5.70% of Union Jack’s issued share capital, which is insufficient for a successful takeover and signals weak shareholder support. This low participation increases the risk that the offer will fail to reach the required threshold for completion.
• ●Union Jack’s New Board has formally rejected the offer and issued a rejection circular, meaning the transaction lacks board endorsement and faces active resistance from management. This opposition makes it unlikely that significant additional acceptances will be secured without a change in terms or circumstances.
• ●No financial, operational, or valuation data for either company is disclosed in the announcement, limiting investors’ ability to assess the strategic or economic merits of the offer. This lack of transparency elevates uncertainty around the potential value or downside of the transaction.

Bottom line

Reabold’s all-share bid for Union Jack has lost its recommended status and is facing strong opposition from Union Jack’s board, as formalised in the rejection circular. With only 5.70% of shares accepted and just over two weeks until the 2 October 2026 deadline, the offer appears unlikely to succeed unless there is a dramatic shift in shareholder sentiment. The announcement is clear on procedural details and acceptance levels but offers no new strategic rationale, financial data, or incentives to sway undecided shareholders. Investors should view this as a procedural update rather than a sign of imminent deal completion. The most important takeaway is that, absent a material change, the offer is at high risk of lapsing with minimal shareholder support.

Announcement summary

(LSE:RBD) Reabold Resources plc issued a correction to its previous announcement regarding its all-share offer for Union Jack Oil plc, clarifying that the offer is no longer recommended following the publication of a rejection circular by Union Jack's New Board on 11 September 2026. The offer, originally announced on 1 July 2026, is being conducted under the UK Takeover Code and the full terms are set out in the Offer Document published on 29 July 2026. As of 1.00 p.m. (London time) on 14 September 2026, Reabold had received valid acceptances for 8,352,385 Union Jack Shares, representing approximately 5.70 per cent. of Union Jack's issued share capital. Of these, 3,132,144 Union Jack Shares, or approximately 2.14 per cent., were subject to irrevocable undertakings to accept the offer. The total number of Union Jack Shares in issue as at close of business on 28 July 2026 was 146,565,896. The Panel Executive has set 'Day 60' of the offer as 2 October 2026, which is now the latest date by which the offer conditions must be satisfied or waived, and the offer remains open for acceptances until 1.00 p.m. (London time) on that date. Shareholders are encouraged to read the Offer Document and accept the offer as soon as possible, with detailed procedures for acceptance provided for both certificated and uncertificated shares. The receiving agent for the offer is Neville Registrars Limited. Chris Connolly, Chief Financial Officer, is responsible for arranging the release of this information on behalf of Reabold. Cavendish Capital Markets Limited is acting as financial adviser and Hill Dickinson LLP as legal adviser to Reabold. The offer is subject to the full terms and conditions set out in the Offer Document and Form of Acceptance.

Disagree with this article?