Day 35 Acceptance Level Update

Reabold's offer for Union Jack has reached only 5.7% acceptance after 35 days.

What the company is saying

Reabold Resources plc is providing a formal Day 35 update on its recommended all share offer for Union Jack Oil plc. The company discloses that as of 1.00 p.m. on 3 September 2026, it has received valid acceptances for 8,352,272 Union Jack shares, representing 5.70% of Union Jack's issued share capital. Of these, 3,132,144 shares (2.14%) were subject to irrevocable undertakings. The announcement repeatedly urges Union Jack shareholders to accept the offer and references the Offer Document for full terms and procedures. The tone is procedural and neutral, with no discussion of offer price, exchange ratio, or financial impact. The company frames the combination as a route to a better-capitalised and more competitive business but provides no supporting financial detail in this release.

What the data suggests

The acceptance level for Reabold's all share offer stands at 8,352,272 Union Jack shares, or 5.70% of the 146,565,896 shares in issue as of 28 July 2026. Of these, 3,132,144 shares (2.14%) are covered by irrevocable undertakings, meaning only 5.70% of shareholders have formally accepted after 35 days, with less than half of those being voluntary acceptances. The offer remains open until 1.00 p.m. on 25 September 2026, leaving just over three weeks for further acceptances. No offer price, exchange ratio, or financial terms are disclosed in this update, and there is no information on whether the minimum acceptance condition will be met. The data is precise regarding acceptances but omits all financial metrics relevant for valuation or deal attractiveness.

Analysis

The announcement is a procedural update on the acceptance level for Reabold's recommended all share offer for Union Jack Oil plc. The language is factual, providing specific figures for valid acceptances (8,352,272 shares, 5.70%) and irrevocable undertakings (3,132,144 shares, 2.14%). Forward-looking statements are limited to procedural matters (offer timeline, encouragement to accept), with no exaggerated claims about future benefits or synergies. There is no promotional or inflated language regarding the impact or value of the transaction. The capital intensity flag is set to true because the offer involves acquiring the entire share capital of Union Jack, but the announcement does not discuss immediate earnings impact or synergies. However, the tone remains neutral and strictly informational, with no evidence of narrative inflation or overstatement. The gap between narrative and evidence is minimal, as all claims are either procedural or supported by disclosed numbers.

Risk flags

• ●Low acceptance level after 35 days—only 5.70% of Union Jack shares have been tendered, raising the risk that the offer may not reach the minimum acceptance threshold required for completion.
• ●No offer price, exchange ratio, or financial terms are disclosed in this update, preventing shareholders and investors from assessing the value or attractiveness of the deal.
• ●The announcement relies on procedural encouragement rather than substantive new commitments or incentives, suggesting limited momentum and potential resistance from Union Jack shareholders.
• ●The offer is subject to extension or acceleration under the UK Takeover Code, introducing timeline uncertainty and possible delays if acceptance conditions are not met by the stated Unconditional Date.

Bottom line

Reabold's Day 35 update reveals that only 5.70% of Union Jack shareholders have accepted its all share offer, with 2.14% of those already committed via irrevocable undertakings. This low acceptance rate signals a lack of broad support and puts the deal's completion at risk unless momentum increases before the 25 September 2026 deadline. The absence of any disclosed offer price, exchange ratio, or financial metrics leaves investors unable to evaluate the deal's value or potential upside. The company's messaging is procedural and focused on urging participation, without providing new incentives or addressing shareholder concerns. For investors, the key takeaway is that the offer is far from being secured, and the lack of financial detail means the investment case cannot be assessed from this update alone. The next critical event is whether acceptances accelerate materially before the Unconditional Date.

Announcement summary

(LSE/AIM:RBD) Reabold Resources plc provides a Day 35 acceptance level update regarding its recommended all share offer for Union Jack Oil plc. As at 1.00 p.m. (London time) on 3 September 2026, Reabold had received valid acceptances of the Offer in respect of a total of 8,352,272 Union Jack Shares, representing approximately 5.70 per cent. of the issued share capital of Union Jack. Included within these acceptances are 3,132,144 Union Jack Shares, representing approximately 2.14 per cent. of the issued share capital of Union Jack, which were the subject of irrevocable undertakings to accept the Offer. The percentages are based on 146,565,896 Union Jack Shares in issue as at close of business in London on 28 July 2026. The Offer will remain open for acceptances until 1.00 p.m. (London time) on 25 September 2026, which is the Unconditional Date, subject to possible extension or acceleration in accordance with the Code. Union Jack Shareholders are encouraged to accept the Offer as soon as possible. The Reabold Board urges all Union Jack Shareholders to read the Offer Document carefully and accept the recommended Offer. Full details of the procedures for acceptance are set out in the Offer Document and accompanying Form of Acceptance. The Offer is subject to the full terms and conditions set out in the Offer Document and the Form of Acceptance.

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