Day 49 Acceptance Level Update

Reabold’s offer for Union Jack has reached only 5.70% acceptance with days left to go.

What the company is saying

Reabold Resources plc is providing a formal Day 49 update on its all share offer for Union Jack Oil plc, as required under the UK Takeover Code. The company states that as of 1.00 p.m. on 21 September 2026, it has received valid acceptances for 5,220,241 Union Jack shares, including 31,000 shares subject to irrevocable undertakings. An additional 3,101,144 shares are under irrevocable undertakings but have not yet been tendered, bringing the total counted toward the acceptance condition to 8,290,385 shares, or 5.70% of Union Jack’s issued share capital. The announcement repeatedly encourages Union Jack shareholders to accept the offer promptly and details the procedural steps required for both certificated and CREST holders. The tone is procedural and neutral, focusing on regulatory compliance and next steps rather than strategic rationale. Chris Connolly, Chief Financial Officer, is named as the person responsible for the release. The company references advice from its legal, financial, and registrar advisers, but does not discuss the merits or financial implications of the transaction.

What the data suggests

The disclosed figures show that as of 21 September 2026, Reabold has secured valid acceptances for 5,220,241 Union Jack shares, with only 31,000 of these from irrevocable undertakings. A further 3,101,144 shares remain under outstanding irrevocable undertakings, making a combined total of 8,290,385 shares, or 5.70% of Union Jack’s 146,565,896 shares in issue. This acceptance level is low for a takeover bid with less than two weeks until the 2 October 2026 unconditional deadline. The data is precise and regulatory-compliant but does not indicate momentum toward a successful offer. There is no disclosure of financial performance, offer premium, or strategic benefits. The announcement is narrowly focused on process and compliance, with no evidence of material progress toward majority control or a successful transaction.

Analysis

The announcement is a formal update on the acceptance level of Reabold Resources plc's all share offer for Union Jack Oil plc, providing precise figures on valid acceptances and irrevocable undertakings as of a specific date. The language is factual and procedural, with no promotional or exaggerated claims about the benefits or outcomes of the offer. The only forward-looking statements are procedural (the offer remains open until a specified date) and a standard encouragement for shareholders to accept the offer, which is typical in such documents and not overstated. There is no discussion of synergies, future financial performance, or operational impact, and no attempt to inflate the significance of the current acceptance level. The capital intensity flag is set to true because the transaction involves the acquisition of an entire company, but the announcement does not hype the potential benefits or downplay the risks. All key claims are supported by disclosed data, and the tone remains neutral throughout.

Risk flags

• ●The low acceptance level of 5.70% with less than two weeks until the unconditional deadline poses a significant risk that the offer will fail to reach the required threshold for completion. This matters because without sufficient shareholder support, the transaction cannot proceed, and resources spent on the bid may be wasted.
• ●There is a risk that the outstanding irrevocable undertakings (3,101,144 shares, 2.1% of capital) may not be converted into valid acceptances before the deadline. If these commitments are not honoured, the acceptance level could remain well below the necessary threshold.
• ●The announcement does not disclose any financial or strategic rationale for the offer, nor does it address the reasons for the low acceptance rate. This lack of transparency may undermine shareholder confidence and reduce the likelihood of additional acceptances.
• ●The procedural nature of the update, with no mention of negotiation progress or improved terms, suggests limited flexibility to address shareholder concerns or opposition, which could further impede the offer’s success.

Bottom line

Reabold’s Day 49 update shows its all share offer for Union Jack Oil plc has attracted only 5.70% acceptances, with just over a week left until the 2 October 2026 unconditional deadline. The majority of shares counted toward the acceptance condition are from outstanding, not yet delivered, irrevocable undertakings, and there is no evidence of accelerating momentum. The update is strictly procedural, offering no insight into the strategic rationale, offer premium, or likelihood of success. Unless there is a dramatic late surge in acceptances, the offer appears unlikely to succeed. Investors should focus on whether Reabold can secure a rapid and substantial increase in acceptances before the deadline. The key takeaway is that, as of this update, the transaction is far from completion and faces significant execution risk.

Announcement summary

(LSE:RBD) Reabold Resources plc provided a Day 49 acceptance level update regarding its all share offer for the entire issued and to be issued share capital of Union Jack Oil plc. As at 1.00 p.m. (London time) on 21 September 2026, Reabold had received valid acceptances of the Offer in respect of a total of 5,220,241 Union Jack Shares. Of these, 31,000 Union Jack Shares were the subject of irrevocable undertakings to accept the Offer. An additional 3,101,144 Union Jack Shares are the subject of irrevocable undertakings to accept the Offer, representing approximately 2.1 per cent. of the issued share capital of Union Jack, and these commitments remain outstanding as at 1.00 p.m. on 21 September 2026. Therefore, as at 1.00 p.m. on 21 September 2026, Reabold counted 8,290,385 Union Jack Shares, representing approximately 5.70 per cent. of the existing issued share capital of Union Jack, towards the satisfaction of the Acceptance Condition to 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 Panel Executive published Panel Statement 2026/11, ruling that “Day 60” of the Reabold Offer would be re-set to 2 October 2026, making 2 October 2026 the Unconditional Date by which the conditions to the offer must be satisfied or waived. The Offer will remain open for acceptances until 1.00 p.m. (London time) on 2 October 2026, unless brought forward or extended in accordance with the Code. Union Jack Shareholders are encouraged to accept the Offer as soon as possible. The procedures for acceptance are detailed in the Offer Document and Form of Acceptance. The Offer is subject to the full terms and conditions set out in the Offer Document and the Form of Acceptance. Neville Registrars Limited is the Receiving Agent for the Offer. Cavendish Capital Markets Limited is acting as financial adviser and broker to Reabold. Hill Dickinson LLP is acting as legal adviser to Reabold. Chris Connolly, Chief Financial Officer, is responsible for arranging the release of this information on behalf of Reabold.

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