Reabold management stands firm against board clear-out

The co-CEOs of the North Sea-focused E&P warn that an activist shareholder lacks the vision and portfolio-familiarity to add value

Shareholders in AIM-listed Reabold Resources, which has a portfolio of pre-production UK offshore and onshore licences, will have a chance to vote in a general meeting on 17 November on a proposal by a group of minority shareholder to sweep away the current board and replace them with four new directors. Reabold co-CEOs Sachin Oza and Stephen Williams argue there is no obvious value-add to voting yes. “There is no awareness or understanding or depth of industry contacts that the proposed incoming board has in terms of trying to move this portfolio forward in any way,” says Oza. “It is those relationships that will fundamentally allow us to be in a position to drive the assets forward quickly