In conversation with Thomas Warner from Proactive, Reabold Resources PLC (AIM:RBD)'s co-CEOs Sachin Oza and Stephen Williams discussed the ongoing challenges they face from a group of shareholders who have requisitioned a general meeting with the intention of replacing the company's management.
This conversation comes at a critical juncture for Reabold Resources, as it marks the third attempt to oust Oza and Williams from their positions.
The co-CEOs passionately defended their leadership, highlighting the company's current momentum and future value delivery plans for 2024.
Thomas Warner (TW): Sachin and Stephen, with another shareholder requisition challenging your positions as co-CEOs of Reabold Resources, can you elaborate on the situation and its implications for the company?
Sachin Oza (SO): Certainly, Thomas. We're facing a requisition attempt to overhaul our entire board and management. This isn't the first time; it's a recurring challenge, coinciding with significant financial gains, like the Victory Project sale proceeds from Shell. We're urging shareholders to vote against all resolutions. Our focus is on maintaining momentum and delivering substantial value in 2024. It's crucial for our shareholders and the company's future.
Stephen Williams (SW): To add to that, these takeover attempts seem opportunistic, targeting our attractive portfolio and current cash-rich position. We're wary of the motivations behind these attempts and the potential misuse of our funds.
TW: Stephen, how does this all affect your ability to effectively manage the business?
SW: It's highly disruptive and a significant drain on our resources. More critically, it undermines our external transactions and partnerships, casting doubt on our leadership stability. This kind of uncertainty can hamper business progress and efficiency, making it challenging to pursue our goals.
TW: Sachin, addressing scepticism, what's your response to those who might consider a change in leadership given past frustrations?
SO: I understand the frustrations, especially regarding our share price and asset progress, largely due to regulatory delays beyond our control. We've been actively engaging with governmental and regulatory bodies to expedite these processes. Our strategic planning for 2024 focuses on early cash flow and maximizing our asset value, something we believe the proposed management lacks the capability to handle. The conflicts of interest and lack of alignment with our strategic goals among the proposed new leaders are also concerning.
TW: As we look forward to 2024, what can shareholders expect under your continued leadership?
SW: 2024 is shaping up to be a pivotal year. We're ready to drill the West Newton well in the UK, a key project everyone's eagerly awaiting. We're also exploring early production potential there, aiming for quicker positive cash flow. In Italy, the Cala Santo project is nearing early production, with full field development on the horizon. These projects are vital for European energy security and represent significant milestones for Reabold. We're confident that with shareholder support, we can make 2024 a transformative year for the company.