Reabold Resources PLC (AIM:RBD) said all proposed resolutions by the requisitioning shareholders were “clearly rejected” at the requisitioning general meeting held today.
The oil and gas investment company said that shareholders, which owned approximately 6.93% of the company, proposed resolutions on 31 October which included removing the entire board of directors and replacing them with four new directors.
Eleven resolutions in total were voted on, all of which were related to the removal and appointment of directors.
Across the board, the resolutions were voted against by 75% of shareholders.
“Whilst this process has been a costly distraction from the important work of taking forward the assets within the portfolio, the Board has gathered much shareholder feedback over the course of the last few weeks and will use it to enhance the company's interaction with its investors in the future,” said chairman Jeremy Edelman.
“We look forward to receiving the second tranche of the Shell proceeds which we intend to return a portion of the capital back to shareholders, an event which demonstrates execution of Reabold's business model.”
“Distribution of capital to shareholders will form a core element of the company's financial strategy alongside progressing, de-risking and monetising assets in the portfolio.”