Union Jack Oil shareholders replace board and halt Reabold deal

Union Jack Oil shareholders have voted to remove all three existing directors from the board, a decisive move that effectively terminates the pending acquisition offer from Reabold Resources. The vote, which took place this week, saw Craig Howie and John Americanos appointed to the board with overwhelming support. Howie will assume the role of executive chairman, while Americanos will serve as executive director. Both candidates secured more than 90% of the shareholder vote, reflecting a significant shift in control away from the previous management team.

The ousted directors, David Bramhill, Joseph O’Farrell and Zac Phillips, were removed with immediate effect. Each faced a similar margin of defeat, with more than 90% of votes cast against their continued tenure. The new leadership has stated that its immediate priority is to stabilise company operations and urgently right-size the central cost base, particularly regarding directors’ remuneration. In the company’s 2025 annual report, salary payments of £325,000 were disclosed for Bramhill and £150,000 for O’Farrell. Howie has emphasised the need for improved investor communications and stronger corporate governance to preserve and grow shareholder value.

The board changes follow a protracted activist battle between the incoming and outgoing directors. Howie previously served on the board before being removed in January, while the board passed a resolution in June to eject Americanos. The former board had advised shareholders against supporting the new directors’ plan, warning it could lead to a destruction in shareholder value. They argued that proceeding with the Reabold offer was crucial, stating that without the deal or another source of funds, Union Jack would be unable to meet its licence commitments in the short term.

However, the resounding shareholder vote indicates that owners were not deterred by these warnings. A recent disclosure from Reabold noted that only 0.2% of Union Jack shares had committed to the sale, with the former board pledging to back the transaction, adding approximately 2% to that figure. The offer remains open until 25 September, though several large shareholders have publicly opposed the deal. The new team has brought in consultants Ignus Resources to conduct a commercial and technical review. This assessment will help determine which assets to retain and which to divest, with the potential for the company to acquire producing assets once these decisions are finalised. Shareholders will now expect to see tangible progress in the near term.