Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Reabold Resources (RBD)

  Print      Mail a friend

Wednesday 20 September, 2017

Reabold Resources

Placing to raise £3.96m, update on strategy, TVR

RNS Number : 2218R
Reabold Resources PLC
20 September 2017




For immediate release

20 September 2017

Reabold Resources plc ("Reabold" or the "Company")

Placing to raise £3.96 million

Notice of General Meeting

Update on Strategy

Total voting rights



Reabold, the AIM listed investment company operating in the natural resources sector, is pleased to announce a placing of 792,000,000 new ordinary shares of 0.1 pence each (the "Ordinary Shares") in the capital of the Company (the "Placing Shares") at a price of 0.5 pence per Placing Share (the "Placing Price").  The placing will raise, in aggregate, £3.96 million (before expenses) (the "Placing").

The Company is very pleased with the demand of investors to participate in the Placing, which significantly exceeds the Directors' existing authorities to allot shares on a non-pre-emptive basis.  To enable the Company to undertake a further placing of up to £1.5 million to meet this additional demand from investors, a general meeting ("GM") of the Company is to be held to obtain shareholder approval to renew the Directors' authorities to allot shares for cash on a non-pre-emptive basis.  The notice of GM ("the Notice") will be sent to shareholders once finalised and will be available to download from the Company's website at A further announcement will be when the Notice is published.

The investing policy of the Company remains to acquire direct and indirect interests in exploration and producing projects and assets in the natural resources sector, and consideration is currently given to investment opportunities anywhere in the world.  However it is the Board's intention, under that policy, to concentrate on investments in European oil and gas projects. 

The net proceeds of the Placing will be used to make investments under this more focused strategy, in support of which the Company is proposing to appoint Sachin Oza and Stephen Williams, currently consultants to the Company, as Executive Directors in due course and subject to regulatory requirements.  Sachin and Stephen ("the Proposed Directors") have, respectively, 15 years' and 14 years' experience in the energy sector and both have worked as investment analysts with M&G Investments.  The Proposed Directors have identified and intend to invest in a number of projects that are in line with the proposed strategy set out above.


Commenting on the Placing, Jeremy Edelman, Executive Chairman of Reabold said:

"I am excited to announce the placing, and our strategic update.  We look forward to being able to welcome Sachin and Stephen to the Board of Reabold in due course where they will bring very considerable technical expertise and experience of evaluating assets in our sector. 

We see great merit in a strategy of focusing on European oil and gas projects that are substantially de-risked from a technical perspective and yet still have the potential to deliver attractive returns at current commodity prices and are excited about the projects that have already been identified."   


Market Abuse Regulation

The Market Abuse Regulation ("MAR") became effective from 3 July 2016. Market Soundings, as defined in MAR, were taken in respect of the proposed Placing with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement and has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR. Therefore, those persons that received inside information in a Market Sounding are no longer in possession of inside information relating to the Company and its securities.





Reabold Resources plc

Jeremy Edelman

Anthony Samaha


+44 (0) 20 7440 0640

Beaumont Cornish Limited - Nominated Adviser and Joint Broker

Roland Cornish

Felicity Geidt


+44 (0) 20 7628 3396

Whitman Howard Limited - Joint Broker

Nick Lovering

Grant Barker


+44 (0) 20 7659 1234

Turner Pope Investments (TPI) Ltd  - Placing Agent

James Pope

Ben Turner


+44 (0) 20 3621 4120

Background to and reasons for the Placing

The Board of Reabold announced on 17 July 2017 that it did not believe that its investment in the San Jose Lithium-Tin Project in Spain represented a long term asset for Reabold and that it had delivered a Notice of Exercise of Put Option, which would result in a transfer of A$500,000 to Reabold.  Following receipt of these funds, Reabold remained as an investment company with cash resources of approximately £600,000, and with an investment of 5 million shares in Mogul Ventures Corp. ("Mogul"), a private company focused on natural resources in Mongolia and held in the Company's balance sheet at £200,000.  Since July, the Directors of Reabold have been evaluating a number of additional investment opportunities.

In this capacity, Sachin Oza and Stephen Williams were appointed as consultants to the Company and, given their experience, will focus on investments in oil and gas projects.  Those projects are likely to be in the form of minority non-operating investments and interests in on-shore or near-shore assets with low-cost drilling opportunities that can provide medium term production and hence cashflow in the British Isles and mainland Europe. 


Details of the Placing

Whitman Howard is acting as broker and Turner Pope as placing agent in connection with the Placing.  The Placing Shares, when issued, will represent approximately 66.8 per cent. of the Company's enlarged issued share capital following completion of the Placing.  The Placing Price of 0.5 pence per share represents a discount of approximately 23 per cent. to the closing mid-market price of 0.65pence per Ordinary Share on 19 September 2017, being the latest practicable date prior to the publication of this Announcement.

In settlement of broker fees for work on the Placing,  the Company will also be issuing 2,000,000 new ordinary shares to Turner Pope on the same terms as the Placing (the "Broker Shares").

The Placing Shares, together with the Broker Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.

The Placing Shares to be issued pursuant to the Placing, together with the Broker Shares, will be issued on a non-pre-emptive basis, utilising the existing shareholder authorities obtained at the Company's last annual general meeting. Application has been made for the Placing Shares and the Broker Shares to be admitted to trading on the AIM market ("AIM") of London Stock Exchange plc (the "London Stock Exchange"), ("Admission"), and Admission is expected to take place on or around 25 September 2017.

Settlement for the Placing Shares, the Broker Shares and Admission is expected to take place on or before 8.00 a.m. on 25 September 2017.  The Placing is conditional upon, among other things, Admission becoming effective and the Placing Agreement not being terminated in accordance with its terms.

Following completion of the Placing, Whitman Howard and Turner Pope Investments will be appointed as Joint Brokers to the Company.


Total Voting Rights

Following completion of the Placing and the issue of the Broker Shares, the number of shares in issue will be 1,188,415,896

This information is provided by RNS
The company news service from the London Stock Exchange

a d v e r t i s e m e n t