Takeover Panel
11 September 2026
2026/13
UNION JACK OIL PLC(“UNION JACK”)
REABOLD RESOURCES PLC (“REABOLD”)
On 1 July 2026, the boards of Union Jack and Reabold announced that they had reached agreement on the terms of a recommended all share offer pursuant to which Reabold would acquire the entire issued and to be issued ordinary share capital of Union Jack (the “Reabold Offer”). The offer document for the Reabold Offer was subsequently published on 29 July 2026.
On 4 September 2026, the board of Union Jack announced that it was considering its position with respect to the Reabold Offer and that it would set out its views, together with the independent financial advice it had received, in a circular to be published during the course of the week commencing 7 September 2026 (the “Union Jack Board Circular”).
Also on 4 September 2026, the Panel Executive published Panel Statement 2026/11 in which it ruled that “Day 60” of the Reabold Offer (being the latest date by which the conditions to the offer must be satisfied or waived) would be re-set to the 21st day following the publication of the Union Jack Board Circular, and “Day 46” (being the latest date on which Reabold may publish a revised offer) would be re-set accordingly.
On 11 September 2026, the Union Jack Board Circular was published.
In the light of the above, the Executive has ruled that “Day 60” of the Reabold Offer will be re-set to 2 October 2026, and “Day 46” will be re-set to 18 September 2026.
Each of Union Jack and Reabold has accepted this ruling.
11 September 2026
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