By Ian Walker
Reabold Resources said that it has received a requisition notice from 7.84% shareholder Pershing Nominees on behalf of 13 shareholders seeking the removal of the board and appointment of Kamran Sattar and three others.
The London-listed investor in upstream oil-and-gas projects said Wednesday that it believes the requisitioning shareholders are seeking to gain control the company, its operational asset base and its cash without paying a control premium.
“Reabold believes that the interests of certain proposed new directors are not aligned with all shareholders,” it said
The shareholders are calling for the removal of Co-Chief Executives Stephen Williams and Sachin Oza, Nonexecutive Chairman Jeremy Edelman as well as Nonexecutive Directors Anthony Samaha, Marcos Mozetic and Michael Felton.
Alongside Sattar, they want to appoint Andrea Cattaneo, Francesca Yardley and Chris Connolly to the Reabold board.
Reabold said earlier this month that it was aware of media coverage about the request but at that time hadn’t received any communication from the shareholders, and advised shareholders to take no action.
Write to Ian Walker at ian.walker@wsj.com
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