London, June 30, 2026, 23:02 (BST)
- Union Jack Oil finished at 3.75p, climbing 7.14%. After the London close, the bid-offer was quoted at 3.50p to 4.00p.
- TBI Investment Management said it holds 4.22% voting rights. Craig Robert Howie reported a 9.15% stake on Monday.
- Reabold Resources has to make a firm bid for Union Jack or pull out by July 13, unless the Takeover Panel gives more time.
Union Jack Oil Plc (LON:UJO) ended up 7.14% at 3.75p on Tuesday. New offer-period filings showed updated numbers on voting rights as Reabold Resources Plc (LON:RBD) faces a deadline to decide on a possible all-share offer.
The thing to watch is how big the reported blocks are versus regular trading. TBI Investment Management Ltd told Union Jack it now has 6,182,691 voting rights, or 4.22%, after hitting the threshold on June 8. The TR-1 showed TBI was under 3% before.
Craig Robert Howie filed a Form 8.3 on Monday, listing 13,421,874 shares in Union Jack, or 9.15%, as of June 26. Combined, the two reported stakes amount to 19.6 million shares, or 13.37% of voting rights. That stake would be worth about £735,000 at Tuesday’s close, nearly 36 times the day’s reported volume of 550,861 shares.
| Disclosed holder | Shares/votes | Voting rights | Value at 3.75p | Multiple of Tuesday volume |
|---|---|---|---|---|
| TBI Investment Management | 6,182,691 | 4.22% | £231,851 | 11.2x |
| Craig Robert Howie | 13,421,874 | 9.15% | £503,320 | 24.4x |
| Combined | 19,604,565 | 13.37% | £735,171 | 35.6x |
Investors face a trade-off with the stock. Union Jack’s market cap sits near £5.5 million, so small cash positions might still affect a deal vote or matter at a shareholder meeting if it’s adjourned. The quoted spread was 0.5p—about 13.3% of the 3.75p midpoint—showing how thin the market sometimes gets.
Reabold said June 15 it is holding talks with Union Jack’s board about an all-share offer for all issued and to-be-issued shares. Union Jack said it got Reabold’s non-binding letter on June 1 and gave access for due diligence. The company told shareholders not to take any action.
The July 13 deadline stands as the key date here. Reabold has until 5 p.m. that day to either announce a firm bid under the UK Takeover Code or confirm it won’t make an offer, unless the Panel on Takeovers and Mergers extends the deadline.
Union Jack’s AGM set for June 26 is now on hold due to the bid talks. Executive Chairman David Bramhill postponed the meeting, citing ongoing negotiations with Reabold over the possible offer. He said any management change now “might impede Reabold” from moving ahead with the deal.
Union Jack said June 26 that non-executive director John Americanos left the board, after his office was vacated by board resolution with immediate effect. No financial or operational update was included in the RNS.
Union Jack Oil is an AIM-listed oil and gas company with operations in the UK and US. The group focuses on drilling, development, production, and investments. Its shares also trade in the US on the OTCID Basic market as UJOGF, it said.
