London, June 30, 2026, 11:02 BST
- Union Jack Oil plc (LON:UJO) traded at 4.00p as of 10:24 BST, rising 14.29%. Volume came in at 10,410 shares, less than 3% of its usual daily.
- Reabold Resources plc (LON:RBD), which could make an all-share offer, said it had £31.6 million in equity for shareholders and £4.4 million in cash as of May 31.
- Reabold has a deadline of 5:00 p.m. London time on July 13 to make an offer or pull out, after a 9.15% Union Jack shareholder made a disclosure under Takeover Code rules Monday.
Union Jack Oil plc (LON:UJO) jumped 14.29% to 4.00 pence as of 10:24 BST on Tuesday, according to delayed data. Trading was very light: only 10,410 shares moved, about 3% of its average day. At 4p, that’s £416 worth of stock before costs. AIM was open at that time, with its regular session running from 0800 to 1630 BST.
The price move comes with Reabold Resources plc (LON:RBD) floating a possible all-share offer. For Union Jack holders, the real issue isn’t a cash premium. It’s the swap ratio between two small oil and gas firms, both trading at about a third of book value.
The table below is based on Union Jack’s 4p price and 146.55 million voting shares, Reabold’s £11.75 million market cap from Hargreaves Lansdown, and uses the latest balance sheets as reported by the companies.
| Measure | Union Jack Oil | Reabold Resources |
|---|---|---|
| Latest quoted price | 4.00p, gained 14.29% | 82.00p, slipped 0.61% |
| One-year share move | fell 54.8% | rose 42.6% |
| Market value used here | around £5.9 mln | £11.75 mln |
| Latest stated equity/net assets | £16.83 mln net assets | £31.6 mln equity attributable |
| Market value / stated equity | roughly 0.35x | about 0.37x |
This is key since a firm Reabold offer would use Reabold shares unless the terms shift. Union Jack holders would get Reabold stock after Reabold shares climbed 42.6% and Union Jack dropped 54.8% over the year, using delayed market data.
Offer-period disclosures matched small cash values to large voting stakes. Craig Robert Howie reported holding 13.42 million shares of Union Jack, or 9.15%, on Monday. At 4p, that’s around £537,000. Reabold’s opening position filing showed no direct Reabold stake for the offeror. Sachin Oza, with close family, had 3.02 million Reabold shares, 20.84%.
| Offer-period datum | Disclosure | Why it matters |
|---|---|---|
| Reabold deadline | July 13, 2026, 5:00 p.m. | Hard date for a firm offer, walk-away, or if they’ll ask for more time |
| Union Jack voting rights | 146,546,420 | Disclosure and bid math use this as the base |
| Craig Robert Howie Union Jack interest | 13,421,874 shares / 9.15% | Big holding for a sub-£6 million company |
| Sachin Oza and close relatives in Reabold | 3,023,179 shares / 20.84% | Biggest family line among Reabold directors |
Reabold posted its 2025 results Tuesday, showing a £7.8 million loss versus £3.4 million last year. The bigger loss is mostly from a £4.0 million non-cash write-down on Danube. Cash stood at £2.1 million at year-end, up to £4.4 million at May 31 after an April equity raise. Chairman Jeremy Edelman said the company “strengthened our financial position through a successful £4.2 million equity raise”. TradingView
Union Jack’s latest annual report details the other side of the bid math. The company booked oil and gas revenue of £2.49 million for 2025, showed a net loss of £7.03 million and took £5.18 million in impairments on Biscathorpe, North Kelsey and Sark. Net assets at year-end came to £16.83 million, with £1.46 million in cash. After 2025, Union Jack took out a £1 million secured term loan on its Wressle stake from Egdon Resources U.K. Ltd.
Union Jack Executive Chairman David Bramhill called a halt to Friday’s annual general meeting, saying a possible offer could affect some of the resolutions. Bramhill said that a management change now might slow Reabold in its push for an acquisition. The AGM is on hold until further notice.
Reabold said its stake in Rathlin Energy is now 79.8%, which means it holds a 69.9% economic interest in West Newton. The company also pointed to Tuesday’s news from Beacon Energy plc (LON:BCE), where an Italian energy firm put €1.4 million into LNEnergy Italy. LNEnergy Italy’s Colle Santo stake is now at 100%.
Union Jack said it’s not certain an offer will come or what terms might be offered. The board told shareholders to hold off on any action. Reabold’s next Takeover Code deadline is July 13 at 1700 London time.
