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Reabold Resources PLC on Thursday said that shareholders have rejected the proposal to remove and replace the entire board of directors.
London-based Reabold is an oil and gas company with projects in the UK, US and Romania.
On October 31, requisitioning shareholders, who own 6.9% of the share capital proposed removing the entire board and replacing them with four new directors.
Reabold said 75% of shares cast voted against all 11 resolutions at its requisitioned general meeting on Thursday.
Chair Jeremy Edelman said this process has been a ‘costly distraction from its work of taking forward the assets within the portfolio.’
Reabold shares were down 4.9% to 0.24 pence on Thursday afternoon in London.
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