WTI (Feb) $74.11 -$1.46, Brent (Feb) $79.65 -$1.42, Diff -$5.54 +4c
USNG (Feb)*$2.50 -5c, UKNG (Jan) 87.50p -1.0p, TTF (Jan) €33.60 -€3.23

Oil price

In very quiet trade the US Natural Gas January contract expired yesterday with little consequence, oil is down in thin trade and of course February Brent expires tonight.

Reabold Resources

Reabold has announced an update with respect to the forthcoming general meeting which was requisitioned by Pershing Nominees Limited on behalf of several beneficial shareholders, further details and notice of which are set out in the Company’s circular sent to shareholders on 13 December 2023, which included the proposed appointment of certain new directors to the board. 

The Company has been advised by its Nominated Adviser, Strand Hanson Limited, that its independent due diligence process, on the Proposed Directors, as required by applicable regulations, remains ongoing. However, as stated in the Circular, in the event that the resolutions in respect of the appointments of the Proposed Directors are passed and Strand Hanson has not completed the required due diligence to its satisfaction, Strand Hanson has informed Reabold that it expects that it would be required to resign from its role as the Company’s Nominated Adviser with immediate effect. Should this be required, in accordance with AIM Rule 1, trading in the Company’s ordinary shares on AIM would be suspended following the closing of the General Meeting on Wednesday 10 January 2024. If a replacement Nominated Adviser is not appointed within one month, admission of the Company’s securities to trading on AIM will be cancelled.

This is an interesting update from Reabold in which it appears to be warning shareholders that there is a possibility that, should due diligence on the proposed Directors not be completed and the resolutions are passed then, the highly unusual step of the (Nominated Advisor) NOMAD resigning would happen. 

Then of course only a month is given before another NOMAD could take over, after having carried out due diligence on and approved the new Directors. Should another NOMAD not be appointed within the month, the shares would be cancelled from trading on AIM. I’m not sure I can see how these key risks cannot be taken into account by shareholders when voting and this situation is not something I have ever seen before. 

This is another risk that I hadn’t expected and without a clean bill of health and a possibility of the shares going into the ether, there is a reality of truly significant downside in the outcome that the proposed directors are voted in. 

Energy Pathways

Dial Square Investments has announced that, in line with its intention set out in its AIM admission document and in its announcement of 20 December 2023, it has changed its name to EnergyPathways plc. The name change took effect on 22 December 2023 and the Company’s ticker (EPP), ISIN and SEDOL remain unchanged.

The Company’s registered address has also been changed to: Highdown House, Yeoman Way, Worthing, West Sussex BN99 3HH.

NOTICE OF INVESTOR EVENT

Investor Presentation via Investor Meet Company: 9:30am Tuesday 16 January

EnergyPathways is pleased to announce that Ben Clube (Managing Director) and Mark Steeves (Chairman) will provide a live presentation relating to the Investor Presentation via Investor Meet Company on 16 January 2024 at 9:30am GMT.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet EnergyPathways via:

https://www.investormeetcompany.com/energypathways-plc/register-investor

Investors who already follow EnergyPathways on the Investor Meet Company platform will automatically be invited.

Nothing to add here, as I said the other day I am meeting the company in the new year, after that I will decide whether or not to take up full coverage. 

KeyFacts Energy Industry Directory: Malcy's Blog