Union Jack Oil plc

Strand Hanson is acted as Financial Adviser and Rule 3 Adviser to Union Jack Oil plc (“Union Jack”) in connection with the unrecommended all-share offer by Reabold Resources plc (“Reabold”), which has recently lapsed following receipt of only approximately 13.02% acceptances following the current Union Jack Board’s rejection of the offer.The transaction represented an unusual set of circumstances under the UK Takeover Code.

Following the launch of Reabold’s initial recommended contractual offer, Union Jack’s former Board was removed in its entirety and replaced further to a requisitioned General Meeting by Union Jack’s major shareholders. Strand Hanson was appointed by the newly constituted Board at a late stage in the offer timetable to provide independent financial advice to the new Board. The new Board subsequently withdrew the previous recommendation and unanimously recommended that Union Jack shareholders reject the offer.

Craig Howie, Executive Chairman of Union Jack, commented:

“This was an exceptional and fast-moving situation for Union Jack and its shareholders. Following the appointment of the new Board, Strand Hanson rapidly got up to speed, providing clear and considered advice throughout an unusual Takeover Code process. We are most appreciative of their valued support in helping with our rejection of the offer and achieving its lapsing at the earliest opportunity.”

This transaction serves to demonstrate Strand Hanson’s ability and willingness to provide senior, responsive advice in complex, challenging and time-critical public M&A situations.