UPDATE: Union Jack Oil confirms re-election of Howie and Americanos

Union Jack Oil PLC on Monday said its shareholders had approved the re-appointment of Craig Howie and John Americanos to the board, while all the previous three members have been removed.

Union Jack Oil, an onshore fuel producer based in Bath, England, held a requisitioned general meeting earlier on Monday, in which resolutions were passed for the immediate ousting of David Bramhill, Joseph O’Farrell and Zac Phillips from the board. Previous Union Jack Oil directors Craig Howie and John Americanos were appointed as executive chair and executive director, respectively.

“Following the board changes announced today, Union Jack’s immediate priority must be an urgent right-sizing of its central cost base, particularly with regard to directors’ remuneration,” said incoming Chair Howie.

The leadership changes come as Union Jack Oil shareholders are evaluating a takeover proposal from London-based investor Reabold Resources PLC for £6.1 million. The acquisition, previously agreed by the boards of both companies, is expected to become effective by the end of 2026 at the latest.

Union Jack Oil shares were up 1.6% at 3.10 pence on Monday afternoon in London.

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Shin JohnYtv Market News

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