(Alliance News) - 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.

By Jaskeet Briah; jaskeetbriah@alliancenews.com

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