Investors holding shares in Union Jack Oil (AIM: UJO) are facing a live takeover decision, with the Reabold Resources UJO offer now at the recommended all-share stage and acceptance deadlines already passing. If you have UJO in an ISA or dealing account, here is what has happened and what you need to weigh up.
How the Reabold Resources UJO Offer Unfolded
Reabold Resources first signalled its intentions on 15 June 2026, when Union Jack Oil published a ‘Statement Regarding Possible Offer’ via Investegate’s RNS announcements. Within a fortnight, on 1 July 2026, a ‘Recommended All-Share Offer’ announcement followed, meaning UJO’s board had formally backed the approach and was urging shareholders to accept.
Acceptance level updates were then published on 28 August 2026 (Day 28 of the offer timetable) and again on 4 September 2026 (Day 35), alongside a further statement regarding the offer. In a recommended takeover, the board’s backing matters because it shifts the default expectation: holdouts become the minority position rather than the majority one.
Reabold Resources has confirmed the offer on its own investor relations page. The structure is all-share, meaning UJO shareholders receive new Reabold shares rather than cash. That matters because the value you ultimately receive depends on Reabold’s share price at the time of settlement, not a fixed pound figure locked in at announcement.
What UJO Looks Like on the London Stock Exchange Right Now
Union Jack Oil trades on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE), and also on the OTCID Basic Market in the United States (ticker: UJOGF) and the Aquis Market in the UK. According to the LSE’s UJO company page, the instrument market capitalisation stands at approximately £4.32 million, with a bid/offer spread of 2.90/3.10 GBX.
The 52-week range spans 2.00 GBX at the low to 5.50 GBX at the high, which gives a sense of how much the share price has already moved relative to where it sat before corporate activity picked up. A company with a market cap of £4.32 million is genuinely small: the entire business is valued at less than the price of a modest London flat.
For context on the shareholder register, Union Jack Oil’s interim results for 2024 show the company holds 6,300,000 ordinary shares in Treasury (shares bought back and held by the company itself, which increase earnings per share but carry no voting rights and receive no dividends). Those treasury shares will not vote on, or accept, the Reabold offer.
The Dividend Picture and What an All-Share Deal Means for Income Holders
UJO paid a dividend of 0.25 pence per ordinary share during its most recent dividend cycle, declared by the board in May 2024 and paid to qualifying shareholders in July 2024. The LSE dividend announcement set an ex-dividend date of 4 July 2024. On a holding of, say, one million shares, that 0.25p dividend would have produced £2,500.
If the Reabold all-share offer completes, UJO as a standalone dividend-paying entity ceases to exist. Whether Reabold maintains a dividend policy comparable to UJO’s is a separate question and one that investors should check before deciding whether to accept or hold out.
In an all-share deal, the mechanics work like this: you tender your UJO shares and receive a set number of Reabold shares in return, at a ratio fixed by the offer terms. The ratio determines whether you come out ahead, behind, or level, depending on where both companies’ shares trade at settlement. Spreads widen on small AIM stocks during live offer periods, so the mid-market price you see on a screen may not reflect what you actually receive if you sell into the market rather than accepting the formal offer.
The Day 35 update on 4 September 2026 suggests the offer timetable is deep into its final stages. Shareholders who have not yet responded should check the formal offer document for any remaining acceptance deadline and seek the terms directly via the Reabold offer page or through their broker. In a recommended deal, a bidder can push for compulsory acquisition of remaining shares once acceptances cross 90%, so the decision window for remaining holdouts may be shorter than it appears.
