Reunion Resources Company Sees Significant Shareholder Change

Strategic Insights -

Reunion Resources Company, a Houston, Texas-based corporation engaged in oil and gas exploration and wine grape vineyard development, has undergone a significant shift in its shareholder landscape. Parkdale Holdings Corporation N.V. has sold 38% of the company's outstanding common stock to Chatwins Group Inc., a Pittsburgh-based manufacturing corporation. This transaction has also granted Chatwins an irrevocable proxy to vote 7% of the company's outstanding common stock. The change in ownership has resulted in the resignation of two board members, Franklin Myers and Emil A. Nakfoor, and the election of Charles E. Bradley and Thomas L. Cassidy to fill the vacancies. The new largest shareholder, Chatwins Group Inc., is expected to announce its intent with respect to its investment in the company later this week.

Key Takeaways:

  • Reunion Resources Company has undergone a significant change in its shareholder landscape, with 38% of its outstanding common stock sold to Chatwins Group Inc.
  • The transaction has granted Chatwins an irrevocable proxy to vote 7% of the company's outstanding common stock.
  • Franklin Myers and Emil A. Nakfoor resigned from the company's Board of Directors.
  • Charles E. Bradley and Thomas L. Cassidy have been elected to fill the vacancies on the Board of Directors.
  • Chatwins Group Inc. is expected to announce its intent with respect to its investment in the company later this week.
  • The change in ownership has made moot the company's previously announced intention to entertain buy-out proposals.
  • Reunion Resources Company is engaged in oil and gas exploration, development, and production in the United States, as well as wine grape vineyard development and vineyard management in Napa County, California.
  • The company also holds undeveloped mineral properties in Utah.

Statistics:

  • 38% of Reunion Resources Company's outstanding common stock has been sold to Chatwins Group Inc.
  • Chatwins Group Inc. has been granted an irrevocable proxy to vote 7% of the company's outstanding common stock.
  • 2 Board members, Franklin Myers and Emil A. Nakfoor, have resigned from the company's Board of Directors.
  • 2 new Board members, Charles E. Bradley and Thomas L. Cassidy, have been elected to fill the vacancies.
  • The company is engaged in oil and gas exploration, development, and production in the United States, as well as wine grape vineyard development and vineyard management in Napa County, California.
  • The company also holds undeveloped mineral properties in Utah.

Sources:

  • Reunion Resources Company press release, June 20, 1995, PRNewswire.
  • Reunion Resources Company, Nasdaq: RUNR; Pacific: RUN.