Reconnaissance Energy Africa (RECO.V) Stock Facing a Slight Decline

RECO.V stock after increasing from C$12.12 on June 22 to C$13.42 on June 23, fell to C$10.99 on June 25. Then stock rose to C$12.17 on July 2, however, the price fell to C$11.06 on July 8. Finally, after climbing from C$11.06 to C$11.93 on July 9, the stock declined and trades at C$9.51 today.

On July 15, Reconnaissance Energy Africa (RECO.V) reported that the suggestion of acquiring all Renaissance securities in circulation by Reconnaissance Energy Africa by means of a plan of arrangements was accepted by the vast majority of votes. On July 13, 2021 the annual general and extraordinary meeting of Renaissance securities holders took place and the earlier declared service agreement between Renaissance and Mr.Maleki dated October 11, 2017 was discontinued in exchange for a combination of 3 million warrants and stock options for ReconAfrica.

Record of the vote is the decision to approve the Transaction (Decision on Transaction ») was to be made by a two-thirds (66 2/3%) majority of Renaissance shareholders, option holders and guarantee holders, voting as a unit, personal presence or representation at the Assembly and the right to vote. Second is a vote of at least two-thirds (66 2/3%) of Renaissance shareholders present in person and third is a simple majority of the votes of uninterested shareholders (shareholders other than Mr Telfer, Mr Kip, Mr Steinke and Mr Maleki) present in person or through a representative to the Assembly.

Trevor Omaha

Since 2009 Trevor has been eager to know the causes of financial crises. Right now he is actively searching for the next crisis which will decide the fate of the middle class in the Americas and Europe. We wish him good luck in his research.

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