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Thanks Bear
J60SON - The poster LeeRex got paid out and you can see that in the thread 'More time to decide' just below.
mcfcnige - The Lekoil Nigeria offer stated it was 21 days from acceptance for the first 200m shares and then 60 days for shares above that quantity. I suspect that 21 day timeline kicks in from when your trading platform's deadline was but I am not sure.
I'm interested to see if anyone has yet been paid out from the original offer or after the extension.
If the cash offer has been accepted, how long does it take before funds arrive?
Agreed Dave77. Ridiculous situation to be in and seems to be no end in sight. Ordinary shareholders caught between a rock and a hard place. Wouldn't surprise me if the whole thing has been orchestrated between all parties involved - any RNS or comms that comes out seems to be replied to quickly and in-depth, with legal proceedings seemingly already underway.
Lek has well and truly played a blinder, someone is sitting on a huge pile of cash and oil, the shareholders here are being ripped off or in my case was ripped off.
Legal theft IMO
I can’t believe that SAVE and the Lekoil plc Board embarked on this latest strategy without having first engaged proper external legal advice (including reading all of the corporate docs and agreements) and arrived at a position that they believed that they have a robust legal position. Then again, maybe I am just naive. If the Caymen courts rule in favour of Lekoil Nigeria, then basically Lekoil plc is finished so at least we the shareholders in Lekoil plc will know that reasonably soon now and than can sell up or write off our investment and move on. I believe that Lekoil Nigeria’s assets are worth a lot more than 1.9p per Lekoil plc share and the protaganists are simply fighting for a share of that. In theory, Lekoil plc is entilted to 90% of the cash up flowed out of Lekoil Nigeria. Of course, it is in Lekoil Nigeria’s economic interest not to upflow any cash as this reduces its leverage. Time will tell but I personally still think it is worth hanging around to see and maybe get some upside from the 1.9p per share allegedly currently on offer. Just my personal view and as always, DYOR and thinking.
i bet the lawyers love this company, they seem to be the only ones making money outta lek!!
This saga just keeps getting worst and still no update on the relisting of the shares! If Lekan is successful in calling an EGM and manages to sack the existing board, where does that leave the private shareholders? Anyone? I have lost hope with the board. They have been useless and have put us in a very bad situation when they sacked Lekan!
QuietDesperation - I am not asking shareholders to be grateful for anything that Lekoil Nigeria are offering. We are invested in Lekoil Cayman, and as I stated, I really hope that Lekoil Cayman get this sorted out once and for all and allevaite all shareholders worries and realise the very real value that should be there. My fear is that history shows that have struggled to do that.
For me personally, I am done with the whole lot of them, and 1.9p allows me to break even and get out. For others it will not and I get why people would stay in at this point (this is presuming the 1.9p is real and is paid out of course).
Calm yourself down and read through posts before posting in future. The desperation is rather more loud than quiet at this point.
“You lose the lot” - do you mean, your shares would become slightly more illiquid? I will continue to own my shares regardless of whether or not the shares are listed. Nozzla - Please explain what you mean as I don’t understand
Don't forget that if they don't relist in a couple of weeks we lose the lot!!
Presumably the plc Board have done the best deal they could find under the circumstances. Starved of cash by the refusal and/or inability of Lekoil Nigeria to upflow cash and refusal of Lekan to pay back his loan, they have managed to find enough cash to cover them for a year or so which will pay for the legal action they are probably contemplating for the recovery of their assets and to pursue defaults under the various corporate agreements they signed originally. Personally, notwithstanding the heavy dilution, I will stick with this and see what happens rather than take 1.9p per share currently offered by Lekoil Nigeria. If somebody wants to offer me more than 1.9p for my shares now or SAVE offers me shares in SAVE in exchange for my LEK plc shares I would consider that too. At today’s price of oil and gas, Lekoil plc assets are worth a lot more than 1.9p per share and everyone knows that. No doubt this will turn even nastier and legal but hey ho, worth sticking with it IMHO but to all, DYOR rather than relying on any individual’s opinions.
Am i right in thinking that this deal expires today, and therefore Savannah can today exercise their rights to shares at 0.5p? what sort of deal is that? outrageous by the board. give me my 1.9p per share any day.
Smallcalinvestor
How is the weather in Lagos?
It makes a change from writing 419 letters.
It is clear now why you are here.
Savannah is coming for the stolen assets, you will be losing the apartment, the sportscar, the girls.....
Back in the gutter where you belong.
Bear with me
You appear to be suffering from Stockholm syndrome.
Lekoil Nigeria are making off with assets they are no entitled too.
They belong to the LEK shareholders.
They've stolen £50 from your wallet, and you are asking people to be grateful for a £1.90 refund.
Are you insane?
@QuietDesperation, what exactly have the Lekoil Cayman board being doing for the past year? It's been a shambles and they have allowed themselves to be outplayed at every turn by Lekoil Nigeria. Who can forget the suspension 14 months ago due to the farcical NOMAD situation that almost led to the company being removed from AIM?
If you are severely underwater on your investment, then yes, why would you take the 1.9p exchange offer? As it happens, it makes me roughly break even and so it is attractive for me to get out of this cluster****.
If this new way forward is indeed a success, then all those that get something back from the 1.9p exchange offer are free to re-invest at that point...invest into what remains to be seen though as it doesnt look like it is going to be on AIM.
I sincerely hope this board come through finally for all shareholders, but I wouldn't put my investment on it.
TennysonResearch "..the transaction is a significant step forward for LEK, bringing the clout of a deep-pocketed strategic partner and cash to fund working cap over 2022-critical, following the decision by Lekoil Nigeria to stop funding the PLC. Looking forward, SAVE will spearhead efforts to resolve all outstanding disputes to the benefit of all LEK shareholders , leveraging off its local relationships and in-country experience . SAVE intends to pursue LEK's rights to repayment of intercompany loans made to Lekoil Nigeria ( totalling US$350m including interest) and an overdue director loan (US$1.6m to Lekan Akinyanmi). Importantly, all LEK's major institutional shareholders (representing 42% of LEK's current share cap) have backed the transaction which provides a pathway to unlocking value in what could end up being a win-win situation for both sides. Furthermore, we believe the tie up provides a more compelling alternative to Lekoil Nigeria's 1.9p takeover offer for LEK which is effectively funded with cash owed to the PLC. For the time being LEK shares remain suspended however management is now stepping up efforts to unsuspend the shares- ideally upon resolution of the ownership impasse or possibly via reclassification as a cash shell (which critically would not require Lekoil Nigeria blessing ). In summary, if all goes according to plan, long suffering LEK shareholders may finally have something more positive to talk about ".
Are you a Lekoil Nigeria stooge?
The SAVE offer is fair and you will realise some cash.
To suggest posting your share certificate off to the thieves who are robbing you blind, and then waiting for a pittance of your own cash to appear??
You must be a stooge.
Dare I suggest you put the proceeds of the deal into SAVE shares, you will be well rewarded.
This is a constructive offer and will enable shareholders to claim what is already theirs.
Read that RNS and immediate thought was that I hope my shares for cash comes through quickly...
A lot of text in that RNS but not a lot of answers (they will 'hold Lekan to account'?)
The part that caught my eye however was as downbutnotout highlights...I dont think they are planning to get this re-listed.
As part of the proposed restructuring, the Company will be making efforts to restore trading in its Ordinary Shares although there is no certainty that this will be achieved. It is important to note that the Company is planning so that it will not be reliant on the support of Lekoil Nigeria for any unsuspension to occur.
Savannah Energy look like a credible outfit and their entry (announced today) looks like the beginning of the end for LekOil plc and Lekan and some hope of a resolution for us long suffering Lekoil plc shareholders. I’m going to hold tight to see where this goes but would be more than happy to swap into Savannah Energy shares if given the chance.
Same here, still waiting for a decision from HL. I wonder if there is any hope of the shares being delisted! Only one more month left before the shares get delisted. If only they could come to a compromise. I wish the Board did not sack Lekan! We would not have been in this situation!
mmm not sure. 25% dilution as 2/3/22 is close and Lekoil plc surely cannot pay CFA (they went for CFA because resolution 10 not passed at recent agm I guess). Still nothing from HL re: accepting Lekoil Nigeria offer. GLA, Dan