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Does anybody happen to hold these in a Halifax share dealing account? Ive received no Corporate actions or Important notifications if anyone can share any light it would be much appreciated ...is there many of you who will hold in the hope of seeing this come through?
Yes mark99999 I know what you mean.'Our' board say hold but where is the communication from them about getting the shares back from suspension. Last oil production RNS looked good.
Why are we still suspended after all this time. What is so difficult about accounts being published.
there are some investors that are in at about 30p!!! so i would imagine that they will stick and hope for the best? prob is how can you trust anything these people say? the board say hold, but they would do! i would like to hold and ride it out, maybe just maybe if they get it together, this could be a good number? whatever people decide i think they will kick their self , as me for investing in a african company in the 1st place!!
Cheers JoeArther,Yes I've taken another look at the offer doc. Should have read it properly earlier.
Yes two choices for acceptance, Either Cash (1.9p a share) or Lekoil Nigeria B Shares (and of course the do nothing option ).
So via the nominee system our brokers can get us the Cash offer but not the Lekoil Nigeria B Shares offer.
After all my skepticism, it does seem that anyone taking the cash option will in fact get it and via their brokers (assuming money actually arrives from Nigeria to them).
Is anyone staying put with their holding in expectations of the shares coming back from suspension?
This is what my broker 'J' IM says.
"Good afternoon
If you wish to accept the cash offer we can accommodate this, we would require your instruction to accept the cash offer prior to our deadline of 11th February 2022.
If you wish to accept the unlisted share offer, you will need to withdraw your holdings and apply directly with the company as we cannot offer this option."
Kind regards"
I understand this to mean that they will process the acceptance and get the cash for us via the registrar? and no mention of everyone having to club together in a block?
Does anyone know what is meant by the 'unlisted share offer'? cheers NR
With my broker Jarvis, It's still unclear. I've emailed them just now for clarification and will let you know what I hear back.
At the moment I understand that if I accept the offer, I'll simply end up with a share certificate in my own name, sent to me to deal directly with Lekoil Nigeria. But how does one even do that? The whole thing is a shambles IMO.
This whole Saga doesn't make sense. It should be a straight forward process via the registrar but it seemingly isn't.
Good oveview GS. In my own case, Ill likel make a decison by Thursday, but I am leaning towards taking the cash. Too many unknowns going forward now...
1 Your platform asks if you want to accept the offer to sell at 1.9p or take no action (Lek are recomnending no action).
2 The default option is usually no action / do nothing.
3 I have decided to sell. I'll take a small loss but I think this is the best way of recovering the maximum amount of my money.
4 I had to complete a short process whereby I type the number of shares that I want to sell into a box. They are not sold at the moment until Lek provide the funds. Or rather IF Lek Nigeria provide the funds.
5 I did not have to give my bank account details or do anything else. My Lek shares are safe for the moment.
6 The bid price before suspension was 0.9p. So the bidder are offering 100% markup.
So what happens next? One of several outcomes
1 Lekoil Nigeria stumps up the cash to buy the shares that are on offer from those who accepted (the platforms have a process for this)
2 They don't pay up and the shares relist.
3 They dont pay up and the shares are delisted in March. In theory they are still worth something and could still be traded but trading them becomes a lot more difficult.
Have until 13th of Feb.
One strong bit of advice is only do this via your platform do not deal direct with the bidder who have offered to buy Shares Direct from people via their bank account. Stay on the platform and stay safe.
If the offer is actually going through the registrars then why does a stockbroker nominee or bank nominee have to accept or reject for the entire nominee pool of investors? It doesn't make sense.
Anyone get a feeling this whole cash offer episode doesn't sound quite right?
I remember the Fake Sheikh Funding Scam, and those involved with that dodgy website (which I forget what they called themselves). Did we lose around £500k arrangement fee or something like that?
Hi Innuendobingo, I also purchased through HBOS And have heard nothing !!
GLA
Has anyone who bought through HBoS heard anything? I’ve nothing in my corporate actions folder and annoyingly our post is currently delivered around two to three weeks late these days. TIA.
Does that mean the shareholders are no longer eligible to the cash offer? Could someone please clarify what is going on? Thank you all.
Hi all, just received a letter today stating same,ie Beneficial holder level only!, had some concerns that this would be the case, for example would 30% of cash take up be any use for buying party!!
Just has a letter from my bank confirming the deadline is extended to 14th Feb and now the options are being made at beneficial holder level only meaning that I only get my option if everyone in the pooled nominee account accept the offer.
Not sure if this is related to my shares only or if this applies to others too.
Absolutely unbelievable.
After the latest RNS'. think i'll definitely be taking my cash. As far as i'm concerned this company has no future
Thanks everyone for your response.
Here to hoping the shares get relisted. What a nightmare!
Hello Pandou,
Thanks for the info re. HL (I am with them too). I only hold 100K shares so small fry really, I have not made a decision yet. If HL make it easy then I will most likely take the cash offer (break even only 3.48p so minimal loss). GLA, Dan
Hi Pandou. If I get the option to sell my shares through Hargreaves Lansdown then I will probably do it, but I will wait until the last minute to see if there is any urgency from the BOD to get relisted......I'm certainly not going to be transferring my shares to a certificate then posting it and hoping that I receive payment.
Hi DelbertGrady
Thank you for your response.
I wrote to them today and got a response. They are in talks with the Registrar. Once they have more details, they will write to the shareholders about the cash offer and their options. I hope this helps.
Will you be taking the cash offer? To any other shareholders out there, have you made a decision yet?
I'm also with HL and can't find anything on their list of corporate actions yet: https://www.hl.co.uk/shares/corporate-actions
Does anyone hold their Lekoil shares via Hargreaves Lansdown? How do you go about if you want to accept Lekoil Nigeria’s offer as I don’t think Hargreaves have reached out on the share offer?Thanks everyone!
Pointless if they're not trading. don't forget they only have a couple of months left.
It’s coming IMO, so no I will not be selling this sleeping giant.
I got an email from my broker today as well. will leave it another week or so and then accept if nothing changes.