Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
So Lekan secures a bunch of our shares for £0.019. He obviously wants to use that enlarged share block he now owns to force change at Lekoil Cayman. That would presumably include returning the shares to trading. He owns a big chunk already anyway so commercially it is in his interests to get Lekoil Cayman trading again and increase the value surely.
Therefore why would you give up your shares at £0.019 other than to get out of this s***show, which would be understandable. It is in everyone's interest for Lekoil Cayman and Lekan/Lekoil Nigeria to come to a resolution on all of this and get the shares trading again.
They can have my shares for 10p, otherwise f them.
What does the company need to do to get the shares back trading on the market again?
Exactly same at HL ..
I am with Interactive investor and I have been asking them to assist, I got this correspondence this morning 6/1/22 is there another route?
"We have not received any information about this stock at this point however if the company approach us to advise on a Corporate Action Notice then this will be issued to your account accordingly"
from the disgruntled, ex-employee Olekan. GLA, Dan
They were suspended as they did not produce annual accounts on time. They remain suspended due to relationship with the operating subsidiary Lekoil Nigeria as per rns 27/10/21;
'· Noting that the Company's shares are currently suspended from trading, the Company is in the process of clarifying, for the purposes of the AIM Rules, its relationship with its operating subsidiary. It is doing this as a matter of urgency and will provide updates on the suspension when it has further information.'
My basic understanding is that there is no 40% of monies coming from Lekoil Nigeria (Olekan) to Lekoil plc and as such I guess Lekoil plc is unable to operate as a going concern. Lots of other issues re; Olekan loan default, Metallon, etc. Phew, what a mess. GLA, Dan
Can anyone remember why these shares are suspended in the first place - would be a lot easier if they weren’t and Lekan could then simply buy whatever shares he wants at 1.9p from the free float. Is it the Board who don’t want the shares unsuspended?
I would also vote to take the 1.9p. I am also with HL and await to hear from them (Never been in this situation - do I need to correspond with HL?). Lekoil Nigeria is not listed so no point in taking their shares. Would be a 50% loss for me but I am very light here (100K shares). GLA, Dan
I fully intend on voting to take the 1.9p - which to me is a decent deal, but even if it was not, I would still vote that way as I just want out of what is a basket case surely with no other hope of reclaiming any money with the shares suspended pretty permanently looking! I am still waiting for HL to send me the voting info although they have replied to my email of before Christmas saying they are on the case.
So just had the notification come via my broker to vote on accepting 1.9p or shares in Nigeria or third option do nothing. What’s everyone’s thoughts is anyone cashing in or holding out as for me the shares in Nigeria are not an option considering they aren’t traded on any platform I use
I am a bit of a newbie and certainly have not come across this situation before - can anyone please advise what I need to do if I am not to late or to early please? I have emailed HL who hold my shares and not received a reply!
I only have a very small position and bought in at 0.94p - the share seems a basket case and i would be more than happy with my money back and of course even more so with 1.9p. I did not make it onto the AGM call but I would not trust either party concerned. Seems to me they are both going to bad mouth each other but what is a fact is that the shares are suspended and don't look like coming out of suspension anytime soon do they?
I cant find any actual forms to fill in to indicate that i would like to accept the cash offer for 1.9p and as i said HL have not even replied to my email. Is there something i should be doing to indicate my wishes or have i missed the boat, jumping the gun, or missing something? Please help.
Couldnt make it up, even the board are saying dnt give them ya bank details lol
Yep, pick who to get ripped off by the current BOD or this other lot. Shambles.
Thought on latesr rns
Bit of a shock result there. Still, no need to do anything now. Guessing the BOD of this company/shell held enough stock to prevent the resolutions from not being passed (except res. 10). GLA, Dan
If we were to take shares in Lekoil Nigeria, would they be worthless as they do not appear to be on any exchange ? Also, I am not sure I want to give my bank details to a Nigerian business, really not sure how to proceed on this one now. GLA
anyone taken up Lekoil NIgeria's deal yet, or waiting until after the AGM? I can't decide between cash and shares, although leaning towards the cash.
Got a letter from my bank with the options today. I can choose mine on their app. Super easy. Just need to decide which way to go.
last day for voting I think today. GLA, Dan
The offer doc looks credible and I would be surprised if they can’t fund the offer as it is not a huge amount of money in the context of the value of the assets. It will be interesting to hear what the Lekoil plc Board & Senior Executive has to say about the Lekoil Nigeria offer and also to see how they respond and their broad approach i.e. engage in a negotiation on behalf of shareholders or look out for themselves. I can’t listen in to the AGM next week but would be interested to get a summary on this board from anyone dialling in.
The more I think about this the more I feel that eliminating a layer of cost at the plc level is in most people’s interest and if Lekan and his friends had a bigger stake in the economics, then maybe they would be less inclined to strip-out economics at the Lekoil Nigeria level prior to those economics reaching Lekoil plc level and ultimately to the shareholders of Lekoil plc. The underlying oil assets have significant value - but question the ability to monetise for the general benefit of Lekoil plc shareholders.
found it. There appears to be 2 websites (unless one is for the Nigeria company)
https://lekoilplc.com/corporate-documents-article/notice-of-meeting-228
other website is lekoil.com
Anybody got access to the AGM document that has all the resolutions. I need to let HL know how I wish to vote on all of them. They don't appear to have it.
Well lots to digest in the latest release. The main points that caught my eye were regarding the Cash Offer or Class B shares. It isn't clear when they say Class B 40% holding in company, what would happen if they don't get a big enough take up in the shares. Also Dividends at 90% of total dividends would be applied to Class B shares, but they haven't paid any dividends I am aware of, and have not guaranteed any payments. Also no stipulation on how license for OPL310 license is to be funded or any indication of costs (payment in yet more shares, or loans or cash payment, though if they spend it buying up shares doubt there will be much left). This company has continued to promise to develop sites, which they can do, but it may not be at the current oil prices, who knows what price oil will be by the time these come on stream. Finally, why are they offering £1.90 per share, although that is twice the suspended price, no one in their right mind would offer to buy something that has no value. So a difficult choice given the history and shenanigans that have plagued this company. Sadly, a bad reflection on African business that they are better at extracting money from shareholders than they are at extracting oil.
Good luck choosing folks, there was always potential here, sadly not the talent on the Board to exploit it.
wow, what a letter.
1.9p is better than where this is at right now but I guess I'll never see the likes of what I paid (73 pence).
Need to get onto HL to tell them how to vote on resolutions for this AGM!