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Hi all,
I have never been in this situation before so am looking for some help. I have read the offer document on the Lekoil website, do I need to fill in one of the acceptance forms or will I get asked by my bank (where I hold my certificates)?
I think I am going to take the cash and run. Would like it to be 2.5p+ but am just happy to get some money back from this one so would take the 1.9p so long as it doesn't get lowered if there is any dilution.
Thanks
Super, so the value we're offered in £'s won't change. good news. i want nothing more to do with this company. ha
Nozzla (08:55):
Appendix 1
"In the event that additional Ordinary Shares are issued by the Company after the date of this Offer
Document which have a dilutive effect on the share capital, the Cash Offer Price will be reduced
accordingly."
Once the mechanism of how to sell, via broker etc, is confirmed then I'm selling in order to salvage something.
Agreed. Need to know if the offer stands based on non dilution and what happens is dilution occurs.
Sorry if I’m being a bit slow in this, but surely he is using money that is owed to us to buy the shares? Or has he said how he is funding this?
so what are people doing? cash or shares in lekoil nigeria? personally think i'll take the cash and invest elsewhere.
Offer letter now on Lekoil website.
It is 14/12/21 - should Olekan have written to us by now with further details of the offer? GLA, Dan
Hi JoeArther, you say 'Without some sort of fund raising how are company expected to continue operating without the usual revenue source. '
As far as I can see, the company, Lekoil plc, does not operate anything. It is a shell that has shares (40%) in an oil company (Lekoil Nigeria) and we pay salaries to some BOD through placings. Sorry, that was a bit 'tongue in cheek' and it is quite funny that there are so many paralegals around.
Of course we, as investors, would want the biggest return possible but it looks as if Olekan is a law unto himself. Do you think we will see an improved offer soon ? GLA, Dan
I don't see Lekoil plc being able to get us any returns here. Will Olekan come up with a better offer ? I doubt it but who knows in this Pantomime of a stock. Less than two weeks to AGM - vote not yet made but still think, for me, the offer is a no brainer (due to accepting my losses previously - my loss being very small compared to the serious investors here). GLA, Dan
I suspect I speak for most shareholders when saying that holding Lekoil Ltd shares over the last few years has been one of the most frustrating experiences of their investment careers! We have been pulled from pillar to post. Lekoil Ltd has consistently failed to have any influence over the performance of Lekoil Nigeria whose track record in achieving their business objectives has been appalling and their handling of the Quatari loan fiasco embarrassing.
It is now time for the pantomime to end. Enough is enough, it is time to move on. Lekoil Ltd, as the Chairman of Lekoil Nigeria has pointed out "is redundant". It unfortunately has failed and has no future role to play. As shareholders we now need to move on and put this extremely frustrating investment behind us. Negotiate a sensible deal so we can cut our losses and exit ending this farce.
i
Why on earth would thy offer us double money or shares in lekoil nigeria if Lekoil Limited had no value?! seems very dodgy this. i'd like to see a response from the board. saying that, think i'd take double my money right now and move it elsewhere.
Can we actually trade in Lekoil Nigeria stock? Not seen a ticker code for them, just get Lekoil Ltd. GLA, Dan
A no brainer for me. Lekoil (very) Ltd needs to go IMO (I have accepted my losses now). Question is whether there will be enough votes in favour of the proposal from Lekoil Nigeria. GLA, Dan
The letter is genuine,it is an RNS,go on Lekoil Nigeria website it's there.
See it now...............makes me feel a whole lot better
Kingivor, Bigmai, Nozzla and other long term shareholders, what are your thoughts on Lekoil Nigeria Ltd’s proposal?
Are you going to accept the cash offer and cut your losses?
Bonkers!!
Only in Africa. I’ll wait till / if I get an official from AJ Bell
Letter seems badly worded..............i have my doubts about authenticity
Hope i/m wrong.............
"To acquire your Lekoil Limited shares at a premium of 100% to the last trading price of Lekoil
Limited shares prior to suspension "
Last trading price was 0.95 so that's 1.9p.
that explains all the huge buys at around 0.65 to 0.90 per share a while back
Holders don't really have choice.
Will they ?
Lekoil shares are suspended under Rule 40 of the Stock Exchanges rules, which needs clarification of the relationship of the Cayman Islands & Nigerian operations. As I see it there are only two ways out of this impasse:
1 ~ supply the Stock Exchange with the required information, which management seem to be ignoring as if share suspension is the most natural thing in the world.
2 ~ An SFO investigation which will reveal the nature of the relationship, as requested by the Concerned Shareholders group, and then be reported to the SE.
Voting against any resolution at the AGM, may have some small influence, but given management are just ignoring the situation and issuing RNS's, I doubt anything will happen.
What would happen if we voted against all the resolutions of the current management?
Similar to the voting against the restructuring that Hurricane shareholders were recently going to suffer under, and managed to get rid of some of the BoD's as well.
Do we have any activist investors in this company?