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Pandou - I’m trying to get a handle on what Lekoil’s net interest in Otakikpo might be worth. Admittedly, there is the issue of that cash not being passed up to Lekoil plc (in theory a 90% share of the cash being generated by Lekoil Nigeria) and that cash either being used badly or leaking out before it gets to plc but I would find it helpful to calibrate the size of the prize that is being fought over net of the bank debt and the patient creditors that are owed of course. Any ideas? $5m, $10m per month at today’s oil prices?
Would you accept 1.9p when the shares are worth more. Lekan should offer the market price if he wants to takeover the company. We can all move on.
Lekoil Nigeria should have said in the release if the offer price at 1.9p still stands if shareholders vote no at the EGM. or even offer a higher price than 1.9p. otherwise vote no and then what. nothing is clear here at all.
I’m intrigued and still hopeful of getting something back from my investment north of the GBP1.9p previously offered.
Anyone got a view on what Otakikpo is worth in a $100 POO world and who controls the cash being generated by that asset and where is it going or being held somewhere? An up to date set of accounts would be useful.
The saga continues. Trying to keep positive but the board had 6 months since the suspension of the shares and to-date there has been no update. Both sides are equally as bad and private investors suffer the consequences. Would not trust any of them!
https://investegate.co.uk/lekoil-nigeria-ltd/rns/offer-to-purchase-mayfair-loan/202204010700108744G/
Lekoil Nigeria - OFFER TO PURCHASE THE MAYFAIR LOAN
they are fighting back before the EGM vote. interesting! don't know what to make of it all.
I took that RNS as an April Fools' Day joke at first...trolling the shareholders now...no details on work to resume trading (nor has there ever been), nice salaries and bonuses for driving this into a ditch and being outplayed and delayed by Lekoil Nigeria at every turn.
The more you look at this the more it looks like the ordinary shareholder has been played. Looks like a set up between all parties.
As shareholders will be aware, trading in the Company's Ordinary Shares ("Shares") were suspended with effect from 7.30 a.m. on 1 October 2021. The Company has been advised by its Nominated Adviser that trading in its Shares will remain suspended while it continues to work with its Nominated Advisor on matters that are required for trading in the Shares to be restored and in the event trading cannot be restored in due course, the Company's admission to trading on AIM will be cancelled.
still hope. but no update on how things are going though.
That was my understanding too. They had 6 months from the date of suspension, unless am wrong! No idea what is going on anymore! No communication from the Board at all!
So do we de-list as of tomorrow?!
EGM just a week away now. Need to get this out of the way before any chance of the shares getting trading again.
Thank you both , I will post when I web catch up , there platform annoys me but they seemed to be ok with C.A in the past .
My bank have just written to me confirming that my shares are back in my account as the offer was cancelled and I had requested the cash offer the very same day it became available. Hope they get resisted soon so we can trade again (it feels like its been ages since the suspension)
Lekoil NIgeria have stopped buying shares in the offer. The shares will remain in your portfolio.
As 'downbut' stated there has been a dilutive placing of new shares issued. Only hope now is the shares getting relisted, though at least we have new investors on board.
Was not able to make out the meaning of your post downbut .
So i just accepted the offer as it closes tonight at midnight .
Lekoil Nigeria suspended the 1.9p a share offer. as there is now more shares after new shares were issued.
Not been in good health so not sure of what other holders doing here .
Are most taking the offer / any rational for not accepting ?
My extended deadline tonight .
Just got paid out despite the offer being put on hold. I guess it must have already been processed before the offer stop was announced.
Good luck to all still in this disaster. I have broken even, but I know others are knee deep.
I really hope the Lekoil Cayman board can turn this around but I still wonder how it can get relisted when they need to show how the relationship works with Lekoil Nigeria. They should've been ready to hold the socially distanced EGM in the days immediately following the last court ruling, not almost a month later.
If they can get it relisted and the relationship sorted, then this will surely appreciate.
EGM not AGM
brent almost $120.
will we get news of the share listing on AGM day? surely can't stay untrading forever.
at least the oil price is soaring up again. brent $117
Still no update on the share suspension!!
RNS EGM 7-apr-2022(thu) 4pm
Operational Update
LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, is pleased to provide the following corporate and operational updates.
Offer by Lekoil Nigeria Limited ("Lekoil Nigeria") to purchase ordinary shares in the Company (the "Offer")
The Company notes the announcement of Lekoil Nigeria that it has suspended the Offer. The Company will update its shareholders when it has further information about this matter.
what further information could there be?
the dilution isn't great but we now have an activist shareholder on-board who have the experience to out the value of this share.
2 weeks before delisting? i don't know. but the now suspended lek offer deadline was extended to 7th April thats 3 weeks away.
its good to see the oil price bounce today.