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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.
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.
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.
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!
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.
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.
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.
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?
I have no idea. We are in this mess because Lekan decided to stop giving Lekoil plc any cash from the operational activities. Hence, the suspension. It will only be removed once they clarify their relationship. With no cash, I can’t see Lekoil plc having any future.
another RNS out. claims they are trying to muddy the waters ahead of EGM..
Will be interesting to see what Lekan does next. Feels like his options are narrowing but still plenty of resistance likely until this hits the Nigerian legal system which it probably will and that could be a long old journey with the lawyers enjoying a lot of fees and both parties ending up with very little to show for it all. Unless of course, somehow but unlikely, both parties can negotiate a settlement of some description. We shall see.