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Deadline extended to 7 April - hopefully gives board of LEK time to offer plan B.
im guessing that there are not as many shareholders selling up as they would of liked! due to another extension , in their scramble to buy shares up. still at least it gives us more time to decide, if we need it? gla.
The RNS this morning shows that Lekoil Nigeria are accumulating shares in this period where the shares are frozen. That likely means that they are either securing shares directly/privately, or via the ongoing process that we are seeing now being extended. That suggests to me that money is there to accumulate these shares which is good news for those that want out of this s**tshow.
The extension appears to be because of issues with Computershare not playing ball. A number of us on here are having issues seeing a Corporate Action, or it took a while for it to drop into our trading platforms. In my own case, my CA came in on 18Jan, a full month after the process started. Other trading platforms likely got this earlier, and some are just getting it now. It seems therefore like Lekoil Nigeria are possibly processing shares for cash where it has been registered already and have extended to ensure they can reach all other shareholders that might want in?
Shares for cash is processed after 21 days as per the offer doc. That is roughly the time elapsed from this morning's RNS and the last RNS indicating an increase in Lekoil Nigeria's holdings.
Just my $0.02 worth.
Latest RNS, though I wasn't sure at first if I may have landed on a cloned fake site. The whole Saga is unusual.
https://www.londonstockexchange.com/news-article/market-news/deadline-extended-re-offer-to-acquire-lek-shares/15324430
Are any shareholders holding on to the shares? So what will happen to those who decided to sell their shares and the shares get relisted and they still have not receive the cash offer?
finally got a email back from lek investor relations! one out of three not bad lol. ------------------- Thank you for your email. We did not receive your earlier emails, which we will investigate. Whilst we can not give investment advice, the Board has recommended that you do not sell your shares because the offer undervalues the Company. We note that Lekoil Nigeria has extended the offer to 7 April 2022. We would advise you not to do anything at this time until Board provides a further update on the Lekoil Nigeria offer. We expect we will do that shortly.
this doesnt tell us much more, but does at least say that more rns should be forthcoming gla
Yours sincerely
Lekoil Limited
i will be holding on to my shares at mo, but that could change lol!
given this extension I too will hold onto shares for now. nothing from my broker about an extension though. there was a deadline of the 14th feb to reply to the offer.
I only have 100'000 shares, I submitted 75% approved, 25% leave in, with hope and luck of the gods..
Total Farce though, both parties dragging it out disgracefully in a business and professional sense..
UPDATE..
Just checked my AJ Bell.. 75'000 shares has been taken and the funds already into my account!!!
Good to hear LeeRex. When did you submit your Corporate Action response? Would be interesting to know the time gap between your submission and their cash payment.
I noticed on my trading platform that the LEK line has changed its naming convention to show 'Tender Interim Share' as well. Obviously it is being processed therefore.
A good few weeks back submitted %’s. Say 3 weeks, maybe 5 weeks it’s been like Groundhog Day for a while working from home..
Shortly after I submitted it created 2 lines, with a value accruing to the offer price, the 2nd line at zero still.
Then just after I posted first time checked emails, and cash in..
Good luck all what ever you’ve decided
Thanks LeeRex, that's helpful.
LeeRex- sorry for intruding but can you sell some and keep some. I thought from some other posters that you had to sell the lot? Can you advise?
sent a secure message to HL to accept the offer from Lekoil 'the oil producing company' Nigeria to buy my small 100k Lekoil 'people doing nothing in an office' plc shares on 14/2/22. No answer so far. Perhaps HL did not like my attempt at sarcasm lol . GLA, Dan
I missed this so pleased to read I have more time , no news of that from Halifax/ iweb
SL100, yes you could submit a percentage of your holdings for the offer.
I did it after a weeks contemplation only. The risk is too high, it's been an absolute joke of a situation and unprofessional on a grand scale, so wanted out but kept 25% for viewing purposes in my Portfolio out of interest what doe's actually happen and willing to lose the 25%.
PS, I also think ( I'm not checking as cba ),
"ONCE" you submit your offer, it will take 60 days for the money to come in.. Maybe that's why I got mine early ? ?
I got the extension offer from my broker II. I have until end of March I think it is to decide. 31 March.