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sounds like good news! plenty of upside from the 1.9p offer me thinks.
mmm not sure. 25% dilution as 2/3/22 is close and Lekoil plc surely cannot pay CFA (they went for CFA because resolution 10 not passed at recent agm I guess). Still nothing from HL re: accepting Lekoil Nigeria offer. GLA, Dan
Same here, still waiting for a decision from HL. I wonder if there is any hope of the shares being delisted! Only one more month left before the shares get delisted. If only they could come to a compromise. I wish the Board did not sack Lekan! We would not have been in this situation!
Savannah Energy look like a credible outfit and their entry (announced today) looks like the beginning of the end for LekOil plc and Lekan and some hope of a resolution for us long suffering Lekoil plc shareholders. I’m going to hold tight to see where this goes but would be more than happy to swap into Savannah Energy shares if given the chance.
As part of the proposed restructuring, the Company will be making efforts to restore trading in its Ordinary Shares although there is no certainty that this will be achieved. It is important to note that the Company is planning so that it will not be reliant on the support of Lekoil Nigeria for any unsuspension to occur.
Read that RNS and immediate thought was that I hope my shares for cash comes through quickly...
A lot of text in that RNS but not a lot of answers (they will 'hold Lekan to account'?)
The part that caught my eye however was as downbutnotout highlights...I dont think they are planning to get this re-listed.
This is a constructive offer and will enable shareholders to claim what is already theirs.
Are you a Lekoil Nigeria stooge?
The SAVE offer is fair and you will realise some cash.
To suggest posting your share certificate off to the thieves who are robbing you blind, and then waiting for a pittance of your own cash to appear??
You must be a stooge.
Dare I suggest you put the proceeds of the deal into SAVE shares, you will be well rewarded.
TennysonResearch "..the transaction is a significant step forward for LEK, bringing the clout of a deep-pocketed strategic partner and cash to fund working cap over 2022-critical, following the decision by Lekoil Nigeria to stop funding the PLC. Looking forward, SAVE will spearhead efforts to resolve all outstanding disputes to the benefit of all LEK shareholders , leveraging off its local relationships and in-country experience . SAVE intends to pursue LEK's rights to repayment of intercompany loans made to Lekoil Nigeria ( totalling US$350m including interest) and an overdue director loan (US$1.6m to Lekan Akinyanmi). Importantly, all LEK's major institutional shareholders (representing 42% of LEK's current share cap) have backed the transaction which provides a pathway to unlocking value in what could end up being a win-win situation for both sides. Furthermore, we believe the tie up provides a more compelling alternative to Lekoil Nigeria's 1.9p takeover offer for LEK which is effectively funded with cash owed to the PLC. For the time being LEK shares remain suspended however management is now stepping up efforts to unsuspend the shares- ideally upon resolution of the ownership impasse or possibly via reclassification as a cash shell (which critically would not require Lekoil Nigeria blessing ). In summary, if all goes according to plan, long suffering LEK shareholders may finally have something more positive to talk about ".
@QuietDesperation, what exactly have the Lekoil Cayman board being doing for the past year? It's been a shambles and they have allowed themselves to be outplayed at every turn by Lekoil Nigeria. Who can forget the suspension 14 months ago due to the farcical NOMAD situation that almost led to the company being removed from AIM?
If you are severely underwater on your investment, then yes, why would you take the 1.9p exchange offer? As it happens, it makes me roughly break even and so it is attractive for me to get out of this cluster****.
If this new way forward is indeed a success, then all those that get something back from the 1.9p exchange offer are free to re-invest at that point...invest into what remains to be seen though as it doesnt look like it is going to be on AIM.
I sincerely hope this board come through finally for all shareholders, but I wouldn't put my investment on it.
Bear with me
You appear to be suffering from Stockholm syndrome.
Lekoil Nigeria are making off with assets they are no entitled too.
They belong to the LEK shareholders.
They've stolen £50 from your wallet, and you are asking people to be grateful for a £1.90 refund.
Are you insane?
Smallcalinvestor
How is the weather in Lagos?
It makes a change from writing 419 letters.
It is clear now why you are here.
Savannah is coming for the stolen assets, you will be losing the apartment, the sportscar, the girls.....
Back in the gutter where you belong.
QuietDesperation - I am not asking shareholders to be grateful for anything that Lekoil Nigeria are offering. We are invested in Lekoil Cayman, and as I stated, I really hope that Lekoil Cayman get this sorted out once and for all and allevaite all shareholders worries and realise the very real value that should be there. My fear is that history shows that have struggled to do that.
For me personally, I am done with the whole lot of them, and 1.9p allows me to break even and get out. For others it will not and I get why people would stay in at this point (this is presuming the 1.9p is real and is paid out of course).
Calm yourself down and read through posts before posting in future. The desperation is rather more loud than quiet at this point.