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Clearly whatever contract was signed for the 40% buy into lekoil nigeria wasn't written very well, otherwise this would be a very simple thing to close out. they either have 40% of everything, or nothing, simple as that.
That's an extremely long RNS...
And lending a director 1.5 million dollars is just absolutely crazy (especially a company who doesn't have much money). Imagine you take a loan out with a bank for 3 years. After 3 years is up you ask for another 3 years to repay it and they say "yes".
That's AIM for you.
I think this will be suspended for some considerable time
Seems like it Bigma9i. Written this one off now. One less stock to worry about now.
What are the results? Why still suspended?
Because Lekoil Nigeria wont give them access to the accounts.
The financial information that the Company is presenting today reflects a picture of the wider Lekoil Group consistent with past presentations. Further to the announcements made in September 2021, the Company does not currently have day-to-day operational control over, nor access to the day-to-day entity-level financial information relating to Lekoil Nigeria and its subsidiaries. As a result, I would like to stress that this Annual Report and Accounts needs to be read in that context.
What are the results? Why still suspended?
annual results and this "Notwithstanding this, the Company has been advised by its nominated adviser that trading in its Shares will remain suspended (under AIM Rule 40) until such time as it has clarified, for the purposes of the AIM Rules, its relationship with its operating subsidiary. The Company will provide updates on the suspension when it has further information".
What on earth is going on, can we kiss goodbye to our money
No idea - really weird situation..
Has this share been delisted permanently? If so does this mean we have lost our money or is there a chance it can come back or a chance we get some money back?
Why would they delist? just get another extension. Although it is very worrying, given all that has gone before, plus the legal proceedings that are happening, and the fact they're getting no income at present. Just hoping they're trying to secure a deal with Lekan.
Last day tomorrow or delist
If they did it would probably fake like that sheikh
Could Lekoil, Pull a Rabbit out of the Hat?
2 more days left to put us out of our misery...!!!
RNS out 17:29
The Company is in the process of finalising the Accounts with its auditor and now expects to publish its Accounts in the week commencing 11 October 2021. Consequently, trading in the Company's Shares on AIM will remain suspended pending publication of the Accounts.
Someone had better find an abacus and soon then
They have till end Oct then cancellation
So let me get this correct. If no accounts are issued by the end of today this will be removed from AIM? Correct or not? And with it all our money and they can just walk off and drink champagne?
main market hardly much better tbh Harry. ICON and SXX for example. GLA
Its f##kd one big bunch of con artists,aim market allows it. Things need to change to protect investors more
The company needs to make a compromise with Lekan. They should have never listened to Metallon and ousted him imo. Now it has made the situation worst!
You might be right but there is still time.
Can't help but think this company is done!
Leaving it very last minute aren't they. Given that its being left to friday, i can only imagine that these results aren't going to be pretty. On top of that they have legal proceedings to look into, and also their CFA is being challenged by Lekan. Almost feels like this company could fold, unless they can prove that their 40% stake in Lekoil Nigeria does actually allow them to funds raised by oil sales.