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The longer no company reply to the letter which was dated Sept 7th(. Lek nigeria waited a week before going public with it. ) the more chance of a change of control event with Lekan restored as director.
Bet the nomad legals are working overtime in answer to Lek Nigeria's letter especially wrt the articles of association.
Hoping Richardson resigns
come on lse, put some up. I had a 25k top up this morning so know of at least one. GLA
around 1pm today; 80999, 99999 and 99999 shares. Think I would have tried to find an extra penny to round them up. GLA, Dan.
Does Lekan still own a significant % in Lekoil Cayman stock? I would assume he does as he would've sold at a considerable loss otherwise. It is in his interests to come to a compromise / force a change at Lekoil Cayman.
Think the bod have effed up here.
Let's see the back of Richardson first
Risk reward on steroids now
Think I will watch from sidelines king
OPL 310
Check out the OPL 30 note...!
Time to get back in Dave?
Directors resignation later and this will take off
Production confirmed as back to normal
I get the feeling Lekan is going wrestle back control here. 3p if he does
No
Metallon has made the situation worst for the shareholders! The Board should just give Lekan his old job back.
Looks like there is no hope for the shareholders? Kingivor, do you still positive about the company?
Nomad resignation to follow this?
Cba to copy all of it but:
Future of Metallon appointees to the Board
With regards to the directors appointed by Metallon, as Metallon has ceased to be a shareholder,
Thomas Richardson and Alphonso Tindall who were appointed at the behest of Metallon should also
resign from the Board. We question the necessity of having 4 directors of a single asset company with
no operational or management role in the assets it is interested in?
Closed Period
We refer further to the announcement of 17th June 2021 informing the market that the Company
would be publishing its Annual Results for the year ended 31 December 2020 no later than 30
September 2021. Pursuant to Under Article 19(11) of the UK Market Abuse Regulation (UK MAR),
during the period of 30 calendar days before the announcement of a year-end report, a person
discharging managerial responsibilities (PDMR) of the Company is prohibited from conducting any
transactions on its own account or for the account of a third party, directly or indirectly, relating to
the shares or debt instruments of the Company or to derivatives or other financial instruments linked
to them. We note that the lenders of this CFA, having representation on the Board of the Company,
are also PDMRs, and should not have been dealing in or been involved in approving, issuing or
benefitting from this CFA. This is a breach of the Market Abuse Regulations and clearly falls within the
jurisdiction of the FCA and any other relevant regulators, to whom we shall be making a complaint
and referral.
A letter from Lekoil Nigeria to Lekoil Cayman is available on Lekoil Nigeria's Twitter.
Its a long pdf:
Attention: Anthony Hawkins (Mr.), Executive Chairman
Dear Sirs,
PROPOSED CONVERTIBLE FACILITY AGREEMENT
We refer to the announcements published by Lekoil Limited (the “Company”) in respect of the above
on September 2, 2021 at 7.00am and 12.17pm respectively.
The first announcement stated that the Company intended to enter into a Convertible Facility
Agreement (“CFA”) with Hadron Master Fund ("Hadron"), TDR Enterprises Ltd (“TDR”), and an
unnamed third party providing the Company with access up to £200,000, to fund legal and ongoing
operational costs (the “First Announcement”). The second announcement (the “Second
Announcement”, and together with the First Announcement, the “Announcements”) subsequently
stated that the Company had in fact entered into the CFA and the proceeds of which shall be applied
towards corporate costs and general corporate purposes as approved by the Board and the Lenders.
Pre-emption rights
Pursuant to Articles 26.1 and 27 of the Articles of Association, no securities (including the grant of a
right to subscribe for, or to convert any securities into shares in the Company) can be offered to any
person, unless the Company has first made an offer to each shareholder of the Company holding
shares of the same class of the shares that such securities convert to, on the same or more favourable
terms. Furthermore, such offer of securities to the third party should not be made unless the period
of acceptance for such an offer to each shareholder of the Company has expired or the Company has
received notice of the acceptance or refusal of every offer so made. Please provide us with a copy of
the executed CFA so that we may determine whether or not the agreement is authorized under the
terms of the Articles of Association and is in accordance therewith.
This thing looks like a disaster. what is going on with this share
Could someone TLDR who Tim Leslie and how much influence this person has?
Tbh im surprised someone would invest that much right now unless they know something.
Lol, no these were bought (I thought it was a sell at the time) the day before Met sold theirs and I sold my holding the day of the RNS when Caymen said Nigeria was starving the company I held shares in of cash.
Tim is a hedge fund manager. Be interesting to see what happens from here, good luck A. You be ok riding EUA, wish I had not sold at the 40% could have done a bag for me. Your on a 15 bagger,WD
Dave are those shares urs?
Tim Leslie bought 42 mill. Thought that was a sell
Cal idiot
If your not invested then kindly go away,
mr market says its worth a penny a share.
Waiting to see if loan repaid