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video unavailabe - is there an alternative source, please?
Lekoil Nigeria petition to wind up the company means ALL shareholders get nothing…lekan is a criminal imo
Small investor cal/lekan….wind your neck in…SAVE have saved the day and you’ll probably end up in prison you thieving bugger….save deal will get shareholders their money back and more so quit crying….looking forward to lekan sending $350 million back to the company
Some light at the end of the tunnel perhaps!
After a turbulent two years, LEKOIL (LEK) is working diligently to get its shares unsuspended so it can list again and shareholders can trade.
Interim executive chairman Anthony Hawkins says, “We have an extension from AIM regulation and we have a checklist of things we’re working through. We’ll be unsuspended as quickly as we can.”
While Hawkins can’t say what that checklist is for the Nigeria and West Africa focused oil and gas exploration and production company, at the heart lies a corporate restructuring which has been a priority since the company had a ‘Fake Sheikh’ fraud perpetrated against it.
That was in 2020 and since then LEKOIL has dismissed its founder and former CEO, experienced shareholder activism and a takeover attempt. Hawkins says litigation will continue to rumble on in the background, but this shouldn’t be defining narrative of the company.
As Hawkins reminds investors LEKOIL, “has a good asset base, a producing field in Otakikpo which is producing roughly 2000 barrels of oil to the day net to the company, a number of exploration appraisal assets, and we think with the right corporate governance and the right controls that can be a very profitable business and one that can grow as well.”
The board is being supported by cornerstone investor Savannah Energy (SAVE), which according to Hawkins, “have an option agreement to purchase the OPL 310 loan for us which will give us more liquidity and they can help us unlock value in Nigeria through their restructuring expertise. They have a very impressive track record in Nigeria, a very material business in Nigeria and are an ideal partner for us.”
Watch the full interview here - https://youtu.be/hoPS7dmQngY.
because the company is in a different jurisdiction than Nigeria?
‘Seems like EGM was done in contempt of a court order.’
Err no it wasn’t
Hey Biker, did you get your cash for your shares?
As I said beforehand lekoil Nigeria are trying to take the company private….support your BoD and the SAVE deal or you’ll lose your whole investment here
RNS out. EGM results. both votes passed.
Any thoughts on the latest RNS? Does not look good at all for the private shareholders.
i tend to agree oakey 1. who would trust anyone from that country, from the most corrupt continent in the world!!!!! gla.
Told ya…..lekoil Nigeria are trying to steal the whole company and you’ll get nothing….luckily SAVE are quite a big deal in Nigeria and can probably get this sorted
RNS - Lekoil Limited Cayman winding up petition
RNS Number : 6763H
Lekoil Limited
07 April 2022
7 April 2022
Lekoil Limited
("LEKOIL" or the "Company")
Cayman winding up petition
LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, notes that further to the announcement of 6 April 2022 related to the Nigeria court process, it has received a winding up petition for the Company filed by Mr. Akinyanmi (the "Petition"). The Petition is based on alleged "oppressive conduct" by the Company, its directors and certain shareholders in "seeking to engineer a takeover of the Company" and in breaching certain intercompany financing and management agreements.
The Company will take appropriate legal advice so it can defend the claim. Further announcements will be made as appropriate.
Anthony Hawkins, the Company's Interim Executive Chairman commented:
"The Company will take the appropriate legal steps to defend the Company from the Petition, which it considers unmerited and without foundation. We note that Mr. Akinyanmi's previous ex-parte injunction, which addressed similar issues, was discharged by the Cayman Court and that Mr. Akinyami has not, to date, progressed further with that claim. This winding up petition, also by Mr. Akinyanmi, is at odds with the public statements of Lekoil Nigeria (of which he is CEO) that it wishes to act in the best interests of shareholders. Instead, by way of this petition, Mr. Akinyanmi wishes to wind up the Company, the effect of which would clearly be detrimental to the Company's shareholders. As such, the Company will vigorously defend the claim, continue with the work necessary to have the Company's shares unsuspended and continue with the steps necessary to recover its investments in the Lekoil Group."
Wow I've just seen the RNS hard to believe I made substantial amounts in LEK buying at, would you believe 49p, to think they were suspended at less than a penny is astonishing and no doubt down to the standard African Corruption, another African Minerals no doubt. Sorry for all here.
I don’t hold LEK….. I do however hold a significant amount of SAVE which is why I’m interested in what is happening here….this is how it will play out….either the SAVE deal will go through and you’ll get some value or LEK will delist and lekoil Nigeria will win and your holding will be worthless….anyone who thinks lekoil Nigeria has your best interests at heart is a fool imo…..I’ve deeply researched what’s been going on
Northeast your shares are not gone at all….same thing happened to SAVE shareholding during their recent suspension…..after 6 months HL set everything to zero but you still own them and when/if companies relist they add the value back
"The Company will take appropriate legal advice so it can assess its position and notes that the application was made, and the order was granted, without the Company having the opportunity to state its position. Further announcements will be made as appropriate".
shares are suspended. they are working on getting them trading again according to a recent rns.
just checked my HL and there now showing as N/A "online trading unavailable"
accepted the fact my shares are gone\wiped.
It happens after you’ve been suspended more than 6 months …..don’t worry you still have your shares and the value will return when/if it comes out of suspension
Anyone know why HL are showing 0p? The value of my holding is now showing £0. It has been 0.95p since they were suspended.
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.
another RNS out. claims they are trying to muddy the waters ahead of EGM..
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.