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not sure which way this will go feeling a bit more optimistic now! at least there is change, be it good/bad? look out for rns (s) i think they will forthcoming?? gla.
What next? Only just under 2 weeks left before the shares get delisted! If only Lekan did not get sacked, wonder what the sp would have been at! Wishful thinking! Here to hoping the tide will turn for the private shareholders!
Hadron buying in now too.
Blood is in the water.
And it tastes like a soon to be in prison, ex CEO.
10.9p before this is over.
I have checked my account and have received a pay out this morning. Fortunately or just luck I invested very late on, only a few weeks before they were suspended @.094 . however I did have quite a big position and so was very relieved this morning. it took 19 days to get paid out. we live and learn! I know there are going to be some big losers in this, so good luck all.
we have a dragon on-board now (SAVE). yes there is dilution BUT hopefully they add alot of value. with the price of oil potentially heading alot higher $150-$200?? if Russian oil is banned AND operating in a place of the world where there is not war! (Africa) hopefully the share price should it start trading again *fingers crossed* will be in double figures. thats more than a 10 bagger for me. lovely jubbly.
This was 0.9p prior to suspension. I accepted the 1.9p in Jan which was a 110% premium. It took almost 60 days to get my money which was paid into my trading account on the 9th of March.
A lot has changed with the war, and the price of oil has shot up, but I do not trust this company an inch and would rather invest my money elsewhere.
Losing half a million quid with some fake Sheikh story for funding which a school boy could have seen was a scam.
Lending a director a million quid and then he does a runner.
Drama over.
Lesson learnt.
I think that the deal the Board have just done will prove in time to be a better deal than the (alleged) current 1.9p per share offer. Just an opinion and I may well be wrong but it is my prerogative as a LEK shareholder to find out. LEK now has the cash funds and the Partner to resource a legal pursuit of its ownership and contractual rights in Cayman and Nigeria.
I have 2 decades experience of Nigeria and oil/gas and whilst the Nigerian judicial system is not perfect and can often be derailed, eventually, with the right support, the Courts will eventually get to the right answer - but, it may take a while and we shall find out in due course.
SmallBrainInvestor
Too late my thieving friend.
LEK have now blocked your wicked plan to seize control.
The next move will be to take back the assets and the stolen money.
SAVE have deep pockets, highly experienced in-house Nigerian legal expertise, and a strong track record of turning around failing vital assets.
They enjoy broad political support.
Better get packing on your prison bag.
Don't forget the fancy pink underwear.
You will need to impress on your first night.
theres now 758m shares vs 536m before so an extra 222m. under the CFA £885,672 has been drawn so that works out at less than 0.5p per share. seems like a crap deal to me.
11 March 2022
Lekoil Limited
("LEKOIL" or the "Company")
Convertible Facility Agreements conversion election - Total Voting Rights
LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, provides an update further to the Company's announcement of 28 February 2022, in respect of the Amended & Restated CFA1 ("CFA 1"), the Savannah Convertible Facility Agreement ("CFA 2") and the Tripartite Agreements.
The Company notes that the lenders under CFA 1 and CFA 2 have now elected to convert all or part of their Outstanding Amounts into fully paid ordinary shares of the Company ("Shares") as follows:
Amended & Restated CFA1 - Lenders
42,000,000 Shares ("CFA1 Shares")
CFA 2 Lender
157,134,400 Shares ("CFA2 Shares")
The Company has now completed the allotment and issuance of the Shares pursuant to those elections. Following the issuance of the Shares, there are no Outstanding Amounts under CFA 1 and the Outstanding Amount under CFA 2 is £100,000.
Pursuant to the Tripartite Agreements, the Company has also completed the allotment and issuance of 22,863,356 Shares (the "Tripartite Agreement Shares") to satisfy the obligations thereunder.
As trading in the Company's Shares remain suspended, application is not currently being made for the CFA1 Shares, CFA2 Shares and Tripartite Agreement Shares issued today, to be admitted to trading on AIM ('Admission').
whats it all mean then for us shareholders?
Still no use to anyone if they are suspended
Positive momentum and encouraging developments. The SAVE team will have experience of operating in Nigeria and the legal gymnastics and patience that the process to monetise our assets / contractual rights will require. I’m holding in the hope that Lekan realises that he has to come to the table with a better offer or suffer the financial consequences. As for Lekoil plc, as I have said before, I don’t believe it has a future in itself and hopefully we either get a better offer from Lekan or SAVE take us out and absorb LEK. GLA.
So, the game is afoot.
LEK will now issue shares to their new big brother Savannah, this will prevent the thief from stealing control of LEK.
Anyone sending their share certificates off to Nigeria in the naive hope of getting a pathetic 1.9p of their own money is a fool now.
Next round in the courts will boot Lekan out, he may well flee, before court day.
Finally some half decent news. I firmly believe that Lekan is really starting to grasp at straws on this. If they've got the cash, perhaps lekoil cayman would be better off looking for a deal for them to buy them out, and invest the captial in a new venture!
Yes got paid from ii yesterday
https://www.energyfocusreport.com/lekoil-nigeria-faults-savannah-energy-takeover-move/
seems the best outcome here would be to have the BOD removed at a extraordinary shareholders meeting. then hopefully get the shares relisted and trading above the 1.9p offer price.
the CEO of Lekoil Nigeria Olalekan Akinyanmi this injunction hes seeking is to stop the CFA with Savannah Energy Investments going ahead? what happens if hes successful is it back to the 1.9p offer decide to take it or not?
tomorrow is today. lets see if we get an RNS at 4:30pm hoping for something positive here.
Court date is set for tomorrow.
I hope they lock him up and throw away the key.
@Mark99999 Thank you for your response. All the best, everyone. Hope our luck will turn around.
plenty holding out, as i am pandou. could all change though, after next rns? lol. gla .
Thanks for the update. Will you be accepting the cash offer? I think the cash offer is very insulting considering the rise in oil price. I think I will wait and see what happens. With oil price running so high, why are they not compromising? I think Lekoil ltd should just reinstate Lekan and let bygones be bygones. Here to hoping the shares get relisted. Are any private shareholders keeping their shares? Thank you.
They need to get a move on as the deadline is 31/3/22 I think. GLA, Dan
Hi Daniel - this has been HL's standpoint for around a month now without any movement. I am not saying HL are right or wrong but it certainly seems different to Halifax for instance who have been sending shares off for investors and hopefully getting the money in return. I know people waiting for the money and i have read on here with collaboration of a few posters saying they have been paid.
IMO - HL standpoint/delay is frustrating but understandable. It seems absolutely bizarre to me that I appear not to be in control of my own shares/investment/decision as I am repeatedly instructing HL to accept the cash offer and they are saying their corporate action team do not recognise this as a corporate action.
received today. They are currently in discussions with Lekoil Nigeria in regards to the terms of the offer and the way acceptances must be made (which are different to HL terms). HL are doing due diligence checks on the offer and will notify clients once done. GLA, Dan