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Well, I have until tomorrow (11th) with Jarv Inv Mgmnt to decide.Unless a miracle RNS springs up tomorrow, it looks like i'll be accepting the cash (if it arrives) and taking a 33% loss which I suppose is a good return compared with many of my 99-100% loss investments.
I would like to think there is a potential future here for investors, but going by the historical shenanigans with this company I may saving myself from a 100% loss. Even If it got relisted I would likely be looking for the exit on a spike anyway as I have little confidence in the longer term.
I did originally buy for a quick trade as I do in most AIM shares and it went wrong as many of mine do. Good luck whatever everyone decides.
Thank you for all the posts. Contacted Hargreaves and they are waiting to hear from Lekoil plc before they give us any update on our options! I blame the Board for our situation! If they did not sack Lekan we would not have been in this mess. Why can’t they just reinstate him and just move forward! Win win for everyone!
For what it's worth I've rang Halifax and they have said it's safe to accept the offer that the shares are held with a registra until money is basically awarded out so know I've done a full circle but I've accepted the offer ...good luck to others in here whatever you choose
I appreciate your post bear_with_me thank you for pointing that out....but it then begs the question can the Lekoil Nigeria document be trusted if they are giving a time line and if Halifax are saying no exact set time to pay back shareholders? Which is correct?
Cheers bear_with_me, you are indeed correct, first 200 million shares settled within 21 days and any further shares sold will be settled within 60 days.
It does look like money will reach those wanting to sell. It's just a case then of deciding whether one thinks it will come back from suspension and perhaps even rally once this episode is completed?
Basically we have a subsidiary (we own 40% of Lekoil Nigeria) trying to buy our shares at a market value of $10.2m, which is supposed to be substantially lower than the amount of the inter company loan they owe us. Meanwhile our current board Lekoil Ltd advises us not to sell and yet hasn't resolved our suspension, creating massive uncertainty and hence we're perhaps more likely to sell? What is actually going on?
The timescale for payment to shareholders exchanging their shares for cash is in the Lekoil Nigeria offer doc. Off the top of my head, it is something like the first 200m shares exchanged will be cashed out within 20 days, everthing about 200m will be 60 days. A tactic designed to get people to vote to exchange early I presume so they know if this whole thing has mileage.
As others on this forum have said previously...stay on your trading platforms if doing this. The protection is there to secure your cash if exchanging.
Personally Im not sure what to do ....handing your share holdings over to someone on the hope of getting paid further down the line with no fixed date doesn't fill me with much confidence at all...yes agree with you in your last post NickRubens who will be responsible if shares are passed over and no money is transferred to us share holders? how long are they expecting us to wait? Think Im going to just hold now, if the offer had been concrete with a fixed date etc different I would have accepted it...
Great Point GordonAlbert. Are the stockbrokers being played? I knew something was missing and it's the timetable of events.
Who will be responsible if the shares are passed on to somewhere in Nigeria and no money is forthcoming?
The events with this company including the fake funding stuff (was it $500k lost in bogus fees) with that fake plagiarized website (with spelling mistakes)where no one has yet been held accountable is hardly a sign of confidence all is what it seems.
Well ive received the notification through from Halifax today ...but it does say if I choose to accept the cash offer there isnt a time scale on when the proceeds will be received? Not sure what to make of it
I’m holding. In for a penny in for £.
Wouldn’t cope if I sold and the next time I looked they were 20p
I'm electing to take the cash. I'll have something like a £1k loss, but will buy back IF I see the cash and IF the shares are relisted!
No share chat before today ?
Cash Offer by Lekoil Nigeria Limited.
1.9 pence for each Lekoil Limited share held.
You Have The Following Option:
1 Accept the Offer on your holding
We will process your instruction on or after 14 February 2022 23:59 and your election will be applied to your holding at this time. If you elect to accept the Offer, your shares will not be available for you to sell, or to accept any other Offer unless this Offer lapses. Please note that if you accept the Offer and proceed to sell your shares, you may be liable to buy back costs.
No price at present are they trad able ?
I have elected to exchange my shareholding for cash (break even). My initial thought was to reject the cash and hope that Lekoil Nigeria gained sufficient power that they could relist and energise the share price...but my view now is that there may very well be more in-fighting if LekoIl Nigeria do gain a good % of shares. If they are re-listed, you can always buy back in at that point if you want.
Thanks for the update. Has anyone heard back from Hargreaves? Will you or other shareholders out there be taking the cash offer or hoping the shares will get relisted? Will the Board and Lekan come to a compromise? Can’t believe when we are in an oil rally and they are not making the most of it! Thank you all and all the best!
For those considering the cash offer and holding shares via Halifax then a Corporate Action is now available.
Hi Gordon, Only a small punt for me currently so not sure could let it run, Maybe this could come good. Made in the past to offset losses this time but unfortunately nigeria is a risk whichever way we look at it.
GLA
Sorry for such a late reply Chipmunk 1 I will probably take the money also ....for me I just feel this company is badly corrupt/neglegent and even if we come through this episode I feel maybe there will be another one ...I only had a small punt in here to start with but regret not selling when it was much higher when dodgy funding statement was released, my average was 2.78 so will take a small hit....wish you well and hopefully we can all have some luck somewhere else and pull it back...what about you? Whats your thoughts?
Has anyone heard back from Hargreaves? For all LTS out there, are you taking the cash offer? Thanks
Hi Gordon Albert, As I say should be available Monday, Hope you don't mind me asking but will you be taking up the offer or holding hoping for a better outcome ?
Thank you bear_with_me and Chipmunk 1 appreciate you taking the time to reply and for the suggestions...I think I will give Halifax a bell Monday afternoon if nothing appears in the morning.... just seems a bit strange that we aren't getting the option? Anyway best of luck to you both think we are going to need it here
For anybody with shares held in Halifax Account, I have just spoken to Halifax and they have literally just heard from there corporate actions manager that they are able to participate in the Lekoil Nigeria offer and customers will be receiving an Email Hopefully by end of day Monday 7th Feb asking them to view the corporate actions in their accounts where details on what to do to accept the offer will be available.
Hope this helps and obviously no Guarantee just what i have been told.
GLA
Hi Gordon, I Have shares held in a Halifax Account and have also heard nothing so looks like we may be forced to hold, However if heard nothing from them or the BOD By Tuesday might fire an email to Halifax to see if anything happening.
GLA
hi nick and others. i have just sent this email to lek, in the hope that i may get some kinda reply this time, dont hold your breath!!! ------------ hello. i wonder if i will get a reply this time, due to failing twice before? my question is the board of this company advises the shareholders to( not sell) their shares in lekoil, and to hold! can you give me any assurance, for once that it will be the right decision to do so? the lack of rns news is leaving the investors in balance, and from my findings, many will sell up and run, because this company cannot be trusted! is there anything you can help make up our mind for us? hope to hear from youselves this time rgds -------------------- (namesupplied) private investor in lekoil.
I am in Interactive Brokers and received my corporate action about 10 days ago. This morning I elected to swap my shares for cash. I do wonder if the money will ever arrive from Lekoil Nigeria, but you would think that they would get sufficicent take up from a % of shareholders that allows them a major say in the running of Lekoil Cayman.
GA - Halifax customer services should be able to advise, have you pinged them via their contact methods? The Corporate Action ends 0800 10Feb if I remember correctly?