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So just had the notification come via my broker to vote on accepting 1.9p or shares in Nigeria or third option do nothing. What’s everyone’s thoughts is anyone cashing in or holding out as for me the shares in Nigeria are not an option considering they aren’t traded on any platform I use
I fully intend on voting to take the 1.9p - which to me is a decent deal, but even if it was not, I would still vote that way as I just want out of what is a basket case surely with no other hope of reclaiming any money with the shares suspended pretty permanently looking! I am still waiting for HL to send me the voting info although they have replied to my email of before Christmas saying they are on the case.
I would also vote to take the 1.9p. I am also with HL and await to hear from them (Never been in this situation - do I need to correspond with HL?). Lekoil Nigeria is not listed so no point in taking their shares. Would be a 50% loss for me but I am very light here (100K shares). GLA, Dan
Can anyone remember why these shares are suspended in the first place - would be a lot easier if they weren’t and Lekan could then simply buy whatever shares he wants at 1.9p from the free float. Is it the Board who don’t want the shares unsuspended?
They were suspended as they did not produce annual accounts on time. They remain suspended due to relationship with the operating subsidiary Lekoil Nigeria as per rns 27/10/21;
'· Noting that the Company's shares are currently suspended from trading, the Company is in the process of clarifying, for the purposes of the AIM Rules, its relationship with its operating subsidiary. It is doing this as a matter of urgency and will provide updates on the suspension when it has further information.'
My basic understanding is that there is no 40% of monies coming from Lekoil Nigeria (Olekan) to Lekoil plc and as such I guess Lekoil plc is unable to operate as a going concern. Lots of other issues re; Olekan loan default, Metallon, etc. Phew, what a mess. GLA, Dan
I am with Interactive investor and I have been asking them to assist, I got this correspondence this morning 6/1/22 is there another route?
"We have not received any information about this stock at this point however if the company approach us to advise on a Corporate Action Notice then this will be issued to your account accordingly"
What does the company need to do to get the shares back trading on the market again?
They can have my shares for 10p, otherwise f them.
So Lekan secures a bunch of our shares for £0.019. He obviously wants to use that enlarged share block he now owns to force change at Lekoil Cayman. That would presumably include returning the shares to trading. He owns a big chunk already anyway so commercially it is in his interests to get Lekoil Cayman trading again and increase the value surely.
Therefore why would you give up your shares at £0.019 other than to get out of this s***show, which would be understandable. It is in everyone's interest for Lekoil Cayman and Lekan/Lekoil Nigeria to come to a resolution on all of this and get the shares trading again.