Lekoil Ltd - London-based oil and gas exploration and production company with projects focused in Nigeria and West Africa - Says it has been served a summons in the Court of the Cayman Islands challenging the validity of resolutions 8 and 9 passed in the company's annual general meeting. Lekoil says the claim is without merit.
Resolution 8 concerns the use of shares to settle accrued but unpaid fees to creditors who agree to take part or all of their fees in shares. Resolution 9 concerns the use of shares to enable the company to issue shares to lenders in respect of any outstanding amounts under its convertible facility agreement.
Current stock price: suspended, last quoted at 0.95 pence
By Heather Rydings; heatherrydings@alliancenews.com
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