(Sharecast News) - Lekoil announced on Monday that it has applied for admission of its shares to trading on the Access segment of the AQSE Growth Market of the Aquis Stock Exchange.
The company said it expected that admission would occur on 18 May, and that trading would commence on AQSE as soon as its audited accounts were released to the market, expected to be by the end of June 2022.
Its shares had been suspended from trading on AIM since October, with the board noting that under AIM rule 41, admission of its shares to trading on AIM would be cancelled from 0700 BST on 18 May, with the shares being admitted to trading on the AQSE Growth Market from that time.
"The board of the company considers AQSE to be a suitable exchange to provide for the continued listing of its shares," said interim executive chairman Anthony Hawkins.
"The board is of the view that the company's primary activity is now the recovery of its investment through litigation against the Lekoil Nigeria group and Mr Akinyanmi.
"This characterisation will allow the company to fulfil its disclosure obligations to the AQSE market, noting that a successful recovery of the intercompany debts due to the company will be the primary source of value for shareholders, with minimal value attributable to the day-to-day operational activities of Lekoil Nigeria."
Hawkins said that, on the suspension of its shares from trading on AQSE, the company had a "clear understanding" as to what would be required to restore trading, adding that it was "diligently" working through the plan.
"We will update our shareholders on this matter as soon as is practicable.
"In selecting the AQSE Growth Market, the board was keen to provide shareholders with the services of a regulated SME growth market and a trading facility while it pursues its litigation assets, and its strategy unfolds."
Reporting by Josh White at Sharecast.com.
