Member Info for bear_with_me

Lekoil Nigeria probably went to court to get it taken down just like anything else coming out of Lekoil Cayman.

Hey Biker, did you get your cash for your shares?

I took that RNS as an April Fools' Day joke at first...trolling the shareholders now...no details on work to resume trading (nor has there ever been), nice salaries and bonuses for driving this into a ditch and being outplayed and delayed by Lekoil Nigeria at every turn.

The more you look at this the more it looks like the ordinary shareholder has been played. Looks like a set up between all parties.

Just got paid out despite the offer being put on hold. I guess it must have already been processed before the offer stop was announced.

Good luck to all still in this disaster. I have broken even, but I know others are knee deep.

I really hope the Lekoil Cayman board can turn this around but I still wonder how it can get relisted when they need to show how the relationship works with Lekoil Nigeria. They should've been ready to hold the socially distanced EGM in the days immediately following the last court ruling, not almost a month later.

If they can get it relisted and the relationship sorted, then this will surely appreciate.

I would imagine it will be the remaining shares in the subscription being flogged off. We must be near the end of that now - it was 3 tranches of 7m shares and tranche 1 and 2 were completed almost a year ago now.

J60SON - The poster LeeRex got paid out and you can see that in the thread 'More time to decide' just below.

mcfcnige - The Lekoil Nigeria offer stated it was 21 days from acceptance for the first 200m shares and then 60 days for shares above that quantity. I suspect that 21 day timeline kicks in from when your trading platform's deadline was but I am not sure.

Agreed Dave77. Ridiculous situation to be in and seems to be no end in sight. Ordinary shareholders caught between a rock and a hard place. Wouldn't surprise me if the whole thing has been orchestrated between all parties involved - any RNS or comms that comes out seems to be replied to quickly and in-depth, with legal proceedings seemingly already underway.

QuietDesperation - I am not asking shareholders to be grateful for anything that Lekoil Nigeria are offering. We are invested in Lekoil Cayman, and as I stated, I really hope that Lekoil Cayman get this sorted out once and for all and allevaite all shareholders worries and realise the very real value that should be there. My fear is that history shows that have struggled to do that.

For me personally, I am done with the whole lot of them, and 1.9p allows me to break even and get out. For others it will not and I get why people would stay in at this point (this is presuming the 1.9p is real and is paid out of course).

Calm yourself down and read through posts before posting in future. The desperation is rather more loud than quiet at this point.

@QuietDesperation, what exactly have the Lekoil Cayman board being doing for the past year? It's been a shambles and they have allowed themselves to be outplayed at every turn by Lekoil Nigeria. Who can forget the suspension 14 months ago due to the farcical NOMAD situation that almost led to the company being removed from AIM?

If you are severely underwater on your investment, then yes, why would you take the 1.9p exchange offer? As it happens, it makes me roughly break even and so it is attractive for me to get out of this cluster****.

If this new way forward is indeed a success, then all those that get something back from the 1.9p exchange offer are free to re-invest at that point...invest into what remains to be seen though as it doesnt look like it is going to be on AIM.

I sincerely hope this board come through finally for all shareholders, but I wouldn't put my investment on it.

Read that RNS and immediate thought was that I hope my shares for cash comes through quickly...

A lot of text in that RNS but not a lot of answers (they will 'hold Lekan to account'?)

The part that caught my eye however was as downbutnotout highlights...I dont think they are planning to get this re-listed.

Thanks LeeRex, that's helpful.

Good to hear LeeRex. When did you submit your Corporate Action response? Would be interesting to know the time gap between your submission and their cash payment.

I noticed on my trading platform that the LEK line has changed its naming convention to show 'Tender Interim Share' as well. Obviously it is being processed therefore.

The RNS this morning shows that Lekoil Nigeria are accumulating shares in this period where the shares are frozen. That likely means that they are either securing shares directly/privately, or via the ongoing process that we are seeing now being extended. That suggests to me that money is there to accumulate these shares which is good news for those that want out of this s**tshow.

The extension appears to be because of issues with Computershare not playing ball. A number of us on here are having issues seeing a Corporate Action, or it took a while for it to drop into our trading platforms. In my own case, my CA came in on 18Jan, a full month after the process started. Other trading platforms likely got this earlier, and some are just getting it now. It seems therefore like Lekoil Nigeria are possibly processing shares for cash where it has been registered already and have extended to ensure they can reach all other shareholders that might want in?

Shares for cash is processed after 21 days as per the offer doc. That is roughly the time elapsed from this morning's RNS and the last RNS indicating an increase in Lekoil Nigeria's holdings.

Just my $0.02 worth.

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.

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.

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?

Good oveview GS. In my own case, Ill likel make a decison by Thursday, but I am leaning towards taking the cash. Too many unknowns going forward now...

@Nozzla, if they do significantly improve their shareholding, then what do you reckon? Lekoil Nigeria is building a stake for a reason and it surely includes significant influence on the Cayman company, relisting and a share price rise?

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.

What price did Lekan purchase his Lekoil Cayman shares at? It must've been much higher than it is at today...and so, it is likely in his best interests that he finds a compromise / new way forward here with Lekoil Cayman.