The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
LEK Nigeria to merge with Green Energy ?
At $75 oil control of the assets is well worth fighting over
Lekan fighting back?
June 22, 2021
Green Energy Commences installation of LPG extraction plant, pre-commissioning of 6MW power plant on Otakikpo field
The Operator of the Otakikpo Marginal Field in OML-11, Green Energy International Ltd “GEIL” has commenced installation of 12MMSCF...
Continue reading
New website
Wrong company
Next up merger or bid
Will be interesting to see if the bod comment on ghe latest development
The tussle for control continues
Lek Cayman are not going to secure control of Lek Nigeria.
The answer lies in Hawkins bringng in funding via a merger with Afentra or Vaalco that Lekan and the bod of Lek Nigeria can sign up to.
Also, we should get an operations update before the month end demonstrating healthy cash inflows.
Lets see what the rns says
Waiting on our rns now.
Surely today
RNS Number : 3157C
Lekoil Nigeria Limited
18 June 2021
LEKOIL Nigeria Limited
("Lekoil Nigeria")
Re Lekoil Limited
("Lekoil Cayman")
LAGOS, Nigeria. 18/06/2021
Lekoil Nigeria, in which Lekoil Cayman, a Cayman Islands-registered AIM-listed holding company holds a 40% equity holding, announces that a number of its directors and senior executives have resigned with immediate effect from the Board of Lekoil Cayman.
· Aisha Muhammed-Oyebode, Chair of Lekoil Nigeria, has resigned as a non-executive Director of Lekoil Cayman
· Lekan Akinyanmi, CEO of Lekoil Nigeria, has resigned as an executive Director of Lekoil Cayman
· Gloria Iroegbunam, Company Secretary of Lekoil Nigeria, has resigned as Company Secretary of Lekoil Cayman.
All three will remain in their current positions at Lekoil Nigeria.
The resignations have been prompted by the recent behaviour and actions of the of the Board of Lekoil Cayman. In particular, Mr. Akinyanmi vigorously disputes his unilateral termination as CEO of Lekoil Cayman and all of the statements made by Lekoil Cayman in connection with his employment contract and the loan agreement between him and Lekoil Cayman.
Mrs Muhammed-Oyebode commented:
"The Board and management of Lekoil Nigeria remains committed to its vision of developing the company's assets and we wish to assure our numerous stakeholders, especially our shareholders, partners and colleagues, that the strategic national assets under our purview will be protected by all legitimate means available to us. This in turn will ensure the restoration of value for all shareholders, both in Lekoil Nigeria and Lekoil Cayman.
"The Board of Directors of Lekoil Cayman continue to show a blatant disregard for the Shareholder Agreement, a legally binding agreement which governs the relationship between Lekoil Cayman and Lekoil Nigeria and which was implemented at the time of Lekoil Cayman's listing to meet the requirements in Nigerian law in respect of control of indigenous strategic assets.
"The continuous breaches of due process and corporate governance by the Board of Lekoil Cayman has left us with no option but to resign collectively from the Board of Lekoil Cayman. Meanwhile, Lekoil Nigeria has separately written to Lekoil Limited's advisers and to the AIM authorities requesting them to investigate the behaviour of the current Board of Lekoil Limited."
For further information, please contact:
LEKOIL Nigeria Limited
Hamilton Esi, Corporate Communications
media@lekoil.com
+2348106421047
-end-
https://www.investegate.co.uk/Index.aspx?searchtype=2&words=Lekoil+Nigeria+Ltd
Hoping the nomad stays on board.
On balance a little disappointed not to have maintained the stake at an attractive price
Should push on here with confirmation that we have followed our money pdsb
Will nsci maintain our % holding..hope so
Chart bottom in
Surely chucking off £10m free cash flow at current oil price
Is the end game a scrip merger with Maxwell's Vaalco ?
If Lekan is a seller we may get a chance at a penny.
Huge risk / reward